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Cours Or & Argent

Matilda Minerals Ltd

Publié le 01 mai 2008

High-grade mineral sands results at Cape York

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ASX Announcement

 

1 May 2008

 

High-grade mineral sands results at Cape York

 

Exploration Update

 

HIGHLIGHTS 

 

  • Identified Indicated Resource of 2.8 million tonnes @ 7.0% HM to a maximum depth of 3 metres.
  • Significantly mineralised HM Strands extend for over 5 kilometres.
  • Analysis indicates approximately 30% of the heavy mineral (HM) will be high quality zircon and rutile.
  • Results indicate low slimes and thus low cost processing and rehabilitation.
  • Nine kilometres of coastline still to be tested at Urquhart Point Prospect.
  • Matilda’s tenements cover 300 kilometres of the Cape York western coastline.

 

Mineral sands producer Matilda Minerals Limited (ASX: MAL) is pleased to announce positive results from its second reconnaissance program at the Urquhart Point prospect on Cape York in northern Queensland.

 

The follow-up drilling program, completed in March, has extended the known mineralisation and shown the previously drilled strands extend over three kilometres to the south.

 

Matilda’s Managing Director, Bruce Maluish, said the results demonstrated the continuity of the previously drilled strands, and enabled Matilda to produce an Indicated Resource estimate of 2.8 million tonnes @ 7.0% HM at the surface to a maximum depth of 3 metres and with exceptionally low slimes content.

 

“Testing shows the valuable heavy mineral (VHM) suite is dominated by zircon and rutile. Present market indications are that zircon prices are due for a positive re-rating due to increasing demand in China and recent reductions in production,” Mr Maluish said.

 

 

“The results also give us great confidence of further significant zircon and rutile mineralisation on our other tenements, which cover 300 kilometres of the Cape York western coastline,” Mr Maluish said.

 

“From grab samples taken over this 300 kilometres of coastline, we know that the heavy mineral suite is very rich in zircon and rutile and we know that the geological setting is right so we are very confident that this large area contains substantial mineral sands mineralisation. We are now at the start of the dry season so we plan to commence a comprehensive exploration program on our tenements soon. The Urquhart Point mineralisation gives us great confidence that our exploration programs will be rewarded with important discoveries.”

 

The exploration success at Urquhart Point is another significant step forward in the development of the Cape York project for Matilda, which is also producing high grade zircon from projects on the Tiwi Islands in the Northern Territory.

 

Matilda is conducting the exploration program as part of its farm-in agreement with Oresome Australia (Matilda earning 70%) 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, 2 kilometres 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.

 

Results from the December drilling 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.

 

March 2008 Exploration Program

 

The exploration program proceeded as planned during the wet season with a further hand auger program completed in March 2008 comprising of 120 shell auger holes for 174 metres and 26 spiral auger holes 1m deep.

 

From this current program, Matilda was able to convert the known mineralisation to resource status and to demonstrate extensions to the south of the strands. 

 

 

Infill Urquhart Point

 

Three infill shell auger drill lines were completed in the vicinity of the main Urquhart Point deposit area with a total of 28 holes for 42 metres drilled. These lines effectively reduce the drill spacing over the entire deposit (completed by Matilda) to nominal 200 metre X 30 metre spacing, allowing an Indicated Resource estimate to be completed.  This resource estimate has been calculated for an Indicated Resource of 2.8 million tonnes @ 7.0% HM.

 

South Urquhart Point.

 

Eight section lines on 400 metre spacing were completed in this area.  Hole spacing along each line averaged approximately 30 metres with a total of 92 holes for 132 metres drilled.

 

The current program extended the known strands for three kilometres to the south.  The remaining nine kilometres of coastline to the south are as yet untested.

 

MINERALOGY

 

The VHM suite is dominated by zircon and rutile.  Based on all the available analyses of 6 composite samples from the drilling, the likely HM suite will contain an average of greater than 30% combined zircon and rutile, with most of the remainder being ilmenite and iron oxides. Significantly the non magnetic fraction for all 6 samples is almost entirely zircon and rutile with a very small percentage of trash minerals.

 

IDENTIFIED RESOURCE

 

Infill drilling and the continuity observed between drill sections has enabled a Resource calculation to Indicated status. Further drilling has potential to increase this initial Resource.

 

RESOURCE

TONNES

GRADE

Indicated

2,780,000

7.0 %HM

 

 

HISTORIC EXPLORATION

 

No modern exploration has been recorded on Cape York coastal regions. The only information available is from work completed during the 1950s. No records of methods of HM determination or modal analyses are recorded. However, the work indicated an area highly prospective for mineral sands.

 

 

 

 

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$850 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 and also in the under explored Surat Basin in NSW and Queensland.

 

 

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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.  Mr Hobbs consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 

***

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.   If you do not wish to receive such emails from Purple, please click mailto: purple@purplecom.com.au subject=UNSUBSCRIBE or reply to this email and put UNSUBSCRIBE in the subject line and we will not email you again.

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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    

 

 

 

Matilda Minerals Ltd

CODE : MAL.AX
ISIN : AU000000MAL5
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Matilda Minerals est une société basée en Australie.

Matilda Minerals est productrice de zircon en Australie.

Son principal projet en production est TIWI ISLAND en Australie.

Matilda Minerals est cotée en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 4,6 millions AU$ (3,0 millions US$, 2,2 millions €).

La valeur de son action a atteint son plus haut niveau récent le 05 mai 2006 à 0,73 AU$, et son plus bas niveau récent le 19 novembre 2010 à 0,04 AU$.

Matilda Minerals possède 91 150 269 actions en circulation.

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Projets de Matilda Minerals Ltd
01/05/2008(Cape York) High-grade mineral sands results at Cape York
29/01/2008(Cape York)Achieves high-grade results at Cape York
Communiqués de Presse de Matilda Minerals Ltd
06/02/2008 to raise $6.7m for Tiwi expansion and Qld exploration
22/01/2008 delivers 50% production boost
13/11/2007Builds Cape York potential
25/09/2007Board Restructure and Capital Raising
28/08/2007Increases production capacity by 30%
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