03/10/2007 - 13:30

Silver Swan takes 51% in copper-gold project under JV

03/10/2007 - 13:30

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West Perth-based explorer Silver Swan Group Ltd has earned a 51 per cent stake in the Cocata copper-gold project after meeting the exploration expenditure committments set out under its joint venture with Sydney-based Intermet Resources Ltd.

West Perth-based explorer Silver Swan Group Ltd has earned a 51 per cent stake in the Cocata copper-gold project after meeting the exploration expenditure committments set out under its joint venture with Sydney-based Intermet Resources Ltd.

 

 

The full text of a company announcement is pasted below

Silver Swan Group Limited (Silver Swan - ASX:SWN) is pleased to announce that the Company has met the exploration expenditure commitments at its Cocata Project and under the terms of the Central Gawler Craton Farmin Joint Venture (EL 3462 & EL 3463) with Intermet Resources Limited, has accordingly earned a 51% interest in the project.

Silver Swan has the option to earn up to 80% of the tenements to include all minerals exclusive of palaeochannel uranium but including IOCGU uranium mineralization.

As previously announced, two of six gravity anomalies identified by exploration in the March quarter of this year were tested for a total of 918 metres of drilling. The drill holes intersected variably haematite altered granitoid and dolerite. The drill core is currently being assayed, with results pending.

Silver Swan has scheduled a low level airmagnetic survey over gravity targets 3-6 to further refine the priority drill targets which is expected to be completed in the December quarter.

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