Half Yearly Report and Accounts
Sydney, Mar 4, 2016 AEST (ABN Newswire) - During December 2015, Zamia Metals Limited (
ASX:ZGM) announced to the ASX the signing of a Heads of Agreement for the 100% acquisition of EcoTech Mining Pty Ltd ('EcoTech') by Zamia. EcoTech has developed break-through technologies for the extraction of precious and base metals from refractory and non-refractory mineral resources utilising an innovative chlorination process. These processes provide:
- Better recovery and extraction of refractory precious metals (Au, Ag) and base metals (Cu, Pb, Zn, Co, Ni, etc.) often greater than 90% extraction;
- Safe removal off-site of hazardous metals associated with refractory ores;
- Ability to treat a wide range of feed materials including oxides, sulphides, mixed ores, slag and tailings.
EcoTech is currently working towards the completion of a bankable feasibility study, leading to construction of an EcoTech demonstration plant to treat refractory gold bearing ore or tailings.
The proposed acquisition is subject to the signing of a binding agreement, due diligence and other statutory requirements for the holding of a general meeting of shareholders to approve the EcoTech acquisition and other related matters requiring the approval of shareholders.
EXPLORATION STRATEGY
As previously reported, Zamia has been implementing cost-cutting measures aimed at conserving cash and maintaining priority tenements in good standing. At the same time, the Company has been using this period to:
- Review and re-assess previously collected exploration data;
- Re-prioritise targets; and
- Develop more focussed exploration programs.
The Company continues to focus its exploration on the central Queensland area, where its targets are:
- Epithermal gold deposits;
- Porphyry copper-gold-molybdenum deposits.
The Belyando gold deposit, in EPM 15145 Mazeppa Extended, continues to be the main focus of the Company's exploration.
Exploration Tenements
The Company's wholly-owned subsidiary, Zamia Resources Pty Ltd, made a number of changes to its portfolio of Exploration Permits for Minerals ('EPMs') as set out in the following section.
The Company has had a particular focus on the former Belyando gold mine. Geological work on compiling and interpreting the old mineral information and merging it with newly acquired data has been completed. This has assisted the Company in forming a better understanding of the nature of the Belyando deposit and siting further exploration drill holes. The very promising results of this work had been reported during the year.
It continues to be a difficult climate for small explorers; however, the Board is working tirelessly to seek out opportunities for funding. The EcoTech acquisition provides for the advancement of the Company to production and the Board remain confident about the future of Zamia.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ZGM-910771.pdf
About Zamia Metals Limited
Zamia Metals Limited (ASX:ZGM) is an Australian mineral exploration company, targeting the Clermont district of central Queensland, a known gold and emerging porphyry mineral province. Numerous targets for gold, copper and molybdenum have been identified by geochemical and geophysical surveys. The Clermont district is highly prospective for gold, copper and other metals including molybdenum. The Belyando Gold Project is Zamia's flagship project – potentially a porphyry-style gold deposit including historic Belyando Gold Mine
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