Half Yearly Report and Accounts
Perth, Mar 13, 2012 AEST (ABN Newswire) - Resource Mining Corporation Limited (
ASX:RMI) Directors present the financial report of the consolidated entity, consisting of Resource Mining Corporation Limited and its controlled entities ("RMC" or the "Consolidated Entity"), for the half-year ended 31 December 2011.
DIRECTORS
The names of the Company's directors in office during the half-year and until the date of this report are as below. Directors were in the office for the entire period unless otherwise stated.
Mr William Mackenzie, Non-Executive Chairman
Mr Warwick J Davies, Managing Director
Mr Zhang Chi, Non-Executive Director
COMPANY REVIEW
REVIEW OF OPERATIONS
WOWO GAP PROJECT (RMC 100%)
The major focus of Resource Mining Corporation is on the development of its wholly owned Wowo Gap Nickel Project located 200 kilometres from the PNG capital of Port Moresby.
A key strategic objective of the company is to update and expand our mineral resource estimates, continue to engage with local stakeholders and demonstrate research leadership through our scoping study with the new leaching technology.
Over the past six months RMC completed a comprehensive 295 hole program to provide extensive infill drilling on a nominal hole spacing of 200 metres along the 12 kilometre strike length of the project (Figure 1).
Mineral Resource Estimate
The Mineral Resource Estimate was undertaken by Ravensgate Minerals Industry Consultants in Perth which included data from an additional 295 core holes drilled in 2010 and 2011 to supplement historical data obtained from 98 diamond holes, 155 wacker holes and Ground Penetrating Radar (GPR) derived lithological profiles.
The estimation work was performed in Minesight software with base the clay profile and base of the rocky saprolite profile models created from the GPR profiles and lithological contacts in the drill holes. These surfaces were used to tag the ore block model by material type. The grade interpolation process was done using Ordinary Kriging technique.
The Mineral Resource was estimated and reported in accordance with the JORC Code (2004) guidelines covering the "Estimation and Reporting of Mineral Resources" and is based on all drill hole, GPR and dry bulk density data as of 26th October 2011. Classification of the estimate was based on drill hole density and geological confidence criteria.
The updated Mineral Resource Estimate has substantially increased the tonnage, grade and confidence level of the Wowo Gap Nickel Laterite deposit as summarised in the tables below.
------------------------------------------------------------2011 Mineral Resource Estimate Mt Nickel(%) Cobalt(%)------------------------------------------------------------ Indicated 72 1.03 0.07Inferred 53 1.09 0.06Total 125 1.06 0.07Contained Metal (kt) 1,325 83------------------------------------------------------------------------------------------------------------------------2009 Mineral Resource Estimate Mt Nickel(%) Cobalt(%)------------------------------------------------------------Indicated 39 1.00 0.05Inferred 43 1.01 0.06Total 82 1.01 0.06Contained Metal (kt) 828 47------------------------------------------------------------------------------------------------------------------------Percentage Increase over 2009 Mt Nickel(%) Cobalt(%)------------------------------------------------------------Indicated 85% 3% 23%Inferred 23% 8% 5%Total 52% 5% 16%Contained Metal (kt) 60% 76%------------------------------------------------------------
COMMERCIALISATION GRANT FOR ORGANIC ACID LEACH STUDY
Resource Mining Corporation has received advice from AusIndustry of success in being awarded a $250,000 Commercialisation Australia grant from the Federal Government to provide proof of concept for its organic acid nickel recovery process.
The Commercialisation Australia grant will be used to fund work including commercial laboratory testing to refine the process to proof of concept, including the hydrometallurgical process of acid regeneration.
The aim of the research is to develop proof of concept for an innovative organic leaching process the company has been applying to the unique tropical clay laterite structures that exist at its Wowo Gap nickel and cobalt deposit in Oro Province Papua New Guinea and for treating other silicate nickel laterite ore bodies.
WESTERN AUSTRALIAN PROJECTS
St Patrick's Project Sampling Confirms Felsic Volcanic, Mafic and Ultramafic Rocks Associated with Volcanic Hosted Massive Sulphide Deposits Recent project sampling at this site has identified rock types associated with volcanic hosted massive sulphide deposits (VMS), especially felsic volcanic, mafic and ultramafic rocks.
