29 January 2008
Mineral
sands miner Matilda achieves high-grade results at Cape
York
Exploration
Update
HIGHLIGHTS
·
First-pass auger drilling reconnaissance work
completed at Cape York’s Urquhart Point
prospect
·
Exceptional grades encountered, up to 63% Heavy
Mineral
·
High grades of zircon and rutile in the non-magnetic
portion of concentrate
·
Low-cost mining at-surface, coarse mineralisation
·
Results indicate low slimes
Matilda Minerals
Limited (ASX: MAL) is pleased to announce outstanding high-grade results from
its first pass reconnaissance program at the Urquhart Point mineral sands
prospect, on Cape York in northern Queensland.
Matilda’s
Managing Director Bruce Maluish said results from the first pass auger drilling
warranted a substantial follow-up exploration campaign.
“This is a
great outcome, and a positive sign of things to come from our extensive Cape York tenements,” Mr Maluish said.
“The early
results have confirmed the low-cost mining surface mineralisation across the
prospect with high grades of heavy mineral, dominated by significant grades of
zircon and rutile, with low-level impurities. This gives us great confidence of
further significant zircon and rutile mineralisation on our other tenements
covering 300 kilometres of the Cape York
coastline.
“Matilda now
plans to have a follow-up auger drilling program at Urquhart Point within the
next few months to better define the known mineralisation and to test the other
highly prospective areas; a drill rig will arrive soon with a view to
completing a resource estimate and feasibility study by the end of 2008,”
Mr Maluish said.
Matilda is conducting the
exploration program as part of its farm-in agreement with Oresome Australia (a
100%-owned subsidiary of Metallica Minerals Ltd (ASX: MLM)) on the highly
prospective Urquhart Point mineral sand deposit, part of Matilda’s Cape
York Project in northern Queensland. The deposit is located on EPM 15268, 2km
across Albatross Bay
from the township of Weipa on the west coast of Cape
York.
A comprehensive
cultural heritage clearance survey was completed after the grant of the
tenement late last year, which was followed by the first exploration program at
Urquhart Point.
In December 2007,
a hand auger program was conducted to test the surface mineralisation. The
program consisted of 87 shell auger holes and 75 spiral auger holes to test the
previously reported prospect, and to test for possible extensions to the east
and the southwest.
Four north-south
sections of shell auger tested the previously drilled “northern
zone” and confirmed the reported grades of heavy mineral (HM), the high
content of zircon and rutile, and also the exceptionally low slimes content.
The sections were extended south of the historic mineralisation and encountered
significant mineralisation.
Two east-west
sections of spiral auger tested the previously reported “eastern
zone” and confirmed the exceptionally high grades of HM, zircon, and
rutile previously reported.
Two additional
sections tested potential extensions of mineralisation to the south of the
“eastern zone” encountering lower-grade mineralisation; an
additional two sections tested potential extensions to the southwest of the
“northern zone” and also encountered significant mineralisation.
Results
to date indicate the mineralisation occurs around the northern portion of this
prospect as a series of complex strands over a distance of more than two
kilometres; the remaining twelve kilometres of this strand plain to the south
are as yet untested.
MINERALOGY
The HM suite is dominated by
zircon and rutile. The trash content is approximately 40% and comprises iron
oxides and ilmenite. Based on all the available analyses, the likely HM suite
will contain approximately 50% combined zircon and rutile, with most of the
remainder being trash.
HISTORIC
EXPLORATION
No modern exploration has
been recorded. The only information available is from work completed during the
1950s. No records of their methods of HM determination or modal analyses are
recorded. However, the work indicated an area highly prospective for mineral
sands.
EASTERN
ZONE
The eastern zone
program (see diagram attached) was conducted to test the previously reported
exceptional grades and confirmed both the grades and the very high-grade zircon
and rutile mineral assemblage.
Significant
grades encountered included:
|
Hole
|
From
|
To (m)
|
% HM
|
% Slimes
|
|
001
|
0
|
1.0
|
17.7
|
1.8
|
|
065
|
0
|
1.5
|
7.0
|
0.5
|
|
066
|
0
|
2.2
|
29.4
|
0.6
|
|
067
|
0
|
2.8
|
42.4
|
0.4
|
|
068
|
0
|
2.6
|
63.5
|
0.6
|
|
069
|
0
|
3.0
|
56.2
|
0.3
|
|
070
|
0
|
3.0
|
16.3
|
1.0
|
|
073
|
0
|
1.2
|
17.9
|
0.3
|
|
077
|
0
|
2.2
|
44.0
|
0.7
|
|
078
|
0
|
2.8
|
17.7
|
2.8
|
A selected section
averaging a very high 40% HM, comprising six holes (065 to 070), was composited
for further modal analysis to determine the mineral content. The analysis
consisted of the following:
|
Mineral
|
Contained %
|
|
Zircon
|
29.0
|
|
Rutile
|
19.4
|
|
Other
|
51.6
|
|
Slimes
|
0.5
|
In
the above analysis, the “other” component of the sample again comprised
magnetic goethite. When the sample was analysed further after magnetic
separation, the sample showed a very high-grade mineral assemblage.
|
Non- Magnetic Mineral
|
Contained %
|
|
Zircon
|
61.7
|
|
Rutile
|
38.3
|
|
Other
|
0.0
|
The sample from
this zone confirms the previously reported high-grade coarse zircon and rutile
assemblage with very few impurities and low slimes and warrants further work to
delineate this resource.
