Overview Of Projects
Set out below is a brief overview of the project areas being acquired by the Company. A detailed discussion of the projects and exploration programs is set out in the Independent Geologist’s Report in section 8 of the Prospectus.
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Magnetite Range Project (Accent 100%)
The 100% owned Magnetite range project centred on the Great Northern Highway is located 300 km northeast of Perth in the Yalgoo Mineral Field. It consists of granted mining lease M59/166, one granted exploration licence E59/875 and three exploration licence applications ELA59/1613, 1662 - 1663 with a combined area of 153 square km.
M59/166, E59/875, ELA59/1613, 1662-1663 are located immediately north and along strike of Mt Gibson Iron Ltd / Asia Iron Holdings Extension Hill project. This is a major proposed mine development with dual ownership structure. The near surface hematite rights are held by Mt Gibson Iron whilst the magnetite rights are held by Extension Hill Pty Ltd (EHPL), a wholly owned subsidiary of Hong Kong based Asia Iron Holdings Ltd (60% Chongqing Chonggang Minerals Development Investment (CCMD) / 40% Sinom Investments (SINOM).
Mt Gibson commenced mine construction of the separate DSO project in Q1- 2010 for completion by Q2-2011. The EHPL Extension Hill magnetite project is the most advanced magnetite development in the mid west with a large tonnage and high grade resource. State and Federal Approvals and Permitting are largely all in place for the proposed Stage 1 10Mtpa concentrate production. The announcement of this large magnetite project development is considered to be imminent.
Highlights - >390Mt maiden Resource for Accent’s 100% owned Magnetite Range Iron Ore (magnetite) Project
- Potential for a 20 year mine life; additional upgrade drilling is expected to add to project scale
- This is a high category Resource classification, with more than 70% already in the Indicated category
- Indicated Mineral Resources can be included in Ore Reserve estimates
- Most of the Resource comprises low sulphur variants that have been subject to extensive testwork
- Extensive metallurgical testwork and engineering activities continue
The company released a maiden JORC resource estimate of 391Mt @ 30%Fe (DTR 67%Fe, 30.8% Mass Recovery) announced in February 2010. The Mineral Resource occurs within an extensive Banded Iron Formation (BIF) and is based on more than 19,000m of RC and diamond drilling. More than 70% of the Resource is in the Indicated category. The majority of this resource is a high quality, low sulphur magnetite iron ore. Significant amounts of metallurgical testwork and process engineering studies have demonstrated that a clean, saleable magnetite concentrate can be produced with relatively low energy requirements and good mass recoveries. The Julia prospect ore in particular is characterized by coarse liberation of magnetite at a coarse grind size of P80 = 75 micron and P80 = 45 micron. The total Inferred and Indicated resource is considered sufficient for a conceptual mine life of 20 years at 5Mtpa concentrate output. Metallurgical testwork continues to assess the processing characteristics of the higher sulphur and moderate silica material in the Hematite Hill prospect area. Sighter testwork has indicated that silica specification of <5% SiO2 can be achieved with finer grinding to <25 micron which is similar to other magnetite deposits.
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Norseman Project (Accent 100%)The Norseman Project is located around 200 km south of Kalgoorlie, about 5 kilometres south of the township of Norseman, in Western Australia covering the historically significant Dundas Mineral Field. Gold mineralisation at the main prospects Surprise and Iron Duke at Norseman is associated with the Mt Henry Shear.
The host rock for the mineralisation is a series of tholeiitic basalts with minor interflow sediments. A silicified and sulphide rich shear zone has produced banded grunerite-chert pyrrhotite, which weathers to a banded chert-hematite/magnetite rock. Some of the intersections are listing in table 1. Drilling programs have extended the strike length of the mineralised zone to approximately 360 metres. Mineral resources of 41,300 ounces @ 2.2g/t AU (Iron Duke) and 24,200 ounces @ 1.8g/t Au (Surprise) have previously been reported for the Norsemen Project. Although the resource is unlikely to be of sufficient scale to support a stand-alone operation, there may be joint venture opportunities for development and or toll processing with other operators in the region. Accordingly, in recognition of this potential, the Norsemen Gold Project has been retained int eh Company's portfolio of tenements.
