Quarterly Activities and Cashflow Report
Perth, April 30, 2013 AEST (ABN Newswire) - The Directors of Vector Resources Limited (
ASX:VEC) are pleased to provide the quarterly report for the period ended 31 March 2013.
At the date of this Quarterly Report, the Company has 297,208,392 fully paid ordinary shares and 150,107,260 listed options ($0.25 exercise, 30 January 2015 expiry) on issue.
Key highlights Completion of rights issue; Gwendolyn Resource statement; Gwendolyn Mining Proposal awaiting approval; Mining concept review continuing; Mt Dimer review; and Earaheedy EJV progressing.
Gwendolyn
During the third quarter of the financial year, the Company has continued to develop the mining concept for the Gwendolyn East Cutback Project.
The Mining Proposal submitted in December 2012 is currently with the Environmental Division of the Department of Mines and Petroleum awaiting approval.
The Company has continued its discussions with the Shire of Menzies and finalised approval for the use of Shire roads for the transport of materials.
Discussions with various contracting and service providers have also progressed as part of the refining and review of the mining concept being considered.
The Company has developed its operational readiness in anticipation of potential production operations. These systems, standards and procedures will provide the backbone of the Company's safety management systems during operations.
During the Quarter the Company released a resource statement based on individual domains associated with complex geological and structural controls to develop a block model for reserve and design activities.
Mt Dimer (M77/427, M77/428, M77/957, M77/958, M77/965, E771992, P77/4081 & P77/4086) Mt Dimer covers 2,480.6 hectares (Figure 2) and is located in the Archaean Diemals-Marda Greenstone Belt and contains significant and proven high-grade quartz hosted gold mineralisation, located approximately 100km from Southern Cross, within the Southern Cross Granite-Greenstone Terrane of the Yilgarn Craton. The Mt Dimer drilling and soils database is being reviewed for target generation and resource extensions along strike and at depth within the vicinity of pre-existing pits.
Geophysics The data from the aeromagnetic and radiometric survey flown by Fugro Airborne Surveys over Mt Dimer Project in February 2010 was reinterpreted by Southern Geoscience Consultants (SGC). Possible targets in Mt. Dimer were identified by SGC with the help of this airborne geophysical interpretation.
Features observed and considered as good potential targets were as follows:
- NNW trending shears along the granite, existing known structures are present with the Mt Dimer Satellite lodes.
- Magnetic depletion zones which could have acted as conduits for hydrothermal fluid flow during large scale deformation.
- Dilatational zones, jogs, faults, and bends in the Marda Greenstones adjacent to Mt Dimer Shear zone acting as fluid traps during deformation.
- Greenstone xenoliths that may form structural and rheological mineralisation.
A RAB drilling program is currently being designed to test these potential targets. Approximately 24,000 metres have been planned to date. An RC program is also currently in planning to test the mineralisation extensions of pre-existing pits in Mt Dimer.
Earaheedy Basin
Earaheedy Joint Venture (50% Vector Resources / 50% Cazaly Resources)
Anglo American Farm-in
During the quarter the re-interpretation of the district geology separates the Lower and Upper Iron Units across the tenements. Previous drilling results highlight the Lower Iron Units as the main target in the area; however the Upper Iron Unit remains untested in several areas in tenement E69/2065.
AAEA is currently working on a 3D geological model for the district. Following this modelling AAEA plan to complete low and high impact surveys, geological mapping, and RC base on field results and clearances drilling in tenement E69/2065 by Q4 2013.
Corporate
Subsequent to the end of the quarter, the Company completed a non-renounceable pro-rata entitlement issue of 40,472,021 New Shares on the basis of one(1) New Share for every two(2) Shares held at an issue price of $0.03 per New Share to raise $1,214,160 (before costs).
Funds will be put towards on-going review, evaluation and exploration on the Company's existing pro ects and additional working capital.
To view diagrams, charts and full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-VEC-633951.pdf
Contact
Vector Resources Limited
T: +61-2-6389-5750
E: contact@vectorresources.com.au
WWW: www.vectorresources.com.au
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