Bauxite Resources Limited (ASX:BAU) Report Resource Update For North Darling Range
Perth, May 2, 2011 AEST (ABN Newswire) - Perth-based bauxite explorer and developer, Bauxite Resources Ltd (
ASX:BAU) is pleased to announce an update to the bauxite resource base in the North Darling Range area. Resource modelling has been completed on recent drilling undertaken on the Aurora prospect that has resulted in an upgrade in classification for a large proportion of the Aurora resource. This area now has a total resource of 11.4Mt, of which 7Mt is at Indicated status. In addition, modelling of the first stage of drilling at the Rusina prospect has delineated an initial Inferred resource of 3.7Mt. The second stage of drilling is now complete and the resource model will be updated over the coming months once results are returned. Both areas come under the Joint Venture Resource Agreement with Yankuang Corporation ("Yankuang"), where Bauxite Resources holds a 30% bauxite interest. Resource modelling for both Aurora and Rusina has been conducted by Xstract Mining Consultants Pty Ltd and all results supersede previous resources announced by the company.
The Company considers these results to be Phase One of a program of work targeting:
Phase 1: Upgrading the JORC classification of the existing resource base; and then
Phase 2: Issuing maiden resources at a number of additional prospects within the Darling Range to expand the total bauxite resource base for the Company. Drilling in these areas is substantially complete and modelling is underway. Maiden resources on these prospects will be announced within 3 months.
Global Resource
With the completion of this stage of resource modelling on drilling undertaken by Bauxite Resources, a robust resource base has been defined upon which the company will continue to build.
As drilling continues across the 39 granted tenements in the Darling Range, additional resources will be defined in line with the company's broader business objectives. The first exploration drilling programs in both the East Darling Range and the South Darling Range have been completed and as access to land increases, drilling will intensify in these areas.
Aurora Resource
The Aurora resource is located in the Bindoon region of Western Australia. Previously reported as Bindoon Area 2 & Area 3, the updated resource is based on drilling conducted by the company over the past 2 years on tenement E70/3064 and Minerals to Owner (MTO) properties. These resources replace all previous resource statements for Bindoon Area 2 & Area 3. Multiple stages of drilling have now been completed. This has enabled the majority of the resource to be classified as Indicated. The company completed a trial mining operation within the resource area in 2009/10, which provides further confidence in the geological modelling.
Material mined in 2009/10 and that component of the previously reported resource that falls within the Julimar State Forest has been excluded from the new published resource. Previous resource estimates across this area used a dry density of 1.8 when calculating tonnages. Subsequent detailed test-work on diamond drill core from within the current resource area indicated a dry density of 1.6 through the main ore zone.
Rusina Resource
The Rusina resource is located in the New Norcia region of Western Australia. Not previously reported, the resource is based on over 2,700m of exploration drilling conducted within the past 12 months on tenement E70/3007.
Drilling was conducted in two stages across the prospect, of which only the first has been modelled. Modelling of the second stage of completed drilling (1,565m) is due to commence in Q2 2011 and will serve to not only provide better definition of the current resource area, but has the potential to expand the lateral extents of the mineralised zone.
Vallonia Prospect
Bauxite Resources has yet to complete remodelling of resources in the Vallonia prospect (formerly reported as Avon Area 4, 5 & 6). The company has redrilled a portion of this area and when remodelling is complete this will be included in an updated global resource.
Juturna Prospect
Drilling on the Juturna prospect located near Bakers Hill has returned intersections of bauxite. A total of 473 holes have been completed and resource modelling is expected to start as soon as is practicable.
Minerva Prospect
Exploration drilling in the Minerva prospect to the south-west of Toodyay has commenced and several programs have already been completed. Vacuum drilling to date totals 1,602m from 382 holes, with modelling due to start when final assays are returned in the current quarter.
Cardea Prospect
The Cardea prospect has been the focus of much of the company's recent drilling and several of the programs are complete with results returned for 2,500m of drilling. Over 2,100 holes have been drilled and resource modelling of the early stage drilling is anticipated to begin by mid 2011.
For the complete Bauxite Resources Limited announcement including maps and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/540061.pdf
About Bauxite Resources Limited
Bauxite Resources (ASX:BAU) (OTCMKTS:BXRDF) was established with a substantial tenement holding in Western Australia to develop new bauxite supply for the global alumina/aluminium industry. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
The Darling Range in the south-west of Western Australia (WA) is the world's largest bauxite mining and alumina refining region producing around 20% of the world's alumina. This area has mined bauxite and refined alumina since the 1960s. These industries are leaders in sustainable resource development and represent the fifth largest sector of WA's resource industry.
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