Australian Market Report of November 4, 2010: Artemis Resources - Rare Earth Results From Yangibana Confirm Strike Potential
04.11.2010 | ABN Newswire
13:30 AEST Nov 4, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Artemis Resources Limited (ASX: ARV) announced today that a shallow soil auger program at its Yangibana Rare Earth Project in Western Australia has confirmed the prospectivity of the project for rare earth mineralisation. Sample results demonstrate strongly anomalous near-surface levels of Cerium (3883ppm), Lanthanum (1727ppm), Neodymium (1585ppm) and Praseodymium (490ppm). Sampling also provides evidence for rare earths continuing along a 7km strike. Further field work will be undertaken in the new calendar year.
Arc Exploration Limited (ASX: ARX) received further highly encouraging gold results from the Bima Project in Indonesia. Gold intercepts include 4m at 15 g/t Au and 4m at 34.3 g/t Au within a zone of 86m at 2.78 g/t Au. Results confirm the potential for a significant new gold discovery. Further trenching and ground magnetics surveys are underway and will be used to plan a scout drilling programme to commence in early 2011.
J-52 well spuds in Jupiter Energy Limited's (ASX: JPR) Block 31 in Kazakhstan. The J-52 well is part of the Company's 2010 exploration grogramme and is located to the south east of the successful J-50 East Akkar discovery. The well is vertical and prognosed to intersect secondary Jurassic reservoirs and primary middle Triassic reservoirs before drilling to a planned total depth of approximately 3200mTVD (true vertical depth). The well is anticipated to take approximately 70 days from spud through to running production casing and temporarily suspending the well.
Mindax Limited (ASX: MDX) announced further significant high grade uranium mineralisation at the Mukinbudin Project in Western Australia. A continuation of the scout drilling has identified a new prospect area - Yandegin, which may hold significant high grade uranium mineralisation. Very high grade Uranium at up to 0.63% U3O8 was encountered. Further drilling is planned for the first half of 2011 to define the resource at Yandegin.
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