ASX 100928 Spin Off of Eritrean and Tasmanian Assets › asxpdf › 20100928 › pdf ›...
Transcript of ASX 100928 Spin Off of Eritrean and Tasmanian Assets › asxpdf › 20100928 › pdf ›...
1
Gippsland Lhas resolveAdobha Prolocated in T
Gippsland'sTin‐Feldspawhich has t
The new puProject andwill seek toGippsland scapital in Ne
It is the BoaTin Project assets woul
Newco's caGippsland w
Adobha Pr
The Adobhain the Adobwhich is a 1
These four discovered
The geochemapping idezinc. The gsatellite ima
A number oIPO will be u
A map of ththe followin
ASX 100928 Spin
SPIN O
Limited [ASXd to pursue oject locatedTasmania.
s primary focr Project loche potential
ublic compan Gippsland'so raise sufficshareholdersewco.
ard of Gippsare not curreld benefit fro
pital structuwill provide r
roject
a Project is cbha region o100% owned
tenements by Gippsland
emical surveyentified larggeochemicaage anomalie
of anomaliesused to unde
he 2,400km2
ng page.
n Off of Eritrean a
OFF IPO O
: 'GIP'; FRA: the spin off d in the Stat
cus is on thecated in Egy to be the w
ny ('Newco')s 40% interesient funds tos to be offe
sland's view ently attribuom dedicated
re, board coregular upda
comprised ofof the State subsidiary o
secure a lad during rece
ys and subsee areas of vil surveys taes.
s are still to bertake this fu
2 area that th
and Tasmanian As
OF ERITR
'GIX'] ('Gippvia an IPO ante of Eritrea
e developmeypt and to porld's largest
that will sest in the Heeo explore thered on a p
that the Adoted a significd funding via
mposition ates as these
f a 2,100km2
of Eritrea, aof Gippsland.
rge area enent reconnai
equent followisible copperrgeted the
be examinedurther explo
he four tene
ssets
REAN AN
psland' or thend listing onand Gippsla
ent of its flagprogressing tt single sour
eek to list onemskirk Tin Pe Adobha Pro‐rata basis
obha Projectcant valuatioa an IPO of N
nd the pricindetails beco
2 Explorationall of which .
ncompassingissance geoc
w‐up explorar mineralisathighest rank
d and the vasration.
ements cover
ND TASM
e 'Company' ASX Limitedand's 40% in
gship 44.5 mthe financingrce of the hig
n ASX will puProject, in exroject via ans, the oppo
t and Gippslaon by the maNewco on AS
ng of the IPOome available
Licence plusare 100% ow
a number chemical and
ation involvintion, some oked of the i
st majority o
r and which
ANIAN A
) advise thatd ('ASX') of Gnterest in the
million tonne g and constghly strategic
rchase fromchange for en underwrittertunity to su
and's 40% inarket and alsX.
O are yet to be.
s three 100kwned by Nu
of promisingd geological s
ng rock‐chip of which continterpreted
of the funds
constitute t
28 Sept
ASSETS
t the Board oGippsland's 1e Heemskirk
e Abu Dabbaruction of Ac supermeta
m Gippsland, equity in Newen IPO prosubscribe for
nterest in theo believe tha
be determine
km2 Prospectubian Resour
g base metasurveys.
sampling antain associatThematic M
raised by Ne
the Adobha P
tember 2010
of Gippsland100% ownedk Tin Project
b Tantalum‐Abu Dabbab,l tantalum.
the Adobhawco. Newcopectus, withr this equity
e Heemskirkat these two
ed, however
ting Licencesrces Pty Ltd,
al prospects
nd geologicalted lead andMapper (TM)
ewco via the
Project is on
0
d d t
‐,
a o h y
k o
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e
n
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per
sona
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onl
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ASX 100928 Spinn Off of Eritrean aand Tasmanian Asssets
For
per
sona
l use
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y
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The two ma
Anoma
W
L
M
C
Anoma
C
H(
The Comp
the State o
controlled
Local exam
Bisha VMS
to the sout
most south
forms part
than 1 mill
A map of th
ASX 100928 Spin
ain areas of c
aly E26
Widespread
Large area o
Mineralisatio
Copper bear
aly E21
Copper mine
High lead va(VMS) depos
any's four
of Eritrea th
gold miner
mples of the
S deposit (1
th and the
hern of the
t of the Pre
lion ounces
he Nubian‐Ar
n Off of Eritrean a
copper mine
copper mine
f discontinuo
on open to t
ring samples
eralisation id
alues (up to sits
Adobha te
hat is regar
ralisation.
