Australian Market Report of September 30, 2010: Azure Minerals Limited - Commenced Extensive Exploration Program In Mexico
30.09.2010 | ABN Newswire
13:30 AEST Sept 30, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Azure Minerals Limited (ASX: AZS) has commenced an extensive exploration program in Mexico, targeting gold, copper, zinc, silver and molybdenum mineralisation. The exploration will continue over the next six months, including drilling on at least four projects, geophysical surveys on three projects, and ongoing target identification. All activities are fully funded by joint venture arrangements and recent capital raising initiatives.
Intrepid Mines Limited (ASX: IAU) (TSX: IAU) reported that an initial Inferred Resource of 500 million tonnes at 0.4% copper and 0.5 g/t gold has been estimated for the known porphyry copper-gold zone of the gold-rich Tumpangpitu area in Indonesia. The company is confident that the porphyry copper-gold resource base at Tumpangpitu will continue to grow as additional drilling is completed over the next six months. The drilling will comprise additional exploration laterally to the current resource within the area.
White Cliff Nickel Limited (ASX: WCN) has identified additional zones of copper rich mineralisation including 27 metres at 1.23% copper at the 93 square kilometres Chanach Gold Copper Project in the Kyrgyz Republic. The new copper rich zones are also surrounded by wide alteration halos of weaker copper mineralisation. Major deposits located within 100km of Chanach contain up to 93 million ounces of gold. Initial work indicates that the project may host porphyry and skarn style gold and copper mineralisation.
Avanco Resources Limited (ASX: AVB) has received an initial US$100,000 payment from Vale S.A. (NYSE: VALE) in relation to Vale's acquisition of Trindade North from Avanco for up to US$40,000,000. The receipt of the initial payment illustrated the intension of both parties to quickly advance the planned drilling programme at Trindade North. The acquisition, once completed, will also shift Avanco to a new operating level as a self funded junior in the World Class Carajas Mineral Province in Brazil.
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