Sydney, Aug 1, 2008 AEST (ABN Newswire) - Iberian Resources Limited (ASX:IBR) - Report for the Quarter ended June 30th 2008
Corporate
- Hugh Callaghan replaced Michael Fischer as Managing Director, and Mr Andrew Bennett was appointed an independent non-executive director to replace Mr Nick Lindsay.
- Tamaya Resources Limited (ASX: TMR), Iberian's largest shareholder (86.2%) advised that they would no longer make intercompany loans to Iberian and that Iberian was required to seek its own funding sources. Iberian appointed BBY Limited, a Sydney based stockbroking firm, to advise the company on funding options for the Lichkvaz project.
Armenia - Lichkvaz Project
Terterarsar
- During the quarter, Iberian mined the remaining blocks of ore at the 3B Adit producing approximately 3681 tonnes at a grade of 5.81g/t Au.
- Removal of services and rails from Adit 1B (330m) was undertaken as the ore is depleted from prior operations. The utilities removed are required to be reinstalled in Adit 16 in order access underground drilling sites in Adit 16 (Ore Body No1)
Lichkvaz-Tey
- No mining was carried out during the quarter. A total of 874 tonnes of spillage at a grade of 3.6g/t was removed during the rehabilitation of old tunnels.
- Installations of rails in Adit 16 (Ore Body No1) drive north in preparation for underground drilling. A total of 490m of re equipping was completed during the quarter.
- Access roads to Adits 19 and 32 were re opened by bulldozing away small rock falls and vegetation. A total of 2.80km was re opened during the quarter.
- Two small underground diamond drilling rigs were ordered.
- Pneumatic underground sampling equipment was ordered.
- A digitizer was ordered for shipment to Armenia. This will enable the transfer of all hard copy data on the mine as well as in the Government Archives into an electronic format.
Vaz
- Three (3) diamond drill holes, totaling 328.6m, were completed in the Vaz Deposit. These holes were drilled to confirm encouraging Soviet gold assays obtained in one of the adits. This adit is not accessible due to a portal collapse.
- The Assay results were not encouraging, raising questions about the accuracy of the old Soviet data. The option over Vaz was terminated.
General
- During the quarter the workforce has been downsized by 50% to 207 employees. Further reductions in Q3,2008 will reduce the entire complement to approximately 30 people including security staff and geologists.
- Communications between Lichkvaz, Yerevan, London, Lisbon and Sydney have been upgraded. The wireless tele-communication tower construction between the various adits and workplaces is in progress and will be completed early in the Third Quarter.
Montemor Gold Project - Portugal
- A mining permit application will be submitted to the Portuguese authorities in Q3 2008.
- The final batch of pending gold assay results from diamond drilling at Casas Novas was received, with the following significant intersections:
CND 002:
14.04m @ 3.79 g/t Au from 147.6m (including 3m @ 8.92 g/t Au from 151.93m)
1.22m @ 2.23 g/t Au from 165.37m
CND 006:
1.75m @ 1.84 g/t Au from 81.7m
2.13m @ 1.28 g/t Au from 105m
3.43m @ 1.10 g/t Au from 114.28m
CND 007:
1.38m @ 1.52 g/t Au from 121.73m
1.10m @ 1.87 g/t Au from 125.63m
- Diamond drill holes CND002 and CND004 (previously reported at 7.24m @ 24g/t Au from 6.60m are encouraging results as they were drilled 500m apart to test different ends of the Casas Novas body. Both will contribute to an enhancement of the mineral resource at Montemor.
- An exploratory diamond drilling programme, comprising 3090m, has been proposed. It is to follow up on positive recent results from CND 002 and 004 at the Casas Novas deposit and to investigate possible extensions to the Banhos deposit.
Regua Tungsten Project - Portugal
- The Regua tungsten project in Northern Portugal was explored by Rio Tinto plc in the 1980s, which produced a historical resource model indicating mineralization of the order of 5 Mt at 0.33% WO3 in an outcropping folded skarn.
- Historical diamond drilling data was verified and integrated into the project database by Iberian Resources.
- The current diamond drilling programme started May 3, comprising 15 boreholes (range: 90m to 225m) for a total of 2500m. The programme was designed to validate historical drill data and to better define and extend the resource. The first two holes were twins of Rio Tinto holes. Although assay results are pending, tests with UV lamps display good fluorescence, correlating well with corresponding sections in the historical holes.
- To date, 12 boreholes were completed for a total of 1834.2m. All holes show sections with strong fluorescence, indicating the presence of scheelite, the dominant tungsten mineral.
- Assaying of core samples is carried out by ALS Vancouver, initially by ICP 61, followed by Sn, W-XRF 10 for assays recording values >0.1WO3.
- Metallurgical test work is planned for August and September. Historical metallurgical test work by Rio Tinto indicates good liberation behaviour and no deleterious elements.
- The deposit appears to lend itself to open pit mining sections in early years, with a very low initial stripping ratio.
- A block model, based on historical and current data, will be available by mid September. A maiden JORC compliant resource should be prepared during the September quarter.
Caveira Base Metals Project - Portugal
- Target generation work continued on the Caveira project during the second quarter of 2008.
- The digitalization of old Turam (EM) surveys was concluded. More than 80,000 data points were transferred to digital format and conductors identified.
- A team of Portuguese university geophysicists has processed historical gravity data and started modeling the information. The results will be reviewed during August.
Contact
Iberian Resources Limited
ABN: 63 106 760 025
Level 12, 75 Elizabeth St
Sydney NSW 2000
Australia
Telephone +61 2 9223 2088
Facsimile +61 2 9223 3088
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