Quarterly Activities Report
Adelaide, Oct 26, 2015 AEST (ABN Newswire) - Archer Exploration Limited (
ASX:AXE) are pleased to provide the Company's quarterly report for the period ending September 2015.
GRAPHITE
- Pegging and applying for the Mineral Claim over Campoona Shaft and miscellaneous purpose licences covering the Sugarloaf processing facility and the Pindari wellfield, process water pipeline and potable water pipeline are in progress.
- Final Campoona Mining Lease Proposal expected to be submitted early December 2015.
- Very high grade graphite (98.6% Cg) produced from the Lacroma graphite prospect. Lacroma target has a pronounced electromagnetic signature extending for over 12 kilometres and has drill intercepts of up to 60 metres grading 6.8% Cg.
GRAPHITE TESTING AND MARKETING
- Campoona Shaft graphite samples being assessed by European and Asian companies.
- Plant trials conducted under research collaboration with the University of Adelaide showed plant growth was significantly stimulated by the addition of Sugarloaf graphite into the soil. Sugarloaf graphite also greatly improved the moisture retention capacity of the soil.
SPRING CREEK COPPER
- Underground face sampling on the uppermost level of the historic Spring Creek Copper Mine confirmed significant copper mineralisation peripheral to the former production stopes.
- Sampling identified a ~2% Cu halo consisting of copper carbonate (malachite and azurite) outside of the main stopes. Point sampling of pillars within one stope indicated grades over 8% Cu - mirroring the reported grades from the mine.
FINANCIAL
- Cash in bank on 30th September 2015 of $1.07 million. A Research & Development tax incentive rebate of $545,000 was received on 21st October.
- $416,000 was spent on exploration and project evaluation during the quarter.
To view the report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-887112.pdf
Contact
Archer Exploration Limited
T: +61-8-8272-3288
F: +61-8-8272-3888
E: info@archerexploration.com.au
WWW: www.archerexploration.com.au
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