Sydney, Feb 9, 2006 AEST (ABN Newswire) - Korab Resources Limited (ASX: KOR), a diversified resources explorer and an emerging gold producer is pleased to advise that an exploration licence SEL 24855 covering the northern section of the Batchelor Project near Rum Jungle, 70 km south of Darwin in the Northern Territory has been granted on 24 January 2006. Korab is earning 60% equity in the Batchelor Project from its joint venture partner New World Alloys Limited.
SEL 24855 covers the highly prospective contact zone between Coomalie Dolomites and the Whites Formation which is the main zone hosting uranium mineralisation around Rum Jungle complex. The tenement includes several base metals, magnesium and gold anomalies as well as areas with elevated radiometry readings containing uranium, cobalt and copper targets.
As described in Korab Resources Limited Prospectus 2005, prior drilling programs completed within the tenement have produced a number of gold and base metals intercepts, including:
10 m @ 0.69% Zn,
9 m @ 2.10 g/t Au,
14 m @ 1.9 g/t Au,
12 m @ 3 g/t Au,
7 m @ 2.6 g/t Au,
11 m @ 6.4 g/t Au
On 27 January 2006, Korab announced an acquisition of 100% equity in the Green Alligator Project which covers an area of 101 square kilometres adjacent to the Batchelor Project.
Korab is currently developing an exploration program to be undertaken during the 2006 field season (May October) at Batchelor and at Green Alligator. The program will include electromagnetic and radiometric surveys as well as several drilling programs (reverse circulation, aircore and diamond) to followup the previously outlined anomalies and targets and to generate fresh data for future exploration.
Details of the program will be released to the market shortly.
About Korab Resources Limited
Korab Resources Ltd (ASX:KOR) is an international mining and exploration company with operations in Australia and Europe. Korab's projects include Winchester magnesium carbonate deposit and Geolsec phosphate rock deposit at Batchelor in the Northern Territory of Australia as well as a gold and silver deposit at Bobrikovo in eastern Ukraine. The Company also explores for gold and copper at Ashburton Downs in Western Australia and for various metals and specialty minerals at Batchelor in the Northern Territory. Korab's shares are traded on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse) through Equiduct electronic trading platform. More information about Korab's projects can be sourced from Korab's website at www.korab.com.au.
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