Northern Minerals ASX Announcements 31 January 2013
January 31, 2013 (Source: Northern Minerals PDF) — Northern Minerals ASX Announcements 31 January 2013 – Cashflow and Quarterly Activities Report
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Browns Range Heavy Rare Earths Project
- Release of maiden JORC resource at Wolverine – 1.44Mt @ 0.73% TREO comprising 10,500t TREO
- Significant new intersections at depth at Wolverine – extending mineralisation to vertical depths of 250m and remaining open – which will be a target of further drilling in 2013
- Gambit West delivers a new zone of Heavy Rare Earths, with drill results including 32m @ 1.73% (incl. 5m @ 4.36%) and 20m @ 2.36% (incl. 9m @ 4.92%)
- New discoveries extend the mineralised Gambit geological structure to more than 1km strike potential
- Mineralisation extended at Area 5 prospect with assay results of up to 11m @ 1.15% from 11m and 7m @ 3.83% TREO from 119m
- Drill results from Browns Range continue to build a pipeline of potential prospects, with first pass drilling at Mystique, Banshee and Cyclops all confirming Heavy Rare Earth (HRE) mineralisation
- Ongoing metallurgical test work indicates suitability for Browns Range product to produce a high purity mixed rare earth (RE) oxide
- Memorandum of Understanding (MOU) for off-take arrangement signed with global leader in mining and materials – could account for sales of up to 1,500 tonnes of Total Rare Earth Oxides (TREO) per annum of HRE from Browns Range.
- Additional funding secured with $5 million raised through a share placement to further develop Browns Range.
- Increased strength of management team with appointment of Mark Tory to the new role of Chief Financial Officer / Joint Company secretary
To review this PDF Announcement click here
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