· Drilling to target three new prospects - Reaper, Hobby and Harvest
· RC drilling program consists of 15 - 25 holes and 2,500 metres of drilling
· Initial drilling to target high-tenor copper-in-soil anomalies
· Anomalies comparable to Altona’s Little Eva deposit
· Drilling expected to be completed by November 2016
Altona Mining Limited (“Altona” or “the Company” - Altona Mining: SRIG Deal Being Finalised & Huge Exploration Potential http://www.commodity-tv.net/c/mid,1323,Interviews/?v=296936) today announced drilling has commenced at the Company’s 100% owned Roseby South Project (“Roseby South”) near Mt Isa in Queensland (Figure 2).
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 2). 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 ASX release dated 2 June 2016 for further information regarding the SRIG JV.
Roseby South is a 100% Altona-owned exploration tenure. It does not form part of the arrangements with SRIG.
The planned reverse circulation drilling program consists of approximately 15 to 25 holes and 2,500 metres of drilling at Harvest, Hobby and Reaper (Figure 1). Altona will also drill test one or two other prospects.
At each prospect, large copper-in-soil anomalies greater than 1,000ppm (0.1% copper) have been defined. The anomalism is of similar size and tenor to the Cloncurry Project's Little Eva deposit (546,000 tonnes contained copper and 295,000 ounces of gold, Appendix 3). Outcrop and float rock samples returned up to 14.4% copper and 0.74g/t gold at Harvest; 23.3% copper and 2.9g/t gold at Hobby; and, 0.8% copper and 1.54g/t gold at Reaper.
The targets were identified this year and were reported in ASX releases dated 1 August 2016 (Harvest and Hobby) and 5 September 2016 (Reaper). Please refer to these releases for more detailed prospect summaries.
No previous drilling has been undertaken at Hobby and Reaper, whereas reconnaissance drilling at Harvest by past explorers returned significant mineralised intersections. Third party agreements and Aboriginal heritage clearances required prior to drilling have been secured.
Drilling is expected to be completed by early November 2016 and approximate costs are estimated at $250,000.
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 firstname.lastname@example.org
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.