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EMETALS LIMITED — Interim / Quarterly Report 2013
Oct 24, 2012
64850_rns_2012-10-24_12e13921-c893-4fe2-8157-2f4dedb1a0d1.pdf
Interim / Quarterly Report
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ASX announcement
WEST PEAK IRON LTD
SEPTEMBER 2012
QUARTERLY ACTIVITIES REPORT
25 October 2012
Key Points:
ACN: 142 411 390
T: 08 6489 1600
F: 08 6489 1601
E: [email protected] Suite 9, 330 Churchill Avenue,
Subiaco WA 6008
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During and since the end of the quarter f unds raised to the total
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of $1,817,000 pre costs via the issue of 36,605,464 shares issued at $0.05 to sophisticated investors, shareholders and shortfall subscribers, including:
o Placement raised $205,000 via the issue of 4,105,464 shares issued at $0.05 to sophisticated investors;
PO Box 866,
Subiaco WA 6904
Directors & Management
Graham Marshall: Chairman
Mathew Walker: Director
John Royle: Director
Jimmy Lee: Director
o Entitlement Issue raised $701,000 via the issue of 14,022,461 shares issued at $0.05 to shareholders;
o Entitlement Issue raised $911,000 via the issue of 18,227,539 shares issued at $0.05 to entitlement shortfall applicants;
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Graham Marshall appointed Non-Executive Chair, Mathew Walker
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appointed Executive Director of the Company and Jimmy Lee appointed Non-executive Director
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Golden West Ltd welcomed as substantial shareholder of the
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Company
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Drill program for a total of 3,000 metres at the Bomi South
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Project, Liberia, approved following successful entitlement issue to shareholders
Shane Tomlinson: Exploration Manager
David Parker: Joint Company Secretary
Sonu Cheema: Joint Company Secretary
Issued Capital
64,500,000 ordinary shares
13,105,465 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
The Board of West Peak Iron Ltd (‘West Peak’ or the ‘Company’) are pleased to present the September 2012 quarterly activities report.
Exploration Update - Liberia
During the quarter West Peak the board approved a drill program at the highly prospective 100% owned Bomi South Project in Liberia of up to 3,000 metres. The proposed 3000m drill program will be RC and may include diamond core should it be warrantied. Furthermore, West Peak commenced earthworks following the end of the quarter to prepare for the maiden drilling program which is scheduled for November.
The drill program will focus on prospect Area’s 1 and 7 of the Bomi South project. These area’s have been identified through the detailed aeromagnetic survey completed by the Company in 2011 and the recent trenching program during 2012. The program geared towards confirming the presence of iron mineralisation and how it relates to the geological
September 2012 Quarterly Activities Report
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model and magnetic modelling. A trenching program was completed across key targets to test for the nature and extent of iron mineralisation.
The Bomi South project is located approximately 60 km NNE of Monrovia and is accessed by sealed road to the western tenement boundary and a sealed road 2 km from the eastern boundary (Figure 1). The geology is predominantly comprised of composite gneiss with generally E-W-striking itabirite units. These units outcrop intermittently over the tenement as ridges with strike lengths up to 4 km and elevations up to 100 m, but generally averaging 30-50 m.
Field reconnaissance work has identified iron enrichment in the form of hematite – rich capping, which may provide a DSO product, and coarse grained magnetite-rich iron formation which may be amenable to benefication to produce a saleable product.
The prospects targeted for the maiden drilling program are part of a cluster of magnetic anomalies which are located within 0.5 to 12 km of the sealed road and the historic railway line that linked the Bomi Hills iron operation to the deep water port in Monrovia.
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Figure 1. Drill lines cleared in preparation for maiden drill program at Bomi South.
September 2012 Quarterly Activities Report
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Figure 2. Map highlighting area for maiden drill program at Bomi South project.
Exploration Update - Western Australia
WARRIEDAR AND HIGHWAY PROSPECTS
During the quarter flora fauna and heritage surveys were conducted to support a program of works application for a drill program at the 100% owned Warriedar and Highway prospects in the Mid West of WA targeting DSO mineralisation. Following the end of the quarter, a interim heritage report was received, in addition the Department of Minerals and Petroleum of WA (DMP) granted a Program of works over the Warriedar and Higway prospects. West Peak is still requires additional heritage survey clearance given access was not available to all areas during the first site visit. West Peak will update the market when further information comes to hand regarding the proposed maiden drill program at the Warriedar and Higway prospects.
SANTY WELL
The Santy Well Project is located 60 km north of Mullewa and consists of approximately 40 km of the northerly limb of the Tallering Greenstone Belt. The project is now focussed on assessing the potential for gold and base metals through a farm-in agreement with Cohiba Minerals Ltd. During the quarter a heritage survey was completed to complement the DMP approved Program of Works application for a reconnaissance drilling program. The heritage survey raised no major issues. West Peak is currently working through preparation for a proposed drill program with the joint venture partner Cohiba Minerals.