ese types o
1.44 million
0.760 millio
e Company'
ecambrian N
s of gold, in
rabian Shield
and Tasmanian As
ralisation ide
eralisation in
ous copper m
he east and
analysed up
dentified ove
0.97%) indic
nements co
rded as ver
of deposits
ounce gold
on ounce Za
s four tene
Nubian‐Ara
cluding the
d is on the fo
ssets
entified thus
n bedrock wi
mineralisatio
north
p to 1.15g/t A
er 1.7km strik
cate favoura
over 2,400k
ry prospect
are the 40
d and 0.39
ara Gold Pr
ements. The
bian Shield
e 14.49 mill
ollowing page
s far are ano
th values up
on (390m x 5
Au
ke length
able lithology
km2 of a hi
ive for VMS
million ton
million ton
roject locate
e large area
d that also h
ion ounce S
e.
malies E26 &
p to 10.63% C
20m)
y for volcano
ghly miner
S mineralis
nne preciou
nne copper)
ed only 16k
a covered b
hosts 5 dep
Sukari gold
& E21:
Cu
ogenic mass
ral endowed
sation and s
us and base
) located so
km to the so
by the four
posits conta
deposit.
sive sulphide
d region of
structurally
e metal‐rich
ome 174km
outh of the
tenements
aining more
e
f
y
h
m
e
s
e
For
per
sona
l use
onl
y
4
ASX 100928 Spinn Off of Eritrean a
and Tasmanian Asssets
For
per
sona
l use
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y
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Heemskirk
The HeemskTasmania) a
Tin mineralcontain def
The HeemsAustralia. concentrato
Past drillingdeposit, theopen at depSn within th300m due wThe minera
The HeemsGippsland a
During the shallowest o
During Juneconfirmed c
Final drill co21m at 0.8%ZQ96. The by historica
The JORC co
Heemskirk
Total mine
Queen
Severn
Monta
Total/ave
Total mine
Queen
Severn
Monta
Total/ave
ASX 100928 Spin
k Tin Projec
kirk Tin Projeapproximate
lisation occuined minera
skirk Tin ProIt is locateor.
g totalling 2e largest of tpth. To a dehe 1% minerwest of the lisation inclu
kirk Tin Projand 60% by S
past year Stof the three
e – Septembcontinuity of
ore assay re% tin from 8drilling also l drilling and
ompliant min
k Tin Project
eralised enve
Hill
n
na
erage
eralised enve
Hill
n
na
erage
n Off of Eritrean a
ct
ect is locatedely 15km from
urs in four dl resources.
oject represd near well
23,000m hasthe four, is lpth of 500mralised envelSevern depoudes minor a
ject is held iStellar Resou
tellar undertdeposits, wi
ber 2010, Stf high grade t
esults are ex6m includingshows that
d that the tin
neral resourc
t
elope (0.1% S
elope (0.3% S
and Tasmanian As
d within a mm the large R
eposits; Que
sents the lal‐established
s establishedlocated appr below surfalope. At Quosit and contamounts of c
n the form urces Ltd (AS
took a reviewth the objec
tellar underttin mineralis
pected to beg a high gradhigh grade mn mineralisat
ce constitute
Sn cut‐off)
Sn cut‐off)
ssets
ajor tin provRenison tin d
een Hill, Sev
argest undevd infrastruct
d the presenroximately 1ace, the infereen Hill the tains indicatcopper, lead,
of RetentionSX: SRZ) ('Ste
w of the histctive of selec
took a diamsation over p
e available sde 3m zone gmineralisatioion is presen
ed by the He
Cat
Ind
Inf
Inf
Ind
Inf
Inf
vince in the ndeposit.
vern, Monta
veloped highure and wit
nce of a su120m below rred resourcemineralisatited resource zinc and silv
n Licence nuellar').
torical drillinting near sur
ond core drpotentially m
shortly, howgrading 1.9%on extends funt as cassiter
eemskirk Tin
tegory
icated
ferred
ferred
icated
ferred
ferred
northwest of
na and Golf
h grade tin thin 15km o
bstantial tinthe surface es include 5.on outcropss of 1.8 millver.
mber 5/199
ng data, focurface drill tar
rilling prograineable widt
ever the bes% tin from 90urther west rite.