The project is located approximately 50 kilometres north of Leonora and 10 kilometres east of the Teutonic Bore and Jaguar polymetallic copper-zinc-silver-gold (Cu-Zn-Ag-Au) Projects.
It is situated along a strike to the south east of numerous gold mines with more than 300,000 ounces of gold in resources.
The project is almost entirely buried under surficial alluvial cover material over barren granitic rocks. It overlies a sequence of buried felsic volcanic, mafic and ultramafic bedrock lithologies along the 50 kilometre strike length of the project (Figure 2). The bedrock lithologies and structures in this area are prospective for volcanogenic copper-zinc-silvergold (Cu-Zn-Ag-Au) and lode gold mineralisation.
Elevated gold and polymetallic results returned from subsequent reconnaissance vegetation sampling may indicate the presence of buried gold and polymetallic mineralisation within the greenstone rocks beneath a blanket of unmineralised granitic rocks at a number of localities across the project area. These warrant follow up sampling to define drill targets.
Soil sampling conducted across the primary target area within E37/1078 in August 2011 has identified a felsic volcanic - mafic contact along a strike length of in excess of 30 kilometres.
This is a significant finding considering the nearby Jaguar and Bentley VMS deposits are located proximal to felsic volcanic - mafic contacts.
An infill surface geochemistry sampling program was conducted in December over the two target areas within E37/1078 and E37/1064 in order to define targets for drilling in 2012.
Results are expected in March.
Kumarina Project Surface Sampling Confirms Copper - Gold Anomaly
Geochemistry results from soil and vegetation samples have confirmed a copper and gold anomaly in this under explored region of Western Australia.
The tenement lies approximately 200 kilometres North East of Meekatharra along the Great Northern Highway, approximately 10 kilometres east of the historical Kumarina copper mine within the Proterozoic Collier Basin.
More than 200 surface soil and vegetation samples were collected across the tenement area during a site field program in October. The samples were to infill areas of surface geochemical anomalism located in the first round of sampling in June.
The geochemistry results identify anomalous copper and gold with associated silver, molybdenum, arsenic and cobalt over a strike length of six kilometres. Elevated potassium is also coincident with the copper - gold anomaly (Figure 3).
The exploration target covers an area of approximately 16 sqkm, and will require follow up surface geochemistry to infill samples to a sufficient density to allow for drill targeting.
Capricorn Joint Venture Sampling Locates Significant Geochemical Anomaly Encouraging geochemistry results have also been achieved from soil and vegetation sampling have found an anomaly that is nearly two kilometres in width.
The Project is held by a 50:50 joint venture between Resource Mining Corporation (ASX:RMI) and Ashburton Minerals Ltd (ASX:ATN) with RMI manager. The Ashburton Fold Belt, Edmund (and Collier) Basin and the Gascoyne Complex are typical of Proterozoic sedimentary and metamorphic terrane throughout the world where they host large zinc-leadsilver (Zn-Pb-Ag) and copper-gold (Cu-Au) deposits.
The tenements cover a number of historical stream sediment anomalies with elevated gold, copper and zinc geochemistry that warrant systematic followed up exploration (Figure 4).
More than 100 surface soil and vegetation samples were collected across the tenements using a helicopter to assist with access as a first pass reconnaissance test to assess the initial prospective nature of the tenements.
Initial results from the soil and vegetation sampling program are very encouraging because results from both datasets show a co-incident molybdenum-silver-gold-copper geochemical anomaly across a traverse length of more than two kilometres at Target 1. Elevated rare earth element (REE) values associated with this multi-element anomaly support the possibility that the molybdenum-silver-copper-gold anomaly maybe associated with a granitoid intrusive.
A follow up surface geochemical program conducted in October 2011 to increase the sample density around this primary target has located a diorite outcropping within the area of the geochemical anomaly. This is a significant finding since the presence of this granitiod intrusive supports the exploration model and adds geological confidence to the prospect.
Result
The operating result for the half-year ended 31 December 2011 was a loss after income tax of $439,798.
To view the complete Resource Mining Corp. Half Yearly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-RMI-581752.pdf
Contact
Warwick Davies
Managing Director
Phone: +61-8-9213-9400
Mobile: +61-418-949-759
Email: wd@resmin.com.au
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