13/11/2007 - 11:04

Matilda ramps up exploration on Cape York projects

13/11/2007 - 11:04

Bookmark

Upgrade your subscription to use this feature.

West Perth-based mineral sands producer Matilda Minerals Ltd will ramp up exploration on its Cape York deposits, following the granting of permits from the Queensland Department of Mines and Energy.

Matilda ramps up exploration on Cape York projects

West Perth-based mineral sands producer Matilda Minerals Ltd will ramp up exploration on its Cape York deposits, following the granting of permits from the Queensland Department of Mines and Energy.

 

 

The full text of a company announcement is pasted below

Matilda Minerals Limited ("Matilda") (ASX:MAL), Australia's only mid tier mineral sands producer, is set to ramp up its Cape York exploration program, following the granting of permits to explore for mineral sands deposits at the high potential Mapoon area near Weipa.

The permits will extend the Company's exploration activity in the Cape York region in Northern Queensland, following the granting of a permit at the Urquhart Point region in early November.

The Mapoon area is 86km from Weipa and boasts considerable minerals sands potential. The permits, granted by the Queensland Department of Mines and Energy, are EPM 15525 and EPM 15526, covering 262.4 square kilometers of ground, including 40km of coastal plains.

Matilda's Managing Director, Bruce Maluish said "the Mapoon area had not yet been systematically explored, but historical sampling had indicated an impressive heavy mineral suite."

"The Mapoon region offers high grade zircon-rutile potential and Matilda will now immediately commence preliminary surveys before the onset of the wet season," Mr Maluish said.

"Historical sampling to date suggests that this region has the potential to host deposits considerably larger than those at our flagship Tiwi Island project and we will extensively test the region as soon as possible," Mr Maluish said.

"The granting of these permits further cements our position in northern Queensland, where we have built an expanded tenement holding which will provide long term value for our shareholders."

"Matilda's strategy remains to increase our high potential ground holding, while continuing at full production at our primary project on the Tiwi Islands."

"We will continue to target projects with high grade zircon and rutile potential, which we can leverage with simple, low cost mining methods and strong community support," Mr Maluish said.

Production on the Tiwi Islands commenced late last year, with Matilda sailing its first shipment to China in June 2007. Matilda has recently boosted throughput at its Tiwi Island project, with an upgraded feeder system for the processing plant delivering a 30% increase in production capacity.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options