Project is as
Tonnes (
1.8
5.1
0.4
7.3
0.93
2.37
0.31
3.61
f Tasmania (
Course, thr
hard rock of the Reni
n resource. and is consi.1 million tons on a hill apion tonnes a
97 and is ow
using on Quergets for infi
am at Queeths.
st result to d0m in diamothan was de
follows:
(M)
near Zeehan
ree of which
resource inson Bell tin
The Severnidered to bennes at 0.6%pproximatelyat 0.82% Sn.
wned 40% by
een Hill, thell drilling.
n Hill which
date yieldedond drill holeemonstrated
Sn (%)
0.82
0.60
1.22
0.69
1.39
1.11
1.45
1.21
n
h
n n
n e % y .
y
e
h
d e d
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sona
l use
onl
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6
Under the tconditions) conditions i
(a) Compunderepor('Stud
(b) A wri
Gippscomm
ASX 100928 Spin
terms of thehas the righinclude the r
plete a comrtaken with rts and datadies'); couple
itten commisland and Stmercial deve
Figure
n Off of Eritrean a
e Heemskirk ht to increasrequirement
mprehensivea view to u
a including ped with,
itment basedtellar to lenlopment of t
: Heemskirk
and Tasmanian As
joint venturse its ownersof Stellar to
feasibility undertaking prepared geo
d upon the d not less tthe project u
Tin Project
ssets
re agreemenship of the Ho:
study recomining operological and
Studies by athan one haup to the dat
– Schematic
t, Stellar (suHeemskirk T
mmending rations and metallurgic
a corporatioalf of all coste of comme
c Drill Section
ubject to satiin Project fr
that commcontaining aal, financing
n, institutionsts to be mencement of
n 2980 ‐ Que
isfaction of arom 60% to
ercial deveall necessaryg and marke
n or bank acet by Gippslcommercial
een Hill
a number of70%. These
lopment bey supportingeting studies
cceptable toland for theproduction.
f e
e g s
o e
For
per
sona
l use
onl
y
7
Commissio
Gippsland hHeemskirk Gippsland r
The spin offEritrea and conditional
Gip
All n
All n
Com
Further Inf
Gippsland wnecessary m
For further Jack TelfordDirector ‐ CGippsland LT: +61 8 9E: rjtelfor
Note
In accordanthis report compiled bChisholm hunder consiin the 2004Ore Reservein the form
ASX 100928 Spin
oning of Va
has commissTin Project. eceives in N
f via a new I Gippsland’supon the sa
psland share
necessary AS
necessary AS
mpletion of N
formation
will make furmilestones ar
information
d hief ExecutivLimited 9340 6000 rd@bigpond
nce with Listthat relate
by Dr John as sufficientideration and4 Edition of tes". Dr Chishand context
n Off of Eritrean a
luations
sioned a valu These valuewco by way
IPO float on s 40% interetisfaction of
eholders' app
SX approvals
SIC approval
Newco's IPO
rther announre achieved.
n, please con
ve Officer
.com
ing Rule 5.6 s to ExploraChisholm, at experienced to the activthe "Australaholm consent in which it a
and Tasmanian As
uation of bouations will y of equity in
ASX of Gippest in the Hethe followin
proval;
s required in
s required in
fundraising.
ncements to
ntact:
of the Austration Results Fellow of e which is revity which heasian Code fnts to the incappears.
ssets
oth the Adobform the ban Newco.
psland's 100%eemskirk Tinng:
accordance
n accordance
.
o the market
ralian Stock s, Mineral RThe Australelevant to te is undertakfor Reportingclusion in the
bha Project aasis of the q
% owned Adn Project loc
with ASX Lis
e with the Co
as this spin
Exchange LiResources aasian Instituthe style of king to qualifg of Explorate report of th
and Gippslanquantum of
obha Projeccated in Tasm
sting Rules;
orporations A
off of Newc
mited, the gnd Ore Reseute of Mininmineralisatify as a Comption Results,he matters b
nd's 40% intsale consid
ct located in mania is sub
Act; and
co progresse
geological inferves is basng and Meton and typepetent Perso, Mineral Rebased on his
terest in theeration that
the State ofbject to and
s and as the
formation insed on datatallurgy. Dre of depositn as definedesources andinformation
e t
f d
e
n a r t d d n
For
per
sona
l use
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y