Australian Market Report of January 24, 2011: IMX Resources (ASX:IXR) To Sign Iron Ore Off-Take Contact With China Juhua Group
Alchemy Resources Limited (ASX:ALY) said that an initial aircore drilling program at the Jeffery Well gold project in Western Australia has returned several high-grade intersections. Best results are 2m at 15.27g/t gold including 1m at 30.2g/t gold. The Company also acquired additional tenements over Big Bell-Meekatharra shear zone, which hosts gold deposit of 3.9 Moz. Follow-up drilling campaign is planned for the first half of 2011.
Altera Resources Limited (ASX:AEA) has signed a Joint Venture agreement to explore for coal in Tanzania. The joint venture is with Tanzoz Resources Limited, a private company which has been actively exploring for uranium, gold and coal in Tanzania since 2007. Under the terms, Altera Resources will earn a 50% interest in an existing exploration project and will act as manager for the expenditure of a minimum of A$500,000 by the 31st of December 2011. AEA will also expend a minimum of A$1,000,000 by 31st of December 2011, to earn a 60% interest on a range of other potential projects considered prospective for coal in Tanzania.
Golden Rim Resources Limited (ASX:GMR) has received highly anomalous infill soil sample data, confirming major gold targets from the Faraba Project, Mali. Eight samples returned gold values greater than 1 g/t gold, with the highest sample being 12.6 g/t gold. A 10,000m aircore drilling program is scheduled to commence in late February or early March 2011 to test these geochemical anomalies.
Graphex Mining Ltd
Golden Rim Resources Ltd
Alchemy Resources Limited