Australian Market Report of November 29, 2010: Cue Energy - Signed Gas Sale Contract with PT Indonesia Power
29.11.2010 | ABN Newswire
Sydney, Nov 29, 2010 - Cue Energy Resources Limited (ASX: CUE) has signed a gas sale contract for the sale of all the Wortel field gas to PT Indonesia Power at Grati, East Java, Indonesia. The gas will be used in Indonesia Power's electricity generating station at Grati. The Wortel field is located in East Java, Indonesia approximately 7 kilometres west of the producing Oyong field. Gross gas production rates from Wortel and Oyong are expected to be around 90 mmscf/day at plateau rates. Doray Minerals Limited (ASX: DRM) provided results from the ongoing drill programme at its Andy Well project in Western Australia. Drilling has confirmed that the high grade mineralisation within the Wilber Lode continues at depth to at least 200m and is also open along strike to the north. Best results include 3.02m at 140.3g/t Au and 38.2g/t Ag and 1.05m at 55.2g/t Au and 8.6g/t Ag. The company has commenced a programme of shallow RC holes to improve confidence about the continuity of the mineralization and assist in calculation of a maiden JORC resource for the deposit.
Platina Resources (ASX: PGM) announced the results of new analytical analyses from drilling at its 100% owned Owendale Project in NSW. The drilling has identified near surface high platinum, scandium, nickel and chrome mineralisation. Primary platinum intersections include 1m at 9.3g/t platinum from 314m and 2m at 1.2g/t platinum from 80m. New assays now provide further impetus for a large-scale drilling program in 2011.
Red Metal Limited (ASX: RDM) has began drilling on its 100% owned Corkwood project located in northwest Queensland testing Jimmy's Creek copper-gold breccia target. Significant but low-grade intercepts of copper and gold mineralisation were intersected with the best being 211 metres at 0.33% copper and 0.2g/t gold. Drilling is expected to take about two weeks to complete.
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