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EMETALS LIMITED Interim / Quarterly Report 2011
64850_rns_2011-05-01_27294c56-b580-4ab4-abc8-cb4eeeafc611.pdf
Interim / Quarterly Report
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WEST PEAK IRON LTD
ASX announcement
29 April 2011
ACN: 142 411 390
T: 08 6460 4960
F: 08 9324 3045
Suite 9, 1200 Hay Street
West Perth WA 6005
PO Box 281
West Perth WA 6872
www.westpeakiron.com.au
Directors & Management
David Parker:
Executive Chairman
Graham Marshall:
Non-Executive Director
John Royle:
Non-Executive Director
Shane Tomlinson:
Exploration Manager
Issued Capital
24,000,001 ordinary Shares
12,000,000 unlisted options exercisable at 20 cents each on or before 30 June 2013
500,000 unlisted options exercisable at 30 cents each on or before 30 June 2013
ASX Code: WPI
WEST PEAK IRON LTD
MARCH 2011 QUARTERLY ACTIVITIES REPORT
The Board of West Peak Iron Ltd ('West Peak' or the 'Company') is pleased to present the March 2011 quarterly activities report.
Highlights include:
WA PROJECTS
Santy Well Project: During the quarter the Company had two Santy Well tenements granted, being E59/1677 and E59/1678 and also applied for an additional three adjacent tenements. Work for the quarter focused on quantifying the nature and extent of identified iron enrichment from previous field work and also the Gold and Base metal potential of the greenstone belt. While Iron enrichment is present and is sufficient in grade, the superficial nature and limited extent of mineralisation has lead to the conclusion that a potential economic iron discovery is not possible at this time. The project also includes approximately 40 km of the northerly limb of the east trending Tallering Greenstone Belt, which has been confirmed as potential for Gold and Base metals, with drill targets identified.
During the quarter the Company continued to apply for a range of tenements in Western Australia, some being subject to Ballot. The company also continued to progress other exploration license applications towards grant during the quarter.
PROJECT GENERATION AND ACQUISITION
During the quarter the Company completed reviews and initial due diligence of a number of resource based projects for potential investment in Africa and South America. No new projects were acquired or invested in during the quarter, however since the end of the quarter the Company has announced the granting of exploration and reconnaissance licenses in Liberia, West Africa.
The Company will continue to grow it's tenement portfolio through tenement applications and corporate activity.
CORPORATE
During the quarter the Company issued 3,500,000 Company Options, exercisable at $0.20 on or before 30 June 2013 to corporate advisors of the Company. The Company also issued 1,000,000 Company Options, exercisable at $0.20 on or before 30 June 2013 and 500,000 Company Options, exercisable at $0.30 on or before 30 June 2013 to Shane Tomlinson, Exploration Manager.
The Company had a cash balance of approximately $1,806,000 at the end of the quarter.
WEST PEAK IRON
March 2011 Quarter Activities Report
SANTY WELL
The Santy Well Project is located approximately 60 km north of Mullewa in the mid west and consists of six tenements of which three are granted and three are under application. During the quarter the Company had two tenements granted, being E59/1677 and E59/1678. The total project area is approximately 279 km² with 224 km² being granted and 55 km² in application (Figure 1).
Work for the quarter focused on quantifying the nature and extent of identified iron enrichment from previous field work. A field visit was carried out and the observations seen show that although iron enrichment is present and is sufficient in grade, however the superficial nature and limited extent of mineralisation has lead to the conclusion that a potential economic iron discovery is not possible at this time.
Given the project includes approximately 40 km of the northerly limb of the east trending Tallering Greenstone Belt, a review of the historical data assessing the potential for gold and base metal mineralisation was carried out. Previous exploration over the Santy Well project area has been reasonably extensive and successful in defining numerous targets from surface exploration and geophysical surveys; however follow up drilling has generally only been of a shallow nature and appears to have been largely ineffective.
A program of works has been submitted to the DMP for a moderate RAB/air core program targeting two previously untested anomalies; Dividing Range and McComisky (Figure 1). This program has been planned for the second half of the year, pending standard approvals and funding considerations.
Figure 1: Santy Well Project
WEST PEAK IRON
March 2011 Quarter Activities Report
PINYALLING
No new work was carried out on the Pinyalling project as the majority of tenements remain in application. The Company progressed various tenements applications during the quarter within the Pinyalling Project area.
DANDARAGA
The Company progressed the Dandaraga tenement applications during the quarter, with grant of the main tenement E57/839 expected during the June quarter.
PAYNES FIND
During the quarter, the Company won a ballot from a pool of three for tenement E59/1721, the tenement remains in application. This tenement covers approximately 3 km of outcropping magnetite-bearing BIF based on GSWA mapping and has the potential for additional buried BIF as indicated in regional aeromagnetic data (Figure 2).
Figure 2: E59/1721; Ninghan regional aeromagnetic data with outcropping BIF from GSWA 250K mapping
WA APPLICATIONS
During the quarter the company applied for additional tenure in four locations: Santy Well, Nandee, Bulga Downs and Ti Tree. The Santy Well applications are part of the company's strategy to tie up the northern limb of the east trending Tallering Greenstone Belt and thus give the Company approximately 40 km of under-explored greenstone which is prospective for gold and base metals.
WEST PEAK IRON
March 2011 Quarter Activities Report
The Nandee applications are approximately 60 km northeast of Paynes Find where a desk top review has identified the presence of BIF which is also coincident to magnetic anomalism. The project area consists of two applications of which one is the subject of a ballot.
An application at Bulga Downs was lodged based on a discrete magnetic feature covered by quaternary sands and is approximately 10 km northeast from the Cashmere Downs Iron Project.
An application for the Ti Tree project was lodged due to its prospectively for base metals. This application is the subject to a ballot involving three participants.
PROJECT GENERATION AND ACQUISITION
During the quarter the Company completed reviews and initial due diligence of a number of resource based projects for potential investment in Africa and South America. No new projects were acquired or invested in during the quarter, however since the end of the quarter the Company has announced the granting of exploration and reconnaissance licenses in Liberia, West Africa.
The Company will continue to grow its tenement portfolio through tenement applications and corporate activity.
CORPORATE
The Company entered into a Corporate Advisor Mandate with Alto Capital during the quarter. Alto Capital has been engaged to provide corporate advisory services, including providing corporate advice, assistance with communications strategy and investor presentations for a period of six months. The Company issued 3,500,000 Company Options, exercisable at $0.20 on or before 30 June 2013 to Alto or their nominee during the quarter, following shareholder approval.
The Company also issued 1,000,000 Company Options, exercisable at $0.20 on or before 30 June 2013 and 500,000 Company Options, exercisable at $0.30 on or before 30 June 2013 to Shane Tomlinson, Exploration Manager, following shareholder approval.
The Company had 24,000,001 ordinary shares, 12,000,000 unlisted Company Options exercisable at $0.20 on or before 30 June 2013 and 500,000 unlisted Company Options exercisable at $0.30 on or before 30 June 2013 on issue at the end of the quarter.
Cash and cash equivalents held by the Company at the end of the quarter was approximately $1,806,000.
"END"
For further information contact:
David Parker; Executive Chairman, West Peak Iron Ltd.
Telephone: +61 8 6460 4960
Email: [email protected]
Scientific or technical information in this news release has been prepared under the supervision of Mr Shane Tomlinson, an employee of the Company and a Member of the Australian Institute of Geoscientists (AIG). Mr Tomlinson has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Tomlinson consents to the inclusion in this report of the Information, in the form and context in which it appears.