India Resources Limited

Published : January 15th, 2008

DISCOVERS NEW DIAMOND INDICATORS

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MEDIA RELEASE                                                                          

 

15 JANUARY 2008

           

IRL DISCOVERS NEW DIAMOND INDICATORS

 

Diversified minerals developer India Resources (ASX:IRL) has continued its diamond exploration success, with the discovery of further kimberlitic indicator minerals at its Bhandara Diamond Project in eastern India.

 

The results include the discovery of multiple diamond indicator minerals at multiple sites. The findings continue India Resources’ momentum as it builds an expanding diamond portfolio in one of the world’s key diamond markets.

 

Nine of the fourteen samples tested were positive, with minerals including picro-ilmenite - a strong indicator of proximity to a kimberlite source. The positive samples were all from a small 10km x 10km area in the central part of Reconnaissance Permit (RP) 71B. Samples of up to 40kg were collected at individual trap sites and reduced using a Wilfley Table, before being observed in Perth by Global Diamond Exploration (GBE). 

 

India Resources has an ongoing diamond drilling program across three primary exploration projects – Bundelkhand, Bhandara and Dharwar – which are located in the region of known kimberlite fields.

 

The results at Bhandara are from the northern part of the project, and the RP is only 10km north of the recently discovered Nuapada diamondiferous kimberlite which was awarded to De Beers. 

 

India Resources Chairman Michael Kiernan said the new discovery was further progress for the Company, which was establishing a strong diamond portfolio in India alongside its producing and expanding copper projects.

 

India’s reputation as a home of diamonds is well known, and we believe there remains great potential, using modern exploration techniques, for India Resources to capitalise on this,” Mr Kiernan said.

 

“Results such as this are very encouraging, and will continue to be the target of further exploration to drive long-term value for shareholders,” Mr Kiernan said.

 

GBE Senior Mineralogist Dearn Lee said the results from the Bhandara regional sampling were particularly encouraging given the spread of minerals observed and their freshness. 

 

“I would say that the source for some of these minerals is close to surface and within a few hundred metres of the sample location and there are indications of several kimberlites in the RP.” Mr Lee said.

 

 

For further information, please contact:

 

Michael Kiernan                                Eoin Rothery                                  Warrick Hazeldine

Chairman                                           Managing Director                         Purple Communications

Tel: +61 (0) 8 9324 7002                      Tel: +61 (0) 8 9324 7009                  Tel: +61 (0) 8 9485 1254

Mob: 0418 904 165                              Mob: 0420 904 332                          Mob: 0417 944 616

 

 

 

 


PROJECT DETAILS

 

Bhandara Project

The figure shows locations of the RPs comprising IRL’s Bhandara Project.  Regional sampling has now been completed, but observation results are still being compiled for RP 71A.  Note that RP81, which lay further east, has been relinquished.     

 

 

The image below shows the location of the regional sampling against a topographic backdrop coloured by elevation.  The samples were all taken from streams draining the central part of the RP which forms a low ridge.  The elevation data is from Shuttle Radar Tomography (SRTM). 

 

 

About India Resources

 

The company is headquartered in Perth, Western Australia with the primary objective to maximize shareholder wealth by capital growth and dividend through the discovery of economic mineral deposits and the development of profitable mining operations.

 

IRL is applying Australian exploration expertise and cost effective mining techniques to project in India, to capitalise on country huge growth and market opportunities.

 

The Company’s portfolio of assets comprises:

 

Hindustan Copper Limited - Surda Mine

The Company has the benefit of an alliance with Hindustan Copper Limited (HCL - a Government of India enterprise) with the initial focus on identifying existing operations and areas where large-scale mineralisation has been proven. HCL is the sole integrated producer of primary copper in India and is listed on the Mumbai, Delhi, Kolkata and Madras exchanges.

 

IRL, in alliance with HCL, has joined the ranks of producers by re-opening and operating the Surda Mine with an initial objective of delivering annual production of 4,500 tonnes of copper concentrate. The HCL Surda Mine closed in January 2003 and for the six years prior produced a total of 1,473,000 tonnes at an average grade of 0.9% copper.

 

Hindustan Copper Limited – Exploration MOU

IRL has the benefit of a Memorandum of Understanding (MOU) for general exploration on HCL’s various leases including tenure around the Surda Mine, and around HCL’s current operations at Malanjkhand and Khetri. IRL will undertake detailed evaluation of exploration areas to be determined in consultation with HCL.

