Mt Isa Metals (ASX:MET)
Brisbane, July 20, 2009 AEST (ABN Newswire) - Mt Isa Metals (ASX:MET) will continue to focus exploration efforts on highest priority projects, maintain an ongoing review the tenement portfolio for opportunities to divest/relinquish lower priority areas, and minimise all discretionary cash expenditures.
EXPLORATION
Gregory Project (MET 100%)
The Gregory regional gravity survey was completed during the quarter. The survey comprised in excess of 5,500 survey points and provides detailed gravity coverage across the entire project area on a 1,000m x 500m grid. Selected high priority areas of the project area were in-filled to a 'tighter' 250m x 250m grid.
The survey has provided a significant improvement in the quality of the gravity image of the target basement rocks and numerous gravity anomalies have been identified. These anomalies may indicate the presence of dense iron oxide (hematite) accumulations a typically associated with iron-oxide copper gold (IOCG) deposits.
D-Tree Joint Venture (MET 20%)
During the quarter significant progress was made on the advancement of the D-Tree Phosphate Project including finalisation of the D-Tree Joint Venture Agreement with Legend International Holdings Inc.
The JV tenements (including applications) cover a total area of 492km2 and include an estimated 100 km2 of mineralised phosphorite horizon that has been defined by historical drilling.
Leichardt Project (MET 49% - 100%)
Barbara Prospect (MET 49%)
During the quarter the interpretation of results from the recent ground based fixed loop transient EM survey over the Barbara Prospect was completed. The EM survey was conducted to test for near surface sulphide mineralisation and to assist with planning of proposed drill holes.
Interpretation of the survey results indicated that the mineralisation in the southern shoot area is highly conductive. The conductive body is interpreted to have a southerly plunge extending a considerable distance down-plunge from the existing drill defined mineralisation which is currently open at depth.
Other Project Areas (MET 100%)
Reconnaissance field work continued over the Isa North and Clermont Project areas during the quarter.
Field work undertaken comprised geological mapping, rock chip sampling, stream sampling and selected soil sampling programs.
The principal focus in both project areas is the discovery of gold and base metal deposits - primarily copper, lead-zinc and gold. Field programs to date have focused on review of known prospects defined by historical third party exploration.
Cash reserves and liquid investments totalled approximately A$5.1 million at the end of the quarter.
Capital Structure (at 30 June 2009)Share price (MET): A$0.115Issued shares: 103.75m (52.28m under escrow)Unlisted options: 13.20mMarket Cap.: A$11.9 million (at 30 June 2009)
For the complete Mt Isa Metals Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61068-ASX-MLM-212046.pdf
Contact
Mr Peter Spiers
Managing Director
Tel: +61-7-3303-0624
Mob: +61-409-407-265
Mr Duncan Cornish
Company Secretary
Tel: +61-7-3303-0624
Mob: +61-407-623-302
Email: info@mtisametals.com.au
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