Mining Lease Granted at Gwendolyn
Sydney, May 21, 2012 AEST (ABN Newswire) - Vector Resources Limited (
ASX:VEC) is pleased to announce that it has achieved major administrative milestones in preparation of the Gwendolyn East tenement for near term mining potential.
The Company submitted to the Department of Mines and Petroleum (DMP) in December 2011 to convert the Gwendolyn East tenement previously (P77/3976) to a mining lease. The DMP has approved the application for conversion and granted Gwendolyn East as a mining lease M77/1263. This is a major step in the approvals process for future mining proposals to be submitted and approved.
In addition, a previous restriction on the tenement relating to an old airstrip and its 100m buffer zone on the western side of the tenement has also been removed from the conditions of the new mining tenement.
A Program of Works (PoW) encompassing Phase 4 drilling which is a combination of reverse circulation and diamond core for the tenement covering a grid pattern of 20m by 25m excluding the airstrip and buffer zone was also approved. This approval allows the Company to continue exploring the extensional potential of the mineralisation in all directions as the current Phase 3 program is identifying continued expansion of the known mineralisation envelope in all directions.
The Company commissioned an independent third party consultant "Niche Environmental Services" to conduct stage 1 of 2, consisting of an Autumn Flora Survey of the tenement. This survey was extremely favourable with no significant issues identified. The vegetation in the survey area was not considered to have a high conservation value and is not considered to be likely to be a threatened or priority ecological community. Stage 2, Spring Flora Survey will be undertaken in September 2012 in conjunction with the necessary Fauna Survey to enable the company to progress to a mining proposal application.
The Company is very excited about the achievement of these milestones in its efforts to bring Gwendolyn East to near term mining potential.
Contact
Vector Resources Limited
T: +61-2-6389-5750
E: contact@vectorresources.com.au
WWW: www.vectorresources.com.au
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