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  1. #8
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    The latest drilling at Adelaide company Terramin Australia's zinc project on the Mediterranean coast in Algeria has uncovered the most richly mineralised results so far.

    Assays show the third drill hole, TH003, intersected 158m of 5.73 per cent zinc and lead, including 1m of 46.5 per cent zinc.

    Executive chairman Kevin Moriarty said the latest results were very encouraging. "These latest results to date, combined with previous drilling, provide further evidence that Terramin has a world-class project at Tala Hamza," he said.

    Terramin is drilling at the project in order to replicate the findings Algerian and Russian geologists logged in the early 1990s. Based on that historical drilling, Terramin has determined there is a 30million-tonne zinc and lead ore resource but it needs to prove it up to Australian standards. As part of this process, the sixth drill hole, TH006, was recently completed at a depth of 592.4m, deepening the known high-grade ore zone by 44m.

    "Two inclined holes are underway to provide information about the structures controlling this large deposit," Dr Moriarty said. "The program is progressing extremely well and we are now looking at adding another powerful rig to improve recovery and depth testing."

    The company currently has two drilling rigs in use at the project.

    Terramin shares rose 3c to $1.60 yesterday.


  2. #9
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    Junior Australian base metals explorer Terramin Australia Ltd is talking confidently about its zinc project in Algeria being world class and is working towards updating the resources and reserves to accepted modern standards:

    Terramin's executive chairman Dr Kevin Moriarty told Mineweb from Adelaide today that the Tala Hamza deposit it is exploring in Algeria currently had dimensions of being 500 metres by 400m and is open to the south, and north east and north west with the scope for a down plunge extension across a fault.

    While that size may not draw connotations of "world class" the grade from high grade zones of the zinc and lead and the potential mining widths may raise some eyebrows.

    Terramin has reported earlier drill hits of wide zones with high grades to the Australian Stock Exchange.

    Latest drilling included hole TH3 which had a 1m section at 305m grading 46.5% zinc as part of a hole that intersected 158m assaying 5.73% combined zinc and lead with numerous higher grade intercepts including 56m at 7.98% Zn+Pb and 8m at 12.19% Zn+Pb.

    Algeria has been undergoing a privatisation of former government controlled assets including exploration and mining, and Terramin established a local company, Western Mediterranean Zinc SpA, to hold Tala Hamza. The Adelaide-based company holds 65% and an Algerian mining authority holds the balance.

    Dr Moriarty said this latest hole fitted well with the historical drilling undertaken by the Algerian Government's exploration arm, ORGM, that gave a resource estimate from drilling between 1988-94 of 30 million tonnes. He told Mineweb the broad estimate was of 5.7% zinc and 1.39% lead.

    Drilling will continue through until the end of April with the prime objective of bringing the deposit up to Australian JORC Code resource standards.

    He said Tala Hamza was a massive hydrothermal system where the mineralisation was in some ways similar to the company's Menninie Dam deposit in South Australia and that State's huge world class polymetallic deposit Olympic Dam, owned by BHP Billiton.

    He said there is a core zone and an outer mineralised zone, where latest quantifying drilling has shown that "grades in both zones are potentially mineable. But we would focus on the core zone first."

    Infrastructure would not be a major issue for developing the deposit, as it sits 12 kilometres from an international airport, about a similar distance from a port, a major highway and town are 20 km away, while gas and water pipelines are within 2 km.

    Terramin could be looking at a two stage development, with the first focused on mining higher grade zones and beginning perhaps in 2010-11. The deposit is in northern Algeria and relatively close to zinc smelters in Spain and Sardinia. One blueprint has a projected mining-milling rate of 1.5 million tonnes per annum.

    Later this year Terramin expects to commission a mining revival at the Angas base metals mine near Strathalbyn near Adelaide in South Australia - a deposit that has been dormant for decades.

    Terramin has established a mining reserve of 2.2 Mt, sufficient for a mining life of seven years based on treating 400,000 tpa to produce 65,000t of zinc concentrates and 16,000t of lead-silver concentrates. The company has a life of mine offtake agreement with Sempra Metals and Concentrates Corporation.


  3. #10
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    April 3, 2007 -- Adelaide company Terramin Australia said yesterday it had raised $5.8 million to progress its zinc and lead developments and would ask shareholders for another $5 million.

    Terramin said it had placed 3,525,600 shares at $1.65 per share to raise $5.8 million.

    It it would allow shareholders to apply for up to $5000 worth of shares at $1.65 to raise another $5 million.

    Managing director Kevin Moriarty said yesterday the funds raised would be used for working capital, in particular, drilling and pre-feasibility work on the Tala Hamza zinc deposit in Algeria and development at the Strathalbyn zinc project in SA.

    Terramin shares fell 7.5c to $1.695.


  4. #11
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    April 5, 2007 -- The fourth drill hole at Terramin Australia's Algerian zinc project has returned much better results than expected.

    The SA company is drilling matching holes to those of Russian and Algerian geologists in the early 1990s so it can be confident their results, which its 30.3 million tonne ore resource estimate is based on, were accurate.

    Executive chairman Kevin Moriarty said yesterday the results from TH004 were similar to those from the older hole but the recovery of 91 per cent of down-hole material - as opposed to 62 per cent - had provided a better idea of the extent and grade of mineralisation.

    "The new hole returned grades more than 6.5 per cent higher and over greater intervals," Dr Moriarty said.

    Terramin now was sure "the previous results were understating the grade but had not expected such a considerable upgrading".

    Terramin shares rose 3c to $1.70 on the news.


