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Asian Activities Report for October 24, 2011: Fairstar Resources (ASX:FAS) Secures A$300 Million Funding for Steeple Hill Iron Project
Asian Activities Report for October 24, 2011: Fairstar Resources (ASX:FAS) Secures A$300 Million Funding for Steeple Hill Iron Project
Sydney, Oct 24, 2011 AEST (ABN Newswire) - Fairstar Resources Limited (ASX:FAS) has secured conditional approval for a A$300 million debt instrument from international lenders for the commencement of plant construction and commissioning at its Steeple Hill Iron Project in Western Australia. The Company plans to recover the significant alluvial iron ore deposits in a low cost mining operation in the Phase One of the Project, to be followed by a drill and blast operation for hard rock hematite in Phase Two and the recovery of magnetite in Phase Three. The Company will not seek joint venture partners in order to maintain absolute control over the project.

Korab Resources Limited (ASX:KOR) has intercepted approximately 163 metres of sulphides from the Batchelor Project in the Northern Territory. Analysis of the samples confirms that pentlandite is the main source of the nickel minerals and chalcopyrite is the dominant copper mineral. The other main mineral is pyrrhotite. Reverse circulation drilling program will commence tomorrow to test other nickel/polymetallic anomalies.

Syndicated Metals Limited (ASX:SMD) announces the maiden mineral resource estimates based on early stage drilling at the Blue Star and Green Zone deposits within the Company's Mount Remarkable Project in Northwest Queensland. Inferred mineral resource estimate for Blue Star is 177,000 tonnes at 2.31% Cu and 0.27g/t Au, and inferred mineral resource estimate for Green Zone is 430,000 tonnes at 0.9% Cu. The company will recommence drilling to test for shallow open pittable sulphide copper resources and other potential targets.

Emmerson Resources Limited (ASX:ERM) announces an Indicated and Inferred JORC resource estimation of 50,800 tonnes of copper and 70,000 ounces of gold at the Gecko and Orlando copper/gold deposits in the Northern Territory. Recent encouraging discoveries in the Gecko Mine Corridor highlight real potential for further growth. The Company plans to expand the resource through an aggressive drilling campaign in coming months.


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