6 December 2013
Company Announcements Office
Australian Stock Exchange Limited
4th Floor
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam
Crossland and joint venture partner Pancontinental are pleased to announce that Crossland has received Authorisation under Section 36 of the NT Mining Management Act to conduct its proposed
2013 exploration program according to the Mine Management Plan (MMP) lodged with the Northern Territory Department of Mines and Energy. The MMP includes the 2013/14 feasibility drill program, which was announced to the ASX on 1 October 2013. This Authorisation now clears the way for
Crossland to proceed with its feasibility drill program.
Crossland believes there is strong potential to materially improve the already very positive April 2013
Scoping Study results through addition of higher-grade rare earth resource in starter pits and by- product revenues from other Valuable Heavy Minerals (VHMs), including ilmenite, rutile and zircon. Earlier test work confirmed the presence of VHM's and the opportunity that they may be successfully
concentrated to marketable by-products.
A thorough review has been completed of all available sampling and exploration data. This review has identified a number of targets where we can expect higher rare earth grades and these targets will be evaluated by the first phase of the drill program (see Figure 1).
The first phase will consist of 100 aircore holes to test eight separate targets, to an average depth of approximately 20 metres. Analytical results from this first stage of drilling will be released during the first quarter of 2014. .
Figure 1. Target high grade REE zones (yellow) with planned drill lines.
This will be followed by a second phase of drilling which will provide a basis for quantification of exploration targets tested with the first round of drilling.
Preparation of access tracks and drill lines is underway and the first phase drill contract has been awarded.
This drilling programme represents an important step in the process of identifying start- up locations within the Joint Venture's large holdings with alluvial REE potential. Identification of such start up locations is the next major step in the advancement of the project and will allow other sections of the Feasibility Study to proceed in the process of establishing the full value of the Charley Creek Resource.
Yours sincerely
Geoff Eupene
Exploration Director
ABOUT CHARLEY CREEK PROJECT
The Charley Creek Project is a joint venture between Crossland Strategic Metals (ASX:CUX) (55%)
and Pancontinental Uranium Corporation (TSX:PUC) (45%). Charley Creek is located approximately
100km west-north west of Alice Springs in the Northern Territory, and lies on pastoral leases to the north of the West MacDonnell Range (see Figure 1 below). The resource is a surficial alluvial mineral sand deposit with an average drilled thickness of 15 metres, containing valuable and easily processed rare earth bearing minerals monazite and xenotime, as well as zircon and ilmenite. A JORC compliant resource of 387Mt at 295ppm TREO for a contained 114,050 tonnes of TREO (Indicated) and 418Mt at 289ppm TREO for a contained 121,100 tonnes TREO (Inferred) was reported in May 2012. Results of a Scoping Study completed in April 2013 identified Charley Creek as one of the lowest capital cost REO projects in the world, with Project IRR of 39.4% (pre-Tax & Royalties), an NPV of A$302 million
(pre-Tax & Royalties) with a Payback period of 2.5 years1.
The information in this release that relates to Exploration Targets, Exploration Results, or Mineral Resources is based on information compiled by Geoffrey S Eupene FAusIMM CP, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. He is a director of the Company and a full time employee of Eupene Exploration Enterprises Pty Ltd, which is engaged by the Company. He has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration, and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Geoffrey S Eupene has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.
1 These financial results are in part based upon Exploration Targets. Refer to cautionary statements provided by
Crossland in the 15th April 2013 ASX Release regarding results of Scoping Study.
2
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