NORTHERN ZONE
Significant grades
encountered from Matilda’s drilling program included:
|
Hole
|
From
|
To (m)
|
% HM
|
% Slimes
|
|
039
|
0
|
3.0
|
6.7
|
0.3
|
|
042
|
0
|
2.2
|
9.6
|
0.2
|
|
043
|
0
|
2.8
|
10.1
|
0.5
|
|
044
|
0
|
1.3
|
8.6
|
0.9
|
|
045
|
0
|
1.8
|
8.4
|
0.6
|
|
047
|
0
|
1.5
|
11.8
|
0.6
|
|
048
|
0
|
1.9
|
11.9
|
0.3
|
|
059
|
0
|
2.6
|
7.7
|
0.1
|
|
060
|
0
|
2.2
|
10.3
|
0.2
|
|
061
|
0
|
3.0
|
9.2
|
0.2
|
|
062
|
0
|
2.9
|
9.9
|
0.3
|
A selected section
averaging 8% HM, comprising nine holes was composited for further modal analysis
to determine the mineral content as follows:
|
Mineral
|
Contained %
|
|
Zircon
|
13.2
|
|
Rutile
|
10.4
|
|
Other
|
76.4
|
|
Slimes
|
0.8
|
In
the above analysis, the “other” component of the sample comprised magnetic
goethite. When the sample was analysed further after magnetic separation the
sample contained:
|
Non- Magnetic Mineral
|
Contained %
|
|
Zircon
|
56.6
|
|
Rutile
|
42.2
|
|
Other
|
1.1
|
While the sample
from this zone is lower-grade HM than the northern zone it indicates a
persistent high-grade coarse zircon and rutile assemblage with few impurities
and low slimes and warrants further work to identify expected higher-grade
zones within the prospect.
EXTENSIONS
Drilling was conducted to the
southwest to test for possible extensions outside of the previously indicated
area with some significant results to be followed up in the next program. One metre
spiral auger samples from the surface from consecutive holes 20m apart provided
the following results:
|
Hole
|
From
|
To (m)
|
% HM
|
% Slimes
|
|
S023
|
0
|
1
|
13.6
|
0.9
|
|
S024
|
0
|
1
|
10.6
|
0.8
|
|
S025
|
0
|
1
|
14.2
|
0.5
|
|
S026
|
0
|
1
|
12.5
|
0.3
|
|
S027
|
0
|
1
|
13.2
|
0.3
|
The
results show a similar mineral assemblage to the northern zone. It confirms the
historically reported valuable HM suite comprising mostly zircon and rutile,
with a varying percentage of iron oxide and ilmenite as trash minerals.
Significantly
this program is outside of the previously identified mineralised zones and with
high grades to date has the potential to further extend the prospect.
This strand plain has been identified on aerial
photography and continues south for another 12 kilometers and will be
tested during Matilda’s next round of exploration at Urquhart Point.
For further information contact:
Bruce Maluish
– Managing Director
Matilda Minerals Limited
Tel: (08) 9481 1444 or 0418 940 417
Warrick Hazeldine
Investor Relations
Tel:
(08) 9485 1254 or 0417 944 616
Background
Matilda Minerals Limited (ASX: MAL) is focused on developing high-value
zircon and rutile-rich mineral sands deposits on its flagship Tiwi Islands
project. Matilda distinguishes itself from traditional mineral sands companies
whose primary product is lower-priced ilmenite.
Its Tiwi Islands
mineral sands project is situated on Bathurst
and Melville (Tiwi) Islands north of Darwin, Northern Territory, and is in full production for the
next four years on Melville Island. Increased
worldwide demand for zircon has led to the price exceeding US$800 per tonne.
Matilda has compiled an impressive portfolio of exploration tenements
which covers the highly prospective far north Queensland
region on the west of Cape York including
Urquhart Point and more recently, Mapoon.
Matilda also has other projects in Western
Australia at Pender Bay (north of Broome), Anson Bay
(north Western Australia)
and Carnarvon.
For more information visit: www.matildaminerals.com
The
exploration comments have been prepared by Mr Roger Hobbs BAppSc (Geophys &
Geol), MAusIMM, an Executive Director of Matilda, who has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which is to be undertaken to qualify as a
Competent Person as defined in the JORC Code.
***
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
