Aurox Resources Limited

Published : January 16th, 2008

BALLA BALLA EXPLORATION UPDATE - DRILLING TARGETS SIGNIFICANT RESOURCE

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16 January 2008

 

ASX / Media Announcement

 

 

BALLA BALLA EXPLORATION UPDATE

DRILLING TARGETS SIGNIFICANT RESOURCE / RESERVE INCREASES 

 

Pilbara magnetite developer Aurox Resources Limited (ASX: AXO) has received the first assay results from its drilling programme at Balla Balla, which have confirmed potential to double the current resource base at the advanced Pilbara project.

 

The reverse circulation (RC) drilling programme is designed to significantly increase the strike length of the titanomagnetite mineralisation, which hosts ore reserves of 103 million tonnes, from 4.8 kilometres to 18.3 kilometres. A series of deep RC holes are also planned to extend the open-cut mineralisation down dip from 125 vertical metres to approximately 250m.

 

Managing Director Charles Schaus said the exploration success to date is a positive milestone for shareholders.

 

“Aurox remains on track to become WA’s first magnetite iron ore producer from the low cost Balla Balla project, which is located near the Pilbara coast 100kms west of Port Hedland,” Mr Schaus said.

 

In-house studies of geophysical data and past RC drilling indicates the potential to double the current 325 million tonne titanomagnetite resource and increase ore reserves to more than 350 million tonnes once the drilling, resource modelling and reserve estimation work is finished.

 

The programme is scheduled for completion by August of this year with interim resource estimations generated and reported as drilling progresses. Highlights from drill assays received to date include:


 

HOLE                         WIDTH (m)                FE(%)             V2O5(%)        TiO2(%)

 

BBR265                             30                          46                    0.61                 15

BBR266                             44                          45                    0.62                 14

BBR277                             30                          46                    0.66                 14

BBR296                             30                          47                    0.71                 14

BBR304                             34                          47                    0.66                 15       

 

 

The attached table displays results of all drill assays received to date. A total of 111 RC holes totalling 8,294m were drilled prior to Christmas. This phase of drilling achieved its design criteria by:

 

1)      deepening the Central Zone mineralisation,

2)      extending the Central Zone mineralisation eastwards by 800m, and

3)      drilling the ‘East Block B’ area which hosts approximately 1,500m (strike) of easily-accessible, shallow and flat-lying titanomagnetite mineralisation.

 

The attached map shows where the open pits enclose the current 103 million tonne ore reserves and the location of the titanomagnetite mineralisation subject to ore reserve conversion as the RC drilling programme progresses.

 

Assay results from 33 of the 111 holes have been received to date and are summarised in Table 1. Highlights include 44m @ 45.3% Fe (BBR266 in the Central Pit area), 30m @ 46.0% Fe (BBR277 in the Central Pit Eastern Extension) and 34m @ 46.7% Fe (BBR304 in East Block B). The results show that grades and thicknesses remain consistent along strike and at depth. The Balla Balla 3D block resource model will be updated and expanded on a regular basis when the assays from each phase of drilling are received. New JORC-compliant reserve figures will be estimated and announced in due course.

 

The drill programme resumed on 9 January and a second rig is due to arrive in the middle of the month. This next phase of drilling will deepen the Western Pit Area and then extend it along strike to both the north-east and south-west.

 

 

Notes to accompany the results:

 

1)       All holes drilled vertically; apparent intercept widths are quoted

2)       Downhole samples were composited over 2m intervals through the ore zone and assayed by Genalysis Laboratories in Perth

3)       Sample preparation: All samples were sorted, dried, then subjected to Single Stage Mix and Grind (SSMG) to nominal 1050 micron

4)       Analytical methodology: Fused Disc X-Ray (suitable for ore grade material):- A sub sample is automatically determined for LOI and fused into a glass disc using a Lithium Borate flux with direct analysis using PANalytical Magix Fast Simultaneous X-ray system for the following element suites:   Al2O3, CaO, Fe, Fe2O3, K2O, LOI @1000C, MgO, Mn, Na2O, P, S, SiO2, TiO2,  Plus Traces: V Cr Co Ni Cu Zn As Sn Ba Pb

 


Competent Persons Statement

The information in this report that relates to Exploration Results, Minerals Resources or Ore Reserves is based on information compiled by Matt Chinn who is a member of the Australian Institute of Mining and Metallurgy and a full-time employee of Aurox Resources Limited. Matt Chinn has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves.’ Matt Chinn consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

 

 

About Aurox

 

 

Aurox Resources Limited (ASX: AXO) is a Perth based metals developer, with its primary asset the 100% owned Balla Balla iron ore concentrate project. The project is located near the coast west of Port Hedland in the renowned Pilbara region of Western Australia.

 

Aurox is well advanced in the development of Balla Balla, having completed a Bankable Feasibility Study for six million tonnes of magnetite iron ore production annually. The Company has in place two 15 year sales contracts each for 3mtpa with major Chinese Steel Companies 

 

Balla Balla is based on a large homogenous magnetite ore body, which will be developed as one of the lowest costs magnetite operations in Australia. The project also has significant titanium potential, and is located near major ports, gas and grid power with main highway access

 

The new Balla Balla Bankable Feasibility Study demonstrates strong project economics with magnetite iron ore shipments to China scheduled to commence mid 2010.

