Carpentaria Exploration Limited (ASX:CAP) Major 2010 Exploration Campaign Commenced On Burta Joint Venture With Bonython Metal Group
Brisbane, June 15, 2010 AEST (ABN Newswire) - Carpentaria Exploration Limited (
ASX:CAP) announced today that drilling has commenced on the Burta JV with the Bonython Metal Group Pty. Ltd.
Two (2) drill rigs, one (1) diamond (DD) and one reverse circulation (RC) have commenced drilling at the Burta BMG JV. A third rig (RC) will commence this week. The aim of the drilling is to test all magnetic sources for depth of cover and the quality and thickness of magnetite mineralisation. Holes planned in this phase of drilling are shown in Figure 2 (see link at the bottom of the release). A total of 5,000m of drilling will be undertaken during this phase.
Upon receipt of results from this initial drill program, an assessment will be made to determine the focus for further drilling to define a substantial iron ore resource. This resource drilling will be carried out using Three RC rigs and one DD rig.
To facilitate the rapid development of the Hawsons Iron Project incorporating the Burta BMG JV, a Scoping Study as a pre cursor for a pre-feasibility study has been initiated. The project management team has been assembled and will be managed by Mr Ray Koenig who has over 40 years experience in operational, technical and managerial mining roles. Importantly for Carpentaria, Mr Koenig has had significant experience in project management of Australian iron ore projects including magnetite projects which adds substantially to the calibre of the Company's experienced technical team.
Total Exploration Program to December 2010
Carpentaria is embarking on an aggressive exploration plan this calendar year across a range of commodities and projects in eastern Australia, with potential for rapid development. When combined with expenditures by our joint venture partners, Carpentaria will be managing A$9.0m of mineral exploration programs while its coal JV partner has committed to spend another A$1.0m (approximately). Most funds will be directed towards drilling and it is anticipated that between 14,000m and 18,000m will be drilled on projects that Carpentaria has a substantial interest in.
Carpentaria's executive chairman, Mr Nick Sheard said "the Company's current programs are very aggressive and have the ability to generate JORC compliant resources for Carpentaria and the potential to transform the company into a substantial resource group. Our project portfolio continues to be expanded with our project generation adding new high quality projects into the pipeline to build on our pervious exploration successes, including Hawsons magnetite iron ore and Euriowie tin discovery. The next six months will be a very active and exciting time for our Company and shareholders as we expand our resource portfolio and deliver further returns for shareholders."
For the complete Carpentaria Exploration Limited announcement including tables and figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/63078-ASX-CAP-221356.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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