ALTONA TO EXPAND EXPLORATION FOOTPRINT IN MT ISA REGION
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· Altona strategy of leveraging existing position and knowledge of the Mt Isa Inlier
· A total of 1,868 square kilometres of new Exploration Permit applications made
· Altona tenement position is one of the largest in the region at 2,800 square kilometres including the proposed SRIG JV on the Cloncurry Project
· Targeting base metals and gold using exploration approach developed to delineate major targets at Roseby South and the Turkey Creek discovery
Altona Mining Limited (“Altona” or the “Company” - https://www.commodity-tv.net/c/mid,3159,Companies_und_Projects/?v=286622) is pleased to announce it is seeking to expand its exploration presence in the Mt Isa Inlier in Northwest Queensland.
The Company has applied for 10 new Exploration Permits (“EPM’s”) in the region surrounding its Cloncurry Project and the 100%-owned Roseby South Project (“Roseby South”) near Mt Isa in Queensland. The new applications cover an area of 1,868 square kilometres and are illustrated in Figure 1.
The first of the applications which adjoins Roseby South (EPM 26182) was granted in July 2016. It secures extensions of the target corridor that contains the new Hobby anomaly and anomalies at an early stage of definition to the north.
The new project areas are being targeted for copper-gold (IOCG) as well as gold only and lead-zinc-silver deposit types.
The Cloncurry Project is the subject of a US$235.5 million proposed joint venture (“JV”) with Sichuan Railway Investment Group (“SRIG”). Please refer to the ASX release dated 2 June 2016 for further information regarding the SRIG JV
Roseby South immediately adjoins the southern boundary of the Company’s Cloncurry Project and MMG's major underground zinc mine development at Dugald River (Figure 1). Roseby South is 100% Altona-owned exploration tenure and does not form part of the arrangements with SRIG.
Altona Mining’s managing director Dr Alistair Cowden said:
“The application provides Altona with further exposure to the Mt Isa Inlier, one of the world’s premium base metal producing provinces.
“With expansion of its exploration activities in the region and the potential development of a new major copper-gold mine through the SRIG JV, Altona will be strategically well placed in the region.”
Altona has a track record of discovery in the region (Turkey Creek deposit), while Altona’s campaign to expand its exploration activities beyond the proposed SRIG JV is delivering results with the recent identification of the Harvest and Hobby anomalies (refer to ASX release dated 1 August 2016).
Interest in the Mt Isa region has recently taken an upturn with major international miners acquiring new positions in the region (for example Newmont’s JV with Hammer Metals and Rio Tinto Exploration applying for EPM’s areas adjacent to the Roseby Project).
Please direct enquiries to:
Alistair Cowden David Tasker Jochen Staiger
Managing Director Professional Public Relations Swiss Resource Capital AG
Altona Mining Limited Perth Tel: +41 71 354 8501
Tel: +61 8 9485 2929 Tel: +61 8 9388 0944 [email protected]
Altona Mining Limited is an ASX listed company focussed on the Cloncurry Project in Queensland, Australia. The Project has Mineral Resources containing some 1.65 million tonnes of copper and 0.41 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Altona has completed a Framework Agreement with Sichuan Railway Investment Group to fully fund and develop Little Eva. Little Eva is permitted with proposed annual production(1) of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study was published in March 2014.
1Refer to the ASX release ‘Cost Review Delivers Major Upgrade to Little Eva’ dated 13 March 2014 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.
Competent Persons Statement
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM, and Mr George Ross, MSc, MAIG. Mr Bartsch and Mr Ross are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bartsch and Mr Ross consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.
When used, copper equivalent refers to copper in concentrate produced, or planned to be produced. It does not refer to metal contained within in-situ resources, reserves or drill results. The copper equivalent grade is calculated by factoring the copper grade by revenue from all metals (NSR) being copper, gold and silver.