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FENIX RESOURCES LTD — Capital/Financing Update 2011
Apr 12, 2011
64910_rns_2011-04-12_598b75e6-ae46-4888-b2d6-aa7f77387791.pdf
Capital/Financing Update
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ASX/MEDIA RELEASE 13[th] April, 2011
EMERGENT RESOURCES PROVIDES BEYONDIE IRON PROJECT UPDATE
KEY POINTS
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Davis Tube test work underway to advance towards further understanding the commercialisation of the Beyondie magnetite resource, following excellent results (68+% Fe) from initial DTR analysis of drill cores.
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New magnetite resource upgrade to be completed
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Progress towards establishing a near surface hematite resource.
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Recent acquisition of strategic acreage expands Emergent’s ground position at Beyondie.
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Lease E52/2525 overlies a calcrete body that could provide a valuable source of processing water for the Beyondie Iron Project.
Emergent Resources Limited (ASX:EMG) (“Emergent” or the “Company “), is pleased to provide the following update on its flag-ship Beyondie Iron Project located in the Mid-west region of Western Australia.
Beyondie Iron Project:
Emergent is undertaking an upgraded development program at its Beyondie Iron Project in Western Australia’s Mid-West region aimed at bringing the project’s magnetite resource and hematite potential product to market. Field teams are currently on site collecting samples for further Davis Tube Recovery test work (DTR), a vital step in the Company’s progress towards further understanding the commercialisation of the Beyondie Magnetite resource.
The DTR test work will establish the magnetic mass recovery and the concentrate grade recovered, across all magnetite-bearing zones, including the fresh magnetite and transitional ore zones. Initial DTR analyses on drill cores from within the fresh magnetite have produced excellent results with grades of 68+% Fe with exceptionally low levels of impurities. The results are shown in Table 1.
| Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | Beyondie Davis Tube Magnetic Concentrate Recovery Summary1 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Width | From | To | Fe % |
SiO2 % |
Al2O3 % |
P % |
S % |
LOI | Magnetic Mass Recovery % |
||
| BDD008 | 132 | 155 | 287 | 70.8 | 2.0 | 0.3 | 0.003 | 0.001 | -3.2 | 28.6 | ||
| BDD009 | 110 | 190 | 300 | 70.6 | 2.4 | 0.3 | 0.003 | 0.001 | -2.8 | 26.0 | ||
| BDD012 | 66 | 180 | 246 | 71.2 | 2.0 | 0.2 | 0.003 | 0.003 | -3.1 | 31.4 | ||
| BDD012 | 76 | 308 | 384 | 70.9 | 2.4 | 0.1 | 0.010 | 0.005 | -3.1 | 32.9 | ||
| BDD013 | 68 | 198 | 266 | 71.6 | 1.8 | 0.2 | 0.003 | 0.001 | -3.3 | 31.8 | ||
| BDD022 | 116 | 102 | 218 | 70.9 | 2.1 | 0.2 | 0.002 | 0.002 | -2.9 | 28.0 |
Table 1:Davis Tube Recovery test work
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1 Weighted average downhole composite intervals shown. Davis Tube Recovery (DTR) samples consist of 4m composites composed of ½
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HQ core. DTR feed size is nominally 80% passing 25 micron. Cut off grade of 10% mass recovery used. LOI is by thermogravimetric method at 1000deg C. Elemental grades calculated by XRF fusion method
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The expanded DTR program currently underway will enable construction of a 3D concentrate model that identifies the concentrate grade distribution in 3D space. The 3D model will assist with pit design and optimisation further advancing the commercialisation of the Beyondie Iron Project. Upon all DTR results being returned from laboratory processing in May 2011 a new resource estimate calculation will be completed.
Emergent Resources’ Chief Executive Officer, Nathan Lude, said. “The Company is preparing to initiate further drill programs, exploration work and studies aimed at developing commercial magnetite and hematite resources at Beyondie. A new resource estimate will further add increased tonnage to the current JORC inferred magnetite resource of 561 Mt. This is an exciting step in the advancement and commercialisation of the Beyondie Magnetite resource into a minable operation.” Mr Lude said.
Near surface hematite
Emergent is actively working on proving up the commercial potential of an easily accessible hematite product at Beyondie. Reconnaissance air-core drilling on and along the flanks of the Beyondie magnetite deposit has identified the potential for hematite enrichment in the top of the Beyondie Magnetite Schist and in the adjacent detrital gravels.
The Company is awaiting metallurgical test results to assess the beneficiation pathways for making a product from the near surface hematite. Based on the results of this metallurgical test work, the Company will undertake infill drilling aimed at identifying the distribution, grade and volume of near surface hematite mineralisation that falls within, or in close proximity to, the planned magnetite pit boundary.
Additional ground secured at Beyondie
As reported (ASX 7 April 2011), Emergent recently secured four new tenements, expanding the total Beyondie footprint by a further 673 km[2] building a contiguous block 2368km[2] in area. The eastern leases include: E69/2685, ELA52/2680, and ELA69/2919. The western lease, E52/2525, covers a substantial calcrete body known to carry plentiful high-quality water suitable for use in processing ore from potential future Beyondie Iron production.
ENDS
For further information please contact:
Nathan Lude Wolfgang Fischer Chief Executive Officer Executive Chairman Emergent Resources Limited PH: +61 8 9380 9122 E: [email protected] Website: www.emergentresources.com.au
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Media:
David Brook Professional Public Relations +61 8 9388 0944 Em: [email protected]
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Competent Persons Statements
Technical and resource information in this report has been prepared under the supervision of Mr Jonathan King, Chief Geologist for the company and a member of the Australasian Institute on Mining and Metallurgy (AusIMM). Mr King 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 King consents to the inclusion in this report of the Information, in the form and context in which it appears.
About Emergent Resources:
Emergent Resources Limited (ASX: EMG) is a multi-commodity exploration and development company which listed on the Australian Stock Exchange in August 2008. Emergent has secured over 4500 square kilometres of highly prospective acreage in Western Australia, including the Company’s prospective flagship Beyondie Iron Project, with an undeveloped JORC Inferred Magnetite Resource of 561 million tonnes at 27.5% Fe. The Company has significant potential to increase the resource base as it explores more than 60 kilometres of available strike in the magnetite-bearing unit.
The Yerrida Basin, which forms a part of the Capricorn Orogen, hosts the Company’s Glengarry Project. Emergent is quickly establishing new Base Metal and Uranium targets in this under-explored region of Western Australia, near Wiluna. Sandfire’s Doolgunna Copper-Gold Project lies within this important orogenic domain. The Company’s Mt Bartle Project lies adjacent to the world largest pure lead mine, Ivernia Inc’s, Magellan Lead Mine.
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Emergent Resources Limited Level 1, 43 Oxford Close West Leederville, Perth, 6007 Western Australia
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Emergent Resources Limited Level 1, 43 Oxford Close West Leederville, Perth, 6007 Western Australia
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Emergent Resources Limited Level 1, 43 Oxford Close West Leederville, Perth, 6007 Western Australia
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Note:
Davis Tube Recovery (DTR) samples consist of 4m composites composed of ½ HQ core. DTR feed size is nominally 80% passing 25 micron. LOI is by thermogravimetric method at 1000deg C. Elemental grades calculated by XRF fusion method.
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