The two deposits, Chloe and Willy, are within Atlas’s Olivia target area and contain sought-after direct-shipping ore, which requires no processing. Atlas said the deposits were at or near surface. They required further drilling to define their extent.

The company emphasised very low phosphorus levels within the targets, which bodes well for future blending opportunities to reduce the contaminants within the Pardoo products.

Exports are expected to start later this month, beginning at a rate of 1 million tonnes per annum. Atlas hopes to export 6mtpa by 2010 and 12mtpa by 2012 by including additional export tonnages from its Abydos project, also in the Pilbara. Its shares closed at $1.10 last week.

SILVER Swan Group’s (SWN) Austin base metal discovery in Western Australia has returned new drilling results recording significant copper, gold, zinc and silver assays.

The company said substantial copper and zinc zones intersected in recent diamond core drilling at Austin confirmed that significant volcanogenic massive sulphide mineralisation had been discovered. Copper intersections include a best result of 66m at 1.5 per cent that includes 13m at 2.8 per cent copper, and with significant zinc intersections including 12.7m at 8.5 per cent and 4m at 10 per cent zinc. Austin is part of the Quinns project in the Murchison belt, about 55km south of the town of Meekatharra. Shares in SWN ended at 45c.

CITADEL Resource Group (CGG) has completed de-watering the decline at Jabal Sayid, its flagship project in Saudi Arabia.

Jabal Sayid was discovered in the early 1960s by the French Government Bureau Research Geology and Minerals (BRGM). The water level was approximately 60m below surface at about 910m elevation.

This water has now been removed and the water level is now 310m below surface. There is a small amount of water remaining at the very base of the decline, which has been left for removal by Byrnecut Mining during their rehabilitation program commencing later this year.

A primary ventilation network has been established following removal of the water and this will allow access to the workings for geological mapping and sampling as well as to the drilling positions established by the BRGM. From these positions Citadel will undertake an aggressive 14,000m of underground drilling. CGG’s stock closed on Friday at 13c.

OKLO Uranium (OKU) has identified a second zone of uranium mineralisation 15km west of the Mulga Rock uranium deposit at its Narnoo Project in Western Australia.

The best uranium intersects include, 97ppm uranium over 3m at surface, including 120ppm uranium over 2m at surface and 108ppm uranium over 2m at surface, including 123ppm uranium over 1m at 1m.

The mineralisation and associated radiometric anomaly are confined to an east-west trending topographic low, believed coincident with a drill indicated east-west of the palaeo-channel. Follow-up drilling is planned to better define the palaeo-channel and to test the surface extent of the mineralised kopi.

Oklo managing director Ross Brown said the exploration results indicated that significant uranium occurrences, other than those already known (Mulga Rock and the Ponton Creek occurrences) may be found in the greater Mulga Rock palaeo-drainage system, adding considerably to the region’s prospectivity. Shares inOKU were 5c at the end of lastweek.

source : The Australian Business

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