Subiaco-based Yilgarn Mining Ltd will change its name to Brockman Resources Ltd after securing shareholder approval at the company's annual general meeting yesterday.
The full text of a company announcement is pasted below
Yilgarn Mining Limited (ASX Code: YML) has put in place another important element of its growth strategy as a Pilbara iron ore company after receiving shareholder approval to change its name to Brockman Resources Limited - named after one of the major producing iron formations in the Pilbara region. Shareholders approved the proposal at the Company's Annual General Meeting yesterday.
Following receipt of final approvals from ASIC and the Australian Securities Exchange, Yilgarn will finalise the name change with its securities to commence trading on the ASX under the new Code: BMR by 19 November.
The new name and corporate identity reflects the Company's strategic focus as an emerging iron ore company with an initial focus on its 100%-owned Marillana Iron Ore Project in the Pilbara region. The Company announced plans to accelerate its iron ore growth strategy earlier this year with the appointment of former senior BHP Billiton Iron Ore Executive, Mr Wayne Richards, as Managing Director.
The Company recently announced an initial JORC compliant resource totalling 43.5 million tonnes grading 57.6% Fe (63% Fe on a calcined basis) for the North-West Sector of the Marillana Project, achieving almost half of its recently announced target of confirming an iron ore mineralisation potential* of at least 100 million tonnes.
Brockman's Managing Director, Wayne Richards, said drilling had resumed at Marillana to further test the newly identified mineralisation at the Rockhole Bore prospect, 2km south-east of the North-West Sector, to underpin an initial resource estimate for this area.
Drilling at Rockhole Bore has returned significant intercepts including 24m @ 54.8% Fe, 12m @ 56.5% Fe and 8m @ 55.8% Fe. Previous drilling by Hamersley Iron in 1996 returned results from this area of up to 36m @ 56.1% Fe (including 22m @ 57.8% Fe) and 12m @ 59.6% Fe.
"We also plan to test a number of other prospective targets within our tenement area to test the broader potential of the area for additional mineralization," Mr Richards said.
The Marillana Project is located 100km north of Newman between the Hamersley Ranges and Fortescue River Valley in Western Australia's world-class Pilbara iron ore region. The tenements surrounding the Marillana licence area, E 47/1408, are held by high-profile iron ore producers and developers Rio Tinto, BHP Billiton, Hancock Mining and Fortescue Metals Group.
"The Marillana Project represents a very attractive and strategic development opportunity," Mr Richards added. "The quality of the project has been reflected in the Company's strong recent share market performance and the growing recognition of our potential as an emerging iron ore producer."
* It should be noted that this represents an exploration target and the potential grade and quantity of mineralisation is conceptual in nature and that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if future exploration will result in the determination of a Mineral Resource.
The information in this report that relates to mineralisation and exploration results is based on information compiled by Mr Colin Paterson, who is a Member of the Australian Institute of Geoscientists. Mr Paterson is a full time employee of Yilgarn Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Paterson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.