Quarterly Activities Report
Adelaide, Oct 24, 2014 AEST (ABN Newswire) - Archer Exploration Limited (
ASX:AXE) provide the Quarterly Activities Report including updates on the Campoona, Waddikee, Wilclo and Francis graphite projects, Leigh Creek magnesite and Spring Creek copper resources.
GRAPHITE
- Campoona Mine Lease Proposal (MLP) studies are 75% complete with submission to government planned in Q3 FY 2015.
- Samples of final Campoona concentrate are being evaluated by a number of companies with a view to either off-take or project investment opportunities.
- Archer purchased the Waddikee Tenement from Monax Mining Limited.
- The Company announced a combined graphite resource of 8.55Mt grading 9.0% Cg at a 5% Cg lower cut-off grade which is the largest JORC 2012 graphite resource in Australia and gives Archer a range of flake sizes suitable for a wide spread of end graphite users.
- Testing of Wilclo South and Francis samples recovered large, medium and fine flake graphite at commercial grades.
- Excellent progress continues to be made in graphene research indicating specific possible commercial opportunities available for Archer's graphite.
LEIGH CREEK MAGNESITE
- Ernst & Young is undertaking a strategic review of the Leigh Creek Magnesite Project. They finalised a detailed Information Memorandum and commenced the process of divestment and/or joint venture.
- Archer and MDL settled the outstanding legal dispute relating to Mt Hutton. No further legal issues remain.
- As part of the settlement Archer collected 97 archive boxes of technical reports on the magnesite deposits including the full Extractive Licence Application for Mt Hutton.
SPRING CREEK COPPER
- Preparations have been made to request access to the historic high grade copper mine (+10% Cu) for the purpose of diamond drill testing.
FINANCIAL
- Cash in bank on 30th September 2014 of $4.048 million.
- $1,080,000 was spent on exploration and project evaluation during the quarter.
To view the quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-824958.pdf
Contact
Archer Exploration Limited
T: +61-8-8272-3288
WWW: www.archerexploration.com.au
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