  5. #12
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    Australian stock exchange listed Terramin Australia on Thursday report further high-grade zinc assays from the Tala Hamza deposit, in Algeria.

    The latest results from drillhole TH004 were of significantly higher grade and width than expected, and would increase the size and grade of the deposit.

    “These latest results from DDH TH004 are similar to those from the older hole over the same intersections. However, the very much improved recoveries from the latest drilling - 91% versus 62% - provide a better idea of the extent and grade of mineralisation,” Terramin’s executive chairperson, Dr Kevin Moriarty said.

    He added that the new hole returned grades more than 6,5% higher and over greater intervals.

    Hole 4 also extended the depth of the deposit, drilling a further 20 m of mineralisation below hole OA068.

    Dr Moriarty said another positive aspect of the latest drill results was that TH004 intersected a 6m-thick zone at a grade of 48.8g/t silver within the high-grade zinc zone.

    “Generally silver assays have been low, but this result shows payable silver may be present in some levels of the deposit,” he said.

    Terramin also indicated that another duplicate hole was being assayed with definitive assessment results scheduled for release early in May.


  6. #13
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    Tala Hamza Deposit, Algeria (TZN 65%)

    TZN purchased a 65% interest in the Oued Amizour project in northern Algeria via a government tender process early in 2006. Since then, the company has been working towards upgrading the Tala Hamza resource to an indicated status, in compliance with the JORC Code.

    The project is located 10km south of the international port of Bejaia, and is surrounded by well-established infrastructure. Mineralisation is characterised by replacement-style mineralisation, consisting of a highly altered volcanic host rock.

    A previous (non-JORC compliant) resource for the Tala Hamza deposit of 30Mt@ 6.9% Pb+Zn, with a high-grade core of 11Mt@13.9% Pb+Zn has been established.

    TZN has established a local operations base, and has been conducting diamond drilling and other studies on the deposit, in conjunction with local contractors. Recently announced drilling results include 142m@9.2%Zn and 2.1%Pb, incorporating an 80m section at over 12% Zn. The company is of the belief that previous assays may have underestimated the grade of the deposit, and recent results support this hypothesis. An initial resource for the project is scheduled to be published in May 2007, with the company currently completing a scoping study on the project, with the aim of moving to full feasibility in 2008.

    Whilst mining of the deposit is likely to be some years away, the known shortage of high-grade zinc deposits of considerable tonnage is likely to ensure the project receives attention as progress is made towards development.

    There is a need to be aware of the political risks associated with investing in countries such as Algeria, as this may have a bearing at the project finance stage. In quantification terms, a risk report by Sovereign Risk Insurance limited ranks Algeria alongside Thailand, Egypt, South Africa and Indonesia with regards to risk. Whilst not currently ranked by S&P, the countries mentioned above have ratings from BBB+ to BB-. The government is actively promoting and supporting the mining industry, and the company has not experienced any difficulties to date.

    The Algerian Resource agency (ORGM) is responsible for enhancing foreign investment in Algerian mining. To date, the agency has completed aeromagnetic, geophysical and aerial photographic coverage of the whole country at a scale of 1:50 000. An estimated $1 billion has been spent on exploration and development in Algeria over the last few years, the majority on oil and gas.

    Algeria's major mining operations include the 3 Moz Tirek Amesmessa gold mine along with phosphate and iron ore mines. Several major foreign companies are active in the country, including BHP, BP, Mittal Steel, Petronas and Woodside.


  7. #14
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    May 31, 2007 -- Terramin Australia shares hit record highs today after the company said its Algerian zinc and lead deposit was almost twice as large as first thought.

    An Australian standards (JORC) compliant resource estimate of the size of the Tala Hamza deposit on the Algerian coast, compiled by Golder Associates, put the amount of zinc ore at 55 million tonnes, compared with the previous estimate of 30 million.

    By 2.30pm Terramin shares had traded as high as $3.48, before settling back to $3.26, up 16c.

    The Adelaide based company's executive chairman Kevin Moriarty said there was still substantial room for upside however, as there were areas of the deposit which were yet to be tested.

    The fact that the majority of the drilling results which went into the estimate were from previous Algerian and Russian exploration work also meant the figure could be on the low side, as some of those drill holes failed to recover all of the down-hole material.

    "Golder Associates made its estimate on the basis of assay results from 30 diamond core drill holes completed by (Algerian Government company) ORGM and four diamond core holes drilled by Terramin,'' Dr Moriarty said.

    "Terramin's recent assay results show that the previous work by ORGM underestimated the lead content. Our recently reported intercepts showing up to 90 per cent improvement in grade means we expect that the grade of both zinc and lead in this first JORC resource will increase as our program advances.

    "Many of the older holes did not reach the base of the mineralisation and so the full depth extent is not known.''

    "The deposit is also open to the south, where recent announcements reported additions of more than 30m of the high grade mineralisation beneath the previous drilling.''

    Fat Prophets resources analyst Gavin Wendt said the resource figure came in "firmly at the upper end of expectations''.

    "I think there's no doubt that with additional work it will become a mine,'' Mr Wendt said, but added it was too early to put an accurate figure on the value of the deposit to the company.

    Mr Wendt said he still believed the company was cheap, even just based on the expected production from Terramin's Angas zinc and lead mine near Strathalbyn which is under construction.

    The 55 million tonne resource was calculated at 5 per cent zinc and 1.2 per cent lead, using a 2.5 per cent zinc cut off.

    Terramin owns 65 per cent of the project with the Algerian Government owning the remainder.


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