OTHER PROJECTS
No field work was carried out on the WA projects during the quarter.
September 2012 Quarterly Activities Report
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TENEMENTS
During the quarter the Company provided voluntary relinquishment over several tenement applications that were deemed not highly prospective for Iron Ore in order to reduce ongoing costs associated with tenement management of no-core WA tenements.
Corporate
During and since the end of the quarter funds raised to the total of $1,817,000 pre costs via the issue of 36,605,464 shares issued at $0.05 to sophisticated investors, shareholders and shortfall subscribers, including:
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Placement raised $205,000 via the issue of 4,105,464 shares issued at $0.05 to sophisticated investors;
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Entitlement Issue raised $701,000 via the issue of 14,022,461 shares issued at $0.05 to shareholders;
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Entitlement Issue raised $911,000 via the issue of 18,227,539 shares issued at $0.05 to shortfall applicants (12,000,000 shares issued to raise $600,000 following the end of the quarter).
During and since the end of the quarter West Peak appointed Graham Marshall as Non-Executive Chair, Mathew Walker as Executive Director and Jimmy Lee as Non-executive Director and David Parker has resigned as Chairman, Mr Parker will continue as Joint Company Secretary.
Mr Walker has extensive experience in public company management and in the provision of corporate advice. Specialising in the natural resources sector, Mr Walker has served as Executive Chairman or Managing Director for public companies with mineral interests in North America, South America, Africa, Eastern Europe, Australia and Asia. He currently serves as Chairman of Blue River Mining Limited and corporate advisory firm Cicero Corporate Services. Mr Walker is a member of the Australian Institute of Company Directors and holds a Bachelor of Business from the University of Technology, Sydney.
Mr Lee provides mining and corporate advisory services to the mining industry, is a qualified mining engineer and a member of the AusIMM. He has more than 30 years of mining industry experience and has successfully worked with a number of major Australian mining companies. He has held senior positions with Hamersley Iron Ltd, Dominion Mining Ltd, Christmas Island Phosphates Ltd, North Ltd, Carey Mining Ltd, and was formerly a founding director of Terrain Minerals Limited.
Mr Lee also currently serves as a non-executive director of Golden West Resources Limited (ASX Code: GWR). The Directors of West Peak also accepted an application from GWR to participate in the entitlement issue shortfall of 12,000,000 shares, giving GWR a 18.6% shareholding in WPI.
During the quarter no options were exercised or issued.
At the end of the quarter the Company had 52,500,000 fully paid ordinary shares and 13,630,465 Company Options on issue (13,130,465 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). The Company currently has 65,000,000 fully paid ordinary shares following the issue of 12,000,000 shares on 3 October 2012.
Cash and cash equivalents held by the Company at the end of the quarter was approximately $1,349,000 (not including $600,000 raised pre costs following the end of the quarter).
September 2012 Quarterly Activities Report
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For further information contact:
Mathew Walker; Executive Director, West Peak Iron Ltd. Telephone: +61 8 6489 1600 Email: [email protected]
COMPETENT PERSONS’ STATEMENTS
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 (MAIG). 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.
FORWARD LOOKING AND EXPLORATION TARGET STATEMENTS
Some statements in this announcement regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward looking statements include, but are not limited to, statements concerning the Company’s exploration program, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as “expected”, “planned”, “target”, “scheduled”, “intends”, “potential”, “prospective”, and “seek”, “proposed” and similar expressions.
September 2012 Quarterly Activities Report
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ABOUT WEST PEAK
West Peak Iron Ltd (West Peak) is an exploration company with a focus on iron ore exploration.
West Peak has focused on increasing its licence holdings through direct tenement applications both in Western Australia and Liberia since floating on the ASX in 2010. West Peak’s strategy is to actively explore its land holding to identify and focus on those projects which are believed to have the greatest potential for economic iron mineralisation through staged exploration programs. The Company’s activities are dependent on the maintenance of appropriate licences, permits and regulatory consents which may be withheld, withdrawn or made subject to limitations.
ASX code – WPI Issued shares – 64.5m Unlisted Options – 13.11m options
Market Cap @ 7 cps - $4,515,000 (undiluted) Cash - $1.83m (circa at start of October 12)
LIBERIA
West Peak has 972 km[2] of granted tenure prospective for iron ore in Liberia through a combination of reconnaissance and exploration licences for iron ore in the Grand Bassa, Bomi, Bong and River Cess counties. All licences contain identified iron-bearing formations and are located close to port, rail and road infrastructure (both existing and currently being upgraded to meet iron ore industry requirements).
WESTERN AUSTRALIA
West Peak has built up a land holding in the emerging Mid-West and Yilgarn Iron Provinces. High grade rock chip results have been received from the Warriedar and Highway prospects and indicate the potential for DSO style mineralisation. A magnetite target has been identified at the Dandaraga tenement from mapping and rock chip sampling of an outcropping BIF.