Mt Isa Metals Limited (ASX:MET)
Brisbane, May 15, 2009 AEST (ABN Newswire) - Mt Isa Metals Limited (ASX:MET) is pleased to announce that further significant high grade phosphate intercepts have been received from RC drilling at the D-Tree Phosphate Project.
The high grade intersections are located in the D-Tree North area within and adjacent to Mining Lease Application (MLA) 90190 which was recently lodged with the Queensland Department of Mines and Energy.
D-Tree North was identified as a potential direct shipment ore (DSO) development site following the receipt of positive results from a broad spaced drilling program completed in late 2008.
A total of 122 holes for 4,615 metres have been drilled into the D-Tree North area to date, directly aimed at defining DSO material. Results for a total of 96 holes have been received with the remaining due before the end of May 2009. High grade phosphate results received include 23 intersections in the upper phosphate horizon with an average grade in excess of 30% P2O5.
The latest drilling results from D-Tree North confirm the continuity of near-surface phosphate mineralisation. All drilling has been undertaken with vertical holes which, as the deposit is nominally flat lying, gives a true width for each mineralised interval.
The main (upper) mineralised horizon at D-Tree North typically lies within 5m to 15m of the surface providing for low strip ratios and a potential short lead time to mine development.
The D-Tree Project is a joint venture between Mt Isa Metals (MET 20%) and Legend International Holdings, Inc. (Legend 80%, manager). The joint venture controls 100% of the known D-Tree deposit which includes an Inferred Mineral Resource of 305Mt @ 15.0% P2O5(1).
Subject to the completion of a positive feasibility study, the joint venture has targeted the development of a 0.5Mtpa DSO operation at D-Tree North by the end of 2009.
A JORC-compliant resource estimate for the high grade DSO material is currently in preparation.
The proposed D-Tree North DSO operation represents an initial first phase of the development of the broader D-Tree deposit. The current mining lease application (MLA 90190) comprises less than 1% of the total footprint area of the known D-Tree deposit.
Mt Isa Metals and Legend are also actively investigating potential for phase 2 development of D-Tree as a bulk mining operation to feed Legend's proposed 100%-owned 5Mtpa Paradise beneficiation plant which is to be constructed approximately 15km to the east of the D-Tree site.
(1) Refer MET ASX release "MAIDEN JV RESOURCE" also dated 15 May 2009.
For the full Mt Isa Metals ASX Announcemet, please see the link below;
http://www.abnnewswire.net/media/en/docs/60658-ASX-MET-210362.pdf
Contact
Mr Peter Spiers
Managing Director
Tel: +61-7-3303-0624
Mob: +61-409-407-265
Mr Duncan Cornish
Company Secretary
Tel: +62-7-3303-0624
Mob: +61-407-623-302
Email: info@mtisametals.com.au
www.mtisametals.com.au
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