Australian Market Report of March 2, 2011: Queensland Bauxite - Granted Eight New Bauxite Tenements In Queensland
02.03.2011 | ABN Newswire
12:37 AEST Mar 2, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Queensland Bauxite Limited (ASX: QBL) announced that Queensland Department of Mines and Energy has accepted the Company's applications for an additional eight exploration licenses within the East Australian Bauxite Province. QBL will now hold 32 exploration licenses in Queensland for a combined bauxite prospective landholding of over 7,180km2, a 31% increase in the previously announced 5,466km2 landholding. The Company intends to conduct studies to determine the extent of gibbsite mineralisation over these new tenements.
Neon Energy Limited (ASX: NEN) said that the farm-out assignments to Kris Energy Limited in Block 120 and Block 105 are approved by the Vietnamese Prime Minister. Block 105 is estimated to have the potential to contain several trillion cubic feet of gas and Block 120 is estimated to have a combined prospective resource in excess of a billion barrels of oil. Exploration drilling on Block 120 is planned in Q2 2011 and Block 105 in early 2012.
AusNiCo Limited (ASX: ANW) announced further shallow, high grade gold-copper and nickel intersections over 1% nickel at its Pembroke Prospect in Queensland. Pembroke forms a small anomalous area on the southern side of the extensive 4 square km Mt Cobalt target, which is characterised by extensive soil anomalies over 4,000ppm nickel and 500ppm cobalt. Metallurgical tests has commenced to determine nickel content and drilling is continuing at Pembroke to the east.
Havilah Resources Limited (ASX: HAV) said today that recent drilling at the Maldorky iron ore project has considerably expanded the area of potentially economic iron ore. Drilling intersected up to 139m thickness of ore. Data suggested that the geometry of the iron formation is exceptionally favourable for a low cost open pit mining operation.
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