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IONDRIVE LIMITED Capital/Financing Update 2005
65132_rns_2005-07-11_9280cc58-a25f-4d96-9890-9224443d53c3.pdf
Capital/Financing Update
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SOUTHERNGOLD
SOUTHERN GOLD'S \$2.5M URANIUM JV PARTNER LISTS
AND COMMITS TO FUNDING DRILLING
Southern Gold Limited's (ASX code: "SAU") \$2.5 million joint venture package to explore some of it's uranium assets in South Australia has been boosted by vesterday's ASX listing of its JV partner Hindmarsh Resources Ltd (ASX code: "HMR"). Five of HMR's seven granted tenements are part this package with SAU.
GAWLER ARC PROJECT
Southern Gold and HMR have agreed to fund and drill the Victory Target on Southern Gold's Gawler Arc project (EL 3158). Deep RC and diamond drilling is planned for September 2005 subject to drill rig availability.
The Olympic Dam style model for the Victory Target, which is 10km south-west of Terramin's Menninnie Dam, has been reinforced by Copper-Uranium-Gold anomalism in recent soil surveys over the prospect.
YARLBRINDA PROJECT
SAU and HMR have agreed to conduct assessment of new gravity data and detailed airborne magnetics and targeted calcrete surveys on SAU's Yarlbrinda project (EL 3217). New gravity survey data has just been released on these tenements by PIRSA, which may produce additional Olympic Dam style gravity targets.
Southern Gold will manage and retain a majority holding in the Gawler Arc and Yarlbrinda projects.
CHALLENGER WEST PROJECT
HMR also proposes to spend \$250,000 over the next two years on each of SAU's Challenger West project EL's 3080, 3097 and 3308 in far northwestern South Australia, in respect of uranium only. Drilling for uranium is proposed to start in the December quarter.
Uranium mineralisation of $0.64$ kg/t U3O8 has been identified on these tenements within the 80 kilometres of ancient river beds (palaeochannels), which are known to be highly prospective for uranium deposits such as the Beverley and Honeymoon uranium projects which employ insitu leach technology.
MEDIA CONTACT:
Stephen Biggins, Southern Gold (08) 8227 1103 / M 0419 859 600
SOUTHERN GOLD LIMITED ABN 30 107 424 519
58 North Terrace, KENT TOWN SA 5071 Ph: 08 8227 1103 Fax: 08 8132 0199 [email protected]
Victory Gravity Target location, Gawler Arc Project (EL 3158), S.A.
Victory Gravity Target model and proposed drilling (in cross-section)
SOUTHERN GOLD LIMITED ABN 30 107 424 519 58 North Terrace, KENT TOWN SA 5071 Ph: 08 8227 1103 Fax: 08 8132 0199 [email protected]