ANNUAL REPORT - Ashburton Minerals

Recommendations

Info

Review of Operations sequence of Proterozoic metasediments from which gold has been worked for over 200 years, mainly from small late-stage quartz veins. The Company, however, is exploring for large tonnage gold deposits located within the host sediments in the pursuit of large deposits that could sustain a long lived economic gold operation. The results received during the first half of 2007 from the first area explored in detail by the Company, the Tanque Belo prospect, have been excellent. A surface gold geochemical anomaly in excess of 2 km long and up to 800 m wide has been outlined, with gold-in-soil values of up to 15.05 g/t. The anomaly trends sub-parallel to stratigraphy so it does not reflect mineralisation related to cross-cutting quarts veins. Initial RAB drilling across the anomaly intersected significant bedrock gold mineralisation, including intercepts of 10 m @ 3.97 g/t and 16 m @ 0.48 g/t in separate drill holes. Both intercepts occur at the end of the hole. These results are considered outstanding for a first-pass drilling programme. Moreover, they represent the best known drilling results returned from the Cuiaba district. Full results from only the first line of drilling have been received. A further three drill lines have been drilled across the anomaly, for which results are pending. Nevertheless, the results to date fit the Company’s conceptual model and support the possible presence of a substantial gold deposit at Tanque Belo. In parallel, surface geochemical sampling over the remainder of the Cuiaba Gold Project is under way to generate additional targets for RAB drilling. Drilling is expected to continue into early December 2007 until precluded by the wet season. Brazil Tailings JV (75%; Areias Douradas Pty Ltd free carried 25%) A further two tailings deposits were tested by aircore drilling as part of an ongoing evaluation of the possibility of reprocessing the artisinal tailings sands with cyanide. These 8237000 mN 553000 mE TBB019 554000 mE TBB018 555000 mE 556000 mE 557000 mE 8236000 mN TBB017 TBB016 TBB015 TBB014 TBB013 TBB012 TBB011 TBB010 TBB009 TBB008 8235000 mN TBB031 TBB030 TBB029 TBB028 TBB027 TBB024 TBB025 TBB020 TBB026 TBB021A TBB021 TBB023 TBB022 TBB007 TBB006 TBB005 TBB004 TBB003 TBB002 TBB001 8234000 mN Soil Samples Au_ppb 250 to 50,000 100 to 250 50 to 100 10 to 50 0 to 10 Tanque Belo Prospect Soil Sample Locatios Collar Locations On TMI Image TBB001 - RAB Hole Collar Tanque Belo geochem anomaly and loc of drill holes 4 Ashburton Minerals Ltd 2007
Review of Operations two tanks are located in the Tanque Belo area and contain tailings sands that are visibly coarser than those previously encountered within the large Ourinhos tailings dams 15 km to the south. The estimated volume of 60,000 m 3 returned an average gold grade of 0.21 g/t. While higher than the average of 0.14 g/t within the fine sands at Ourinhos, these values remain low. Consequent on these low results, the Company has downgraded the economic potential of the tailings reprocessing project in the Cuiaba area. Brazil - Other Elsewhere in Brazil the Company has been evaluating various projects prospective for copper, gold and iron. The Company is aiming to secure an additional quality project in Brazil with the demonstrable potential for large tonnage deposits. Australia Mt Webb Project (Cu-Ag-Au) In Australia, the Company, through its wholly owned subsidiary Ashburton Gold Mines NL, acquired ground in its own right and entered into an option agreement with a private company over the Mt Webb IOCG (iron-oxide-copper-gold) project in far Australian Project location eastern WA. The Mt Webb area was last explored in 1999 by Aurora Gold and BHP whose work identified the presence of surface mineralisation of up to 9.1% Cu, including 3 g/t Ag and 0.38 g/t Au. RC drilling by Aurora Gold at the Pokali prospect returned 41 m @ 0.33% Cu which prompted BHP to joint venture into the project. BHP drilled a hole 250 m southwest of the Aurora Gold hole and intersected 36 m @ 0.42% Cu, including an interval of 6 m @ 1.68% Cu and 0.29 g/t Au. No subsequent work has been completed at Pokali notwithstanding the fact that Geoscience Australia and the Geological Survey of WA both regard the Mt Webb area, based on geological, geochemical and tectonic grounds, as Mt Webb tenements over regional geophysics, showing prospect locations and summary results Ashburton Minerals Ltd 2007 5
Page 1 and 2: A N N U A L R E P O RT 2007
Page 3 and 4: Table of Contents Chairman’s Repo
Page 5: Review of Operations Overview Durin
Page 9 and 10: Tenement Schedule BRAZIL Cuiaba Gol
Page 11 and 12: Directors’ Report The results fro
Page 13 and 14: Directors’ Report Information On
Page 16 and 17: Directors’ Report Company Perform
Page 18 and 19: Directors’ Report Auditor’s Ind
Page 21 and 22: Balance Sheet as at 30 June 2007 No
Page 23 and 24: Statement Of Changes In Equity For
Page 25 and 26: Notes To The Financial Statements F
Page 49 and 50: Directors’ Declaration The Direct
Page 51 and 52: Independent Audit Report to the Mem
Page 53 and 54: Corporate Governance Statement For
Page 55 and 56: Corporate Governance Statement For
Page 57 and 58:
Supplementary (ASX) information 4.
show all

ANNUAL REPORT - Ashburton Minerals

Create successful ePaper yourself

Delete template?

Save as template?