31/07/2007 - 15:25

Accent signs with Platinum Australia for project exploration

31/07/2007 - 15:25

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West Perth-based Accent Resources NL will explore West Perth-based Platinum Australia Ltd's Katanning licence for vanadium, titanium and magnetite under a heads of agreement the companies signed today.

Accent signs with Platinum Australia for project exploration

West Perth-based Accent Resources NL will explore West Perth-based Platinum Australia Ltd's Katanning licence for vanadium, titanium and magnetite under a heads of agreement the companies signed today.

 

 

The full text of a company announcement is pasted below

A Heads of Agreement has been signed between Accent Resources NL and Platinum Australia Ltd which allows Accent to explore for vanadium-titanium-magnetite deposits on Platinum's Exploration Licence E 70/2729 in the Katanning area. This is a large Exploration Licence with an area of about 170 km² which is 40 km in length from east of Katanning to 10km NE of Woodanilling.

The Exploration Licence covers three known highly prospective vanadium-titaniummagnetite prospects:-

  • Mine Hill with assay values up to 1.52% vanadium oxide (V2O5) and 19.5% titanium oxide (TiO2.).
  • Martling Farm with assay values up to 1.48% V2O5 and 19.5% TiO2 over a strike length of 5.5km.
  • Red Hill with assay values of up to 1.61% V2O5 and 19.5% TiO2 over a strike length of 800 metres.
  • The available magnetics was produced in the 1960s and has extremely limited value for evaluation purposes. Consequently Accent has signed a contract with Fugro to carry out an airborne magnetic and radiometric survey over this ground and other ground in the Katanning area which Accent has an interest in. This survey is scheduled for this September.

    Details of heads of Agreement with Platinum Australia Ltd

    The main points of the agreement are:-

  • Accent can undertake exploration for vanadium, titanium, magnetite and other associated metals on E70/2729, (Exploration Licence) in the Katanning area.
  • Platinum Australia retains 100% rights to the platinum group metals and gold, on E70/2729.
  • Accent to meet all expenditure requirements for E70/2729 and make available to Platinum Australia all exploration results in particular those relevant to the platinum group metals.
  • Accent to complete a reverse circulation drilling programme of 1,000 metres by November 2008.
  • Accent to complete a pre-feasibility study by November 2012.
  • Platinum Australia retains a Net Smelter Royalty of an aggregate of 1.0% of metal sold being vanadium/titanium and any other related metals.
  • This is the first granted tenement in the Katanning area in which Accent has an interest and it is the intention of the company to pursue the possibility of drilling various targets on E70/2729 in the near future.

    STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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