Australian Market Report of September 23, 2010: Moly Mines Limited (ASX:MOL) Spinifex Ridge Iron Ore Project First Shipment on Track
Falcon Minerals Limited (ASX:FCN) is ready to commence a diamond drilling programme in the first week of October 2010 at its wholly-owned Collurabbie nickel-copper-PGE Project in the Duketon greenstone belt, Western Australia. To date, continuous massive and matrix nickel-copper-PGE sulphide mineralisation has been intersected over a strike length of at least 300m. The upcoming October drilling will comprise 4 to 5 drill holes for approximately 1500m, and aims to test for new mineralised zones to the north of the Olympia Prospect as well as extensions to the Olympia mineralisation defined in Falcon's June 2010 drilling campaign.
The State Government has approved Mount Gibson Iron Limited (ASX:MGX) (PINK:MTGRF) upgrade of the train unloading facility at the Geraldton Port. As a result of the upgrade, rail unloading capacity at the Geraldton Port will increase to 3000 tonnes per hour, allowing Mount Gibson to increase production from its Mid West operations through the commencement of operations at Extension Hill. Mount Gibson has agreed to fund the upgrade up to A$20 million and it is expected to be completed in time for the first shipments from Extension Hill in the September 2011 quarter.
UraniumSA Limited (ASX:USA) have advised that following in-fill drilling of the Blackbush Prospect within its Mullaquana Uranium Project, located south of Whyalla on South Australia's Eyre, a new Inferred Mineral Resource has been estimated in accordance with the JORC code which contains over three times the maiden estimate. Mineralisation commences at an average depth of 53m. The resource envelope remains open in several directions and within the envelope there are areas of higher than deposit average grade mineralisation. The resource estimate will be updated as more drilling is undertaken.
Robo 3D Ltd
Mount Gibson Iron Limited
Moly Mines Limited
Atlas Iron Limited