Carpentaria Exploration Limited (ASX:CAP) Quarterly Activities Report for Period Ending 31 March 2010
Brisbane, May 3, 2010 AEST (ABN Newswire) - During the March Quarter, Carpentaria Exploration Limited (
ASX:CAP) continued to maximize the value of its portfolio via farm out transactions on projects that leave Carpentaria with an interest in the project, no financial exposure, and substantial upside to mineral discoveries. These deals will fund exploration on Carpentaria's projects, with a focus largely on drilling, with expenditure of up to $10.0m this calendar year, thereby maximizing the chances of economic success.
This strategy has allowed Carpentaria to focus on exploration of the 100% owned projects in NSW, exploring for iron, gold, tin, and base metals.
An additional large tenement that has considerable potential for direct shipment iron (hematite) in an area north of Broken Hill not previously explored has also been acquired, and if successful this could open a new iron province.
PLANNED JUNE QUARTER EXPLORATION ACTIVITIES
Redan JV Iron
Drilling of the "Core" anomaly is planned to start in the near future. Other targets will also be tested to establish grade, thickness and depth of the magnetite units.
Burta Iron
Drilling is scheduled to take place after the Redan JV drilling. This program will test magnetic anomalies in the EL for grade, thickness and depth of interpreted magnetite units.
Euriowie Tin
A drilling plan is being designed to test the Euriowie tin bearing pegmatite and establish the continuity of the cassiterite mineralization at depth along the exposed 1.4 km strike length.
Hughenden Coal
Drilling is planned to commence in mid-May to define width and depth of coal measures.
Glen Isla Gold
A three dimensional IP survey will be completed and interpreted. If successful, drilling should commence (subject to access).
For the full Quarterly Report, please visit:
http://www.abnnewswire.net/media/en/docs/62783-ASX-CAP-220355.pdf
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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