Australian Market Report of October 19, 2010: Crusader Resources Limited (ASX:CAS) Posse Iron Ore Project Progressing Favorably In Brazil
Zamia Metals Limited (ASX:ZGM) has continued its drilling programmes at the Anthony molybdenum discovery in central Queensland. Deep diamond drilling has indicated that high grade molybdenum mineralisation extends at depth. Samples from drilling holes have been sent for assay. Results are expected within the next three weeks. However, from the visual observations, it is anticipated that the previously announced sulphide resource of 130 million tonnes at 400 ppm Mo will increase significantly.
Prairie Downs Metals Limited (ASX:PDZ) has commenced its flagship Prairie Downs Base Metals Project with Joint Venture partner Ivernia Australia Exploration Pty Ltd, who will spend a minimum of A$2 million on exploration up to June 2011. The drilling will focus on high priority targets at the Wolf Prospect and the footwall of the existing resource to identify new mineralised positions and extend known resources. The drilling programme is an important first step to explore and develop a significant zinc-lead-silver project.
Sherwin Iron Limited (ASX:SHD) reported a 40% increase in the W Deposit resource at its Roper River Iron Ore Project in the Northern Territory, taking the total to 100Mt at 48% Fe. Based on preliminary metallurgical testing, the company estimates that W Deposit has the potential to produce 81Mt of marketable product grading 57% Fe. The upgraded estimate puts Sherwin Iron on track for its first iron ore production in 2012.
Zamia Metals Limited
Sherwin Iron Limited
Prairie Mining Limited
Crusader Resources Limited