 

 

 

 

AuroxResources Limited

 

Charles Schaus

Managing Director


 

BALLA BALLA RESOURCE DRILLING RESULTS

Table 1

 

Hole ID

From

(m)

To

(m)

Width

(m)

Fe

(%)

V2O5 (%)

TiO2

(%)

P

(%)

S

(%)

SiO2

(%)

Comment

BBR260

-

-

-

-

-

-

-

-

-

Fault Zone

BBR261

8

16

8

32.8

0.57

15.4

0.16

0.01

15.3

Fault Zone

BBR262

48

56

8

41.7

0.64

13.5

0.05

0.01

16.2

Fault Zone

BBR263

72

96

24

46.6

0.68

14.3

0.05

0.95

9.4

 

BBR264

58

78

20

46.7

0.61

15.1

0.04

0.82

9.4

 

BBR265

60

90

30

46.4

0.61

15.0

0.14

0.80

9.3

 

BBR266

50

94

44

45.3

0.62

14.3

0.16

0.83

10.2

 

BBR267

54

76

22

45.1

0.65

14.1

0.09

0.79

10.4

 

BBR268

68

84

16

44.1

0.63

13.8

0.04

0.94

12.7

 

BBR269

74

86

12

39.6

0.36

14.2

0.48

0.77

15.3

 

BBR270

58

88

30

42.5

0.51

14.2

0.38

0.69

12.3

 

BBR271

50

82

32

42.0

0.52

13.9

0.33

0.75

12.5

 

BBR272

72

96

24

43.5

0.60

13.8

0.16

0.71

11.8

 

BBR273

-

-

-

-

-

-

-

-

-

Dyke

BBR274

50

92

42

41.3

0.53

13.2

0.13

0.77

15.6

 

BBR275

0

8

8

41.1

0.79

10.4

0.02

0.01

16.5

 

BBR276

16

40

24

43.4

0.59

13.8

0.07

0.55

13.7

 

BBR277

28

58

30

46.0

0.66

14.4

0.07

0.81

10.8

 

BBR278

8

30

22

45.7

0.71

14.0

0.02

0.59

9.4

 

BBR279

18

42

24

44.6

0.61

14.7

0.25

0.84

10.5

 

BBR280

26

38

12

47.0

0.70

17.7

0.19

0.85

13.1

 

BBR281

26

46

20

46.6

0.62

15.2

0.12

0.79

9.0

 

BBR282

60

74

14

45.4

0.63

14.9

0.03

0.72

9.1

 

BBR283

36

48

12

45.9

0.63

15.5

0.15

0.36

9.7

 

BBR284

40

60

20

42.3

0.58

13.8

0.30

0.50

13.6

 

 

 

 

 

 

 

 

 

 

 

 

BBR285

 

 

 

 

 

 

 

 

 

Pending

To

 

 

 

 

 

 

 

 

 

BBR294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BBR295

36

66

30

43.87

0.60

13.9

0.21

0.79

12.80

 

BBR296

24

54

30

47.21

0.71

14.4

0.12

0.71

8.96

 

BBR297

16

36

20

45.01

0.63

14.0

0.18

0.62

11.43

 

 

 

 

 

 

 

 

 

 

 

 

BBR298

 

 

 

 

 

 

 

 

 

Pending

To

 

 

 

 

 

 

 

 

 

BBR301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BBR302

76

104

28

45.9

0.62

14.5

0.18

0.76

10.18

 

BBR303

60

80

20

41.4

0.48

13.6

0.32

0.74

13.97

 

BBR304

42

76

34

46.7

0.66

14.5

0.13

0.76

8.97

 

BBR305

4

26

22

45.2

0.75

13.1

0.02

0.51

9.30

 

BBR306

4

14

10

45.0

0.84

12.1

0.01

0.01

8.61

 

 

 

 

 

 

 

 

 

 

 

 

BBR307

 

 

 

 

 

 

 

 

 

Pending

To

 

 

 

 

 

 

 

 

 

BBR369

 

 

 

 

 

 

 

 

 

 


East Block ‘B’

 

 

 

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 

 

 

Aurox Resources Limited

DEVELOPMENT STAGE
CODE : AXO.AX
ISIN : AU000000AXO6
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Contact Cpy

Aurox Res. is a gold and copper development stage company based in Australia.

Aurox Res. develops gold, copper, iron, titanium and vanadium in Australia.

Its main asset in development is BALLA BALLA in Australia and its main exploration properties are INDEE SOUTHWEST and YALGOO WADGINGARRA & CARLAMINDA in Australia.

Aurox Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 143.1 millions as of today (US$ 145.4 millions, € 114.0 millions).

Its stock quote reached its highest recent level on July 20, 2007 at AU$ 1.55, and its lowest recent point on December 19, 2008 at AU$ 0.07.

Aurox Res. has 196 044 413 shares outstanding.

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