Australian Market Report of March 7, 2011: Argosy Minerals - Obtained Iron Ore And Chromite Exploration Licences In Sierra Leone
07.03.2011 | ABN Newswire
12:00 AEST Mar 7, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Argosy Minerals Limited (ASX: AGY) has been granted an iron ore exploration licence in Sierra Leone known as the Bembeye Iron Ore Project. The exploration programme to be carried out over the next 12 months will include geological mapping and sampling and all iron ore target areas will be tested. In addition to the iron ore project, the Company has also been granted three licences for chromite exploration in Sierra Leone. Argosy owns 100% of the three licenses.
Quest Minerals Limited (ASX: QNL) announced a maiden JORC resource estimate of 151Mt at 25% Fe, 0.44% V2O5 and 6.73% TiO2 at its 100% owned Victory Bore tenement in Western Australia. The Company is currently reviewing a number of development scenarios for high grade vanadium and magnetite production at the project and is pursuing initiatives to identify a strategic partner to assist with project development during 2011.
Elemental Minerals Limited (ASX: ELM) announced further shallow high grade assay results from the Phase 1 drilling programme on the Kola Prospect at the Sintoukola Potash Project in Congo. Highest grades yet intersected on the prospect were reported, including 3.39m at 22.69% K2O, 4.04m at 23.62% K2O and 3.97m at 24.25% K2O. The Company will commence a more aggressive Phase 2 drilling programme to further define the potash mineralisation. The Project is expected to start operation in 2015.
Tiger Resources Limited (ASX: TGS) (TSE: TGS) today announced the results from the recently completed drilling programme at the Company's 100% owned Lupoto Permit in Congo. Assay results from the Sase Central Prospect confirmed the extension of the lower-grade copper mineralisation and significant copper intersects were reported at the Sase South Prospect including 12m at 1.2% Cu, 9m at 0.78% Cu and 11m at 0.67% Cu. The results provide further motivation for wide spaced drill testing at Sase Central and Sase South.
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