Quarterly Activities Report
Perth, Jan 17, 2013 AEST (ABN Newswire) - Archer Exploration Limited (
ASX:AXE) is pleased to provide the Quarterly Activities Report for the period ended 31st December 2012.
Highlights Include;
EXPLORATION
- GRAPHITE Phase 1 Maiden JORC Resource at Campoona of 2.527Mt grading 12.3% TGC with 310,800 tonnes of contained graphite at a lower cut-off grade of 5%TGC.
- Environmental fauna and flora baseline studies completed by independent expert consultant Golder & Associates Pty Ltd.
- Significant progress made on defining the optimum processing flow sheet for the extraction of high value graphite product. Results to date demonstrate >98%TGC concentrates are reproducible with excellent recoveries. Full metallurgical results expected February 2013.
COPPER
- With Archer's strong cash position the Company is now able to fund increased exploration on the Company's non-graphite projects, specifically copper, gold and manganese.
- Electromagnetic surveys completed during the quarter have resulted in drill targets at Robertstown, Mimic and North Cowell around the historic Morowie copper workings. Preparation has been completed for initial drill testing in Q1 calendar 2013 of all three copper targets.
GOLD AND MANGANESE
- As part of the airborne EM targeting copper, flight excursions were included to cover the Napoleon's Hat gold target near Burra and testing for manganese extending under cover at Ketchowla.
- Once data is received from the EM surveys drill targets will be defined and applications made to DMITRE for drilling testing of the surveyed areas.
FINANCIAL
- Cash in bank on 31st December 2012 of $11.193 million.
- $548,000 spent on exploration during the quarter.
View the complete Archer Exploration Report at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-716402.pdf
Contact
Archer Exploration Limited
T: +61-8-8272-3288
WWW: www.archerexploration.com.au
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