Carpentaria Exploration Limited (ASX:CAP) A$1.0 Million Received As Further Instalment For BMG JV
Brisbane, May 14, 2010 AEST (ABN Newswire) - Carpentaria Exploration Limited (
ASX:CAP) is pleased to confirm receipt of a second cash payment of a further A$1.0m as part of a staged payment over the next 2 months totaling A$13.0m. A total of A$5.0m is a cash injection to Carpentaria and A$8.0m is for exploration and resource drilling as part of the A$81.0m deal secured as announced to the ASX on 23rd April 2010.
Carpentaria has now received A$2.0m cash towards funding of the project. On receipt of the next payment of A$4.0m, Carpentaria will commence an extensive diamond and RC program on the Burta exploration licence, which covers a large portion of the Braemar Iron Formation, highly prospective for bulk magnetite iron deposits. The exploration target(1) is considered to be 2.2 to 4.8 billion tonnes at 18% Davis Tube Recoveries giving a concentrate grade of 69 -71% Fe with a relatively low level of impurities, to a depth of 250m over an estimated strike length of 34 to 51 km.
On the Redan JV to the north of the Burta JV, Carpentaria has drilled 5 RC holes in a 10 hole (2500m) exploration drilling program designed to further test magnetite sources in that JV area. Results are awaited and will be released on completion of the program.
Mr. Nick Sheard, Executive Chairman noted, "Receipt of these funds further underlines BMG's commitment to this program and we are looking forward to the start of our drilling program on the Burta JV in near future. This program is scheduled to start after the current program on the Redan JV. The initial program is designed to test all the magnetite sources in the JV and will help define the region that the resource drilling will occur".
(1) The potential quantity and grade of the exploration targets is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.
About Carpentaria Resources Ltd
Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.
The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.
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