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Arcadia Project - E51/1209 (Accent 100%)
The Arcadia project is located south west of Meekatharra adjacent to Lake Annean. Significant gold intersections, including 8m @ 3.89 g/t (),8m @ 4.24 g/t Au (),3m @ 5.93 g/t Au () and 12m @ 1.7 g/t Au (), and located in subsidiary structures to a regional structure, require follow up. |
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Katanning - Western Australia (Accent 90%)Accent has 90 % interest and management of large area of tenure in the southwest mineral field of Western Australia. The Katanning project area contains several titano magnetite outcrops and additional areas of interest for vanadium mineralisation. The Katanning project is well served by infrastructure including road, rail, grid power and proximity to regional centres. Reconnaissance RC drilling identified significant vanadium mineralisation associated with titanomagnetite within a geologically complex magnetic sequence. Encouraging RC intersections at the Mine Hill and Red Hill prospects were followed up with six diamond holes during April 2010. Anomalous titano vanadium intersections from magnetite gabbro occur at both prospects and warrant further follow up. Results at 0.2% V2O5 cut-off are given below.
Katanning project diamond drilling intersections
Hole_ID | East (MGA94) | North (MGA94) | From (m) | To (m) | Length (m) | V205 % | TiO2 % | Fe % | SiO2 % | P % | S % | Prospect | 10KTD001 | 535385 | 6291468 | 1 | 7 | 6 | 0.19 | 4.121 | 19.87 | 33.85 | 0.017 | 0.079 | Mine Hill | (-80 dip to 180 Mag) | | 17 | 19 | 2 | 0.90 | 14.970 | 43.58 | 10.66 | 0.013 | 0.080 | | | | | 41 | 61 | 20 | 0.51 | 5.214 | 26.20 | 32.64 | 0.017 | 0.251 | | | | including | 41 | 57 | 16 | 0.56 | 5.991 | 28.50 | 29.51 | 0.019 | 0.207 | | 10KTD003 | 541602 | 6283330 | 46 | 58 | 12 | 0.24 | 2.432 | 12.01 | 49.17 | 0.009 | 0.109 | Red Hill | (-60 dip to 270 Mag) | including | 46 | 49 | 3 | 0.44 | 3.896 | 18.14 | 39.23 | 0.009 | 0.151 | | | | | 64 | 65 | 1 | 0.43 | 7.043 | 26.02 | 35.20 | 0.036 | 0.257 | Red Hill | 10KTD005 | 541448 | 6282360 | 79 | 87 | 8 | 0.71 | 6.732 | 27.33 | 29.54 | 0.006 | 0.678 | Red Hill | (-60 dip to 90 Mag) | | 94 | 110 | 16 | 0.46 | 5.470 | 26.55 | 31.13 | 0.006 | 0.322 | | | | including | 94 | 98 | 4 | 0.73 | 7.498 | 28.72 | 27.37 | 0.006 | 0.643 | | | | including | 105 | 109 | 4 | 0.65 | 9.010 | 35.88 | 21.51 | 0.006 | 0.206 | | | | | 117 | 126 | 9 | 0.38 | 4.613 | 19.22 | 40.93 | 0.037 | 0.234 | Red Hill | | including | 117 | 121 | 4 | 0.48 | 6.351 | 26.65 | 30.62 | 0.070 | 0.426 | | | | including | 125 | 126 | 1 | 0.45 | 4.490 | 18.17 | 48.40 | 0.009 | 0.097 | | 10KTD006 | 541625 | 6283330 | 25.5 | 32.5 | 7 | 0.63 | 5.638 | 25.40 | 34.62 | 0.013 | 0.012 | Red Hill | (-60 dip to 90 Mag) | including | 25.5 | 29 | 3.5 | 1.00 | 8.585 | 35.57 | 23.17 | 0.013 | 0.015 | |
A geological / geochemical field programme will also be undertaken during the wheat growing season in late 2010 to develop additional drill targets for completion in the new year. Approximately 20 regional geological and geochemical targets will be assessed. |
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Company Secretary Appointment/Resignation
