Quarterly Activities Report Dec 2015
Perth, Jan 28, 2016 AEST (ABN Newswire) - Rum Jungle Resources (
ASX:RUM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, focused on the Northern Territory of Australia.
CORPORATE SUMMARY
- The company's current primary focus is the development of a small scale, low capital start-up to generate an operating cash flow. As such, the Karinga Lakes project is being advanced through pre-feasibility
- Rum Jungle Resources was one of the small numbers of resources companies that were featured at the Northern Australia Investment Forum that was hosted by the Australian Federal Government in Darwin in November 2015. A significant number of potential investor companies from various parts of the world were present
- Engagement with a number of regional fertiliser industry and financial entities continues with an aim to secure cornerstone project level investment, joint ventures and/or offtake to support the global scale Ammaroo Phosphate project or the evolution of the SOP portfolio of projects
- Cash Balance $2.4 million (including secured Term Deposits of $350k)
HEALTH, SAFETY, ENVIRONMENT AND COMMUNITY
- 1,390 field hours were worked at Karinga and Ammaroo and there were no reportable incidents
SULPHATE OF POTASH
- An MOU regarding potential future SOP off take was completed with a major Japanese Trading House as announced to the ASX on 9 December 2015
- GHD and Norwest Corporation commenced a pre-feasibility study (PFS) of the Karinga Lakes SOP Project as announced to the ASX on 20 November 2015
- A 2,000 litre evaporation trial of Karinga brine in Alice Springs is on-going. It will provide potassium salts for the next stage of process test-work for the PFS
- Eleven deeper RC holes for 1,574 m were drilled at Karinga Lakes during November in order to provide a better understanding of maximum brine depths within a small footprint. This will inform the PFS and provide a modest increase in the in-situ brine resource. The results were released after the Quarter on 19 January 2016 and work on a resource upgrade is currently being undertaken
- The first meeting with the Traditional Owners of the Lake Amadeus project was conducted during October 2015. Lake Amadeus is located on Aboriginal Land and therefore the Aboriginal Land Rights Act applies (the Native Title Act applies to the majority of RUM's other projects). Discussions were positive and second meeting is scheduled for March 2015. Lake Amadeus is the largest salt lake in the Central Australian Ground Water discharge zone. It is 130 km long and covers an area of more than 1,000km2. Lake Amadeus has the potential, subject to Traditional Owner support and evaluation of the brine resources, to be a very significant sulphate of potash resource in the course of time.
- After a meeting in July 2015, the Traditional Owners of the Northern Territory side of the Lake MacDonald project have instructed the Central Land Council to negotiate an agreement, under the Aboriginal Land Rights Act, with Rum Jungle Resources. This agreement negotiation process is expected to take several months to complete. According to Geosciences Australia, Lake MacDonald, located on the WA/NT border, is potentially prospective for both potassium and lithium in brines.
- After a meeting in October 2015, the Adnyamathanha Traditional Lands Association (ATLA), traditional owners of the Lake Frome area, have agreed to negotiate an exploration agreement with Rum Jungle Resources. Lake Frome is a large salt lake located in South Australia, proximate to gas and transport infrastructure and the horticultural areas of western NSW and Victoria. According to Geosciences Australia and the South Australian Government, areas of Lake Frome are potentially prospective for both potassium and lithium in brines. It is expected that the exploration agreement with ATLA will be completed during Q1 2016.
- The process of amalgamating all potash titles into a single company, Territory Potash Pty Ltd, continued during the Quarter
SILICA (HIGH PURITY QUARTZ)
- Initial processing test work results were released to the ASX on 23 October 2015. The test work was inconclusive and more work is required to determine whether or not an IOTA standard HPQ product can be produced
- The next step is to conduct an initial drilling program over the resource to understand its chemical distribution and conduct a second round of processing test-work on a representative sample from the ore body
- Sacred site clearance certificates for the Dingo Hole silica project are pending and will enable drilling to be conducted
- Several new Northern Territory exploration applications for silica were lodged during the Quarter and desk-top evaluations are underway
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-437485.pdf
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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