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IMAGE RESOURCES NL Capital/Financing Update 2003
65117_rns_2003-07-14_624faffa-6f5f-475f-9e38-796692f0879b.pdf
Capital/Financing Update
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WESTERN AREAS NL
A.C.N. 091 049 357
Level 1, 47 Ord Street West Perth, WESTERN AUSTRALIA, 6005 Ph: (08) 9486 7855 Fax: (08) 9486 7866
Website: www.westernareas.com.au Email: [email protected]
ASX Release Western Areas NL ASX Code: WSA 15 July 2003
NEW JOINT VENTURE FOR NICKEL - 40km EAST OF FORRESTANIA
Lake Percy
The board is pleased to announce that Western Areas has entered into a farmin agreement with Image Resources NL over a group of tenements near Lake Percy, 40km east of Forrestania. The tenements cover a number of regional magnetic features which may represent part of the prospective ultramafic sequence linking the Forrestania and Lake Johnston nickel provinces. The Lake Percy area is sand covered and is relatively unexplored. A plan showing the location of the joint venture tenements is attached to this release.
The terms of the agreement enable Western Areas to earn a 60% interest in the tenements by meeting exploration expenditure of \$700,000 before February 2006. Western Areas is committed to spending \$75,000 before the company can withdraw from the agreement.
Work is scheduled to commence at Lake Percy within two months and this program will be managed separately from the ongoing exploration and feasibility work at Forrestania.
Forrestania
Diamond drilling at Forrestania has been held up during the past few days due to rain. As soon as access is available, drilling will test for high grade nickel sulphides within sediments underlying the large Digger South deposit and will also test for extensions to the two deeper Cosmic Boy resource areas immediately below the Outokumpu decline. The scoping study which is evaluating production of approximately 8,000 tonnes of nickel in concentrate per annum from three underground mines is expected to be completed by early August.
Further releases on Forrestania are expected as soon as recent drilling results are available.
Julian Hanna. Managing Director
15 July 2003
The information within this report as it relates to geology and mineralisation was compiled by Mr Julian Hanna who is a member of the Australian Institute of Mining and Metallurgy and is competent in the field of activity being reported on. Mr Hanna consents to the inclusion of this information in the form and context in which it appears.
