Carpentaria Exploration Limited (ASX:CAP) Enters Into Agreement To Purchase Euriowie Tin Tenement
Brisbane, Dec 2, 2009 AEST (ABN Newswire) - Carpentaria Exploration Limited (ASX:CAP) is pleased to announce that it has entered into an agreement to purchase the Euriowie Tenement in NSW from its co-joint venturer, Sunrise Minerals Pty Ltd. Carpentaria will now own the rights to all minerals and the tenement will no longer carry any vendor royalties.
In consideration for a cash payment of A$50,000 and 500,000 fully paid ordinary shares in Carpentaria, Sunrise has agreed to transfer all its rights to the tenement, EL6936, to Carpentaria, subject to approval by the New South Wales Department of Primary Industries, Minerals and Petroleum, and also to relinquish any existing royalties.
Carpentaria previously announced to the ASX on 26 November 2009 that a significant surface tin discovery in pegmatites had been made at Euriowie. Further, the Euriowie tenement had not been subject to modern exploration techniques and, importantly, had not previously been drill tested. As reported, 50 rock chip surface samples taken over a strike length of 1.4 km of the Mt Euriowie pegmatite averaged 0.25% tin (Sn) including high grade tin samples that returned the following:
8m @ 0.44% Sn (including 1m @ 1.21% Sn)
6m @ 0.36% Sn (including 1m @ 1.60% Sn)
In addition, three 30 kilogram bulk samples were taken which averaged respectively 0.36% Sn, 0.23% Sn and 0.47% Sn, giving further confidence regarding the average tin grades over the strike length of the outcropping zone. Elsewhere in the tenement four other such tin bearing pegmatites have been located further enhancing the tin prospectivity of the tenement for open cut mining.
This agreement allows Carpentaria to continue to explore the tenement in its own right with no residual royalties and 100% ownership of all minerals. Planned exploration for Euriowie involves drilling the mapped tin bearing Mt Euriowie pegmatite to establish down dip continuity, geological mapping and sampling of the other pegmatites and further mapping in the tenement.
About Carpentaria Resources Ltd
Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.
The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.
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