 

Askot Project

IRL has taken a placement comprising about 17% of the share capital of Pebble Creek Mining Ltd. (TSX-V – PEB), a Canadian company listed on the Toronto Venture Exchange.  Pebble Creek’s main asset is the Askot Project: a VMS deposit of copper, lead, zinc, gold and silver mineralisation in northern India.  Pebble Creek is currently compiling a resource estimation. 

 

Aravalli Project

Through IRL’s in-country consultants, the Company has acquired two Reconnaissance Permits in Rajasthan (north western India). The permits cover a combined total of more than square kilometers. The Aravalli Proterozoic metamorphic belt is prospective for copper, lead, zinc as well as gold. IRL has recently completed a reconnaissance drilling program with positive results.

 

Coal

As has happened in China, India’s rapidly growing economy is driving a surge in demand for power. IRL is currently seeking suitable projects for rights to explore and develop coal projects in India.

 

Diamonds

The Company’s diamond initiative will focus on the Bhandara Diamond Project which consists of six granted Reconnaissance Permits in Orissa, as well as three Reconnaissance Permit applications in Chhattisgarh, located in the region of several kimberlite fields.

 

The geological and assay statements and commentary in the above update are based on information compiled by Eoin Rothery who is a member of the Australian Institute of Geoscientists.  Mr Rothery has reviewed the information and has satisfied himself that the values quoted and the parameters used in the study are reasonable and accurately reflect the operations involved. Mr. Rothery is a full-time employee of India Resources Ltd and holds the position of Managing Director.  Mr. Rothery has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to quality as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Rothery consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 

 

 

Visit: www.indiaresources.com.au

 

 

 

 

 

 

 

 

***

The new Spam Act commenced on 10 April 2004. This Act is aimed at reducing the amount of unauthorised emails you receive.  You have been receiving e-mails containing information and news releases from us on behalf of our clients because you are an important contact of Purple Communications, a boutique stakeholder communications consultancy.

 

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    

 

 

 

India Resources Limited

PRODUCER
CODE : IRL.AX
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India Res. is a zinc and lead producing company based in Australia.

India Res. produces zinc, lead, copper in India.

Its main asset in production is SURDA in India and its main exploration properties are DHAWAR PROJECT, BUNDELKHAND PROJECT, BIHARINATH, ARAVALLI PROJECT, BHANDARA DIAMOND PROJECT and ASKOT MINE in India.

India Res. is listed in Australia. Its market capitalisation is AU$ 2.0 millions as of today (US$ 1.3 millions, € 1.2 millions).

Its stock quote reached its highest recent level on November 05, 2010 at AU$ 0.03, and its lowest recent point on June 10, 2016 at AU$ 0.00.

India Res. has 1 000 590 016 shares outstanding.

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Annual reports of India Resources Limited
Annual Report 2007
Project news of India Resources Limited
12/2/2014Surda mine update
6/10/2008(Surda)Surda Delivers Record Daily Copper Production
Corporate news of India Resources Limited
5/17/2016Quarterly Activities and Cash Flow Report
12/22/2015AGM Presentation
12/22/2015Results of Annual General Meeting
12/22/2015Successful appeal to Indian Tax Assessment
11/2/2015Appendix 4G Corporate Governance Disclosure
11/2/2015Notice of Annual General Meeting
4/11/2015Surda expension project
3/21/2015Half Year Accounts
3/9/2015Shareholder Update
12/26/2014Aravalli Decision
12/2/2014Results of annual general meeting 2014
10/30/2014Quarterly activities report 30 September 2014
10/30/2014Notice of annual general meeting
4/21/2010Quarterly report
11/26/2008Surda Copper Operation - Update
10/1/2008Announces 2008 Results
9/5/2008Working Capital Facility and Project Update
6/25/2008Director Resignation
4/15/2008Secures Future Copper Production Base
2/11/2008boosts Board
1/15/2008DISCOVERS NEW DIAMOND INDICATORS
1/8/2008First copper sales as Surda steams ahead
12/20/2007ACQUIRES STAKE IN INDIAN EXPLORER
12/4/2007BOOSTS DIAMOND PROSPECTS
11/2/2007 INTO COPPER PRODUCTION AHEAD OF SCHEDULE
10/9/2007RAISING $20 MILLION TO DOUBLE COPPER PRODUCTION
8/21/2007COMMENCES DRILLING NEW TARGETS
8/15/2007ACQUIRES DIAMOND LEASES
7/17/2007 To commence Production early 2008
6/6/2007Surda Operations Update
5/20/2007has closed its Initial Public Offer heavily oversubscribed
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