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Acclaim Exploration NL - Acclaim announced the
entry into an unconditional agreement to acquire the Denny Dalton
Uranium / Gold Project in South Africa.
The company was previously focused on the Wingellina nickel oxide project but they seem to have sold a significant interest to MTX. They have done a deal with MTX a farm in whereby MTX spends a couple of million firming up the ore body and completing a bankable study. AEX seem to need the money for Denny Dalton. Resources at Wingellina comprise 86 millions at an average grade of 1.2% nickel and 0.08% cobalt, within a global resource of 227 million grading 1.0% nickel and 0.07% cobalt making Wingellina Australia's largest undeveloped nickel resource. They bought the Denny Dalton uranium-gold project in South Africa and with Uranium the flavour of the decade, I've decided to acquire a small stake at up to 0.04 with 10% of my trading capital. Acclaim is starting to move so it might be
time to buy into this company. |
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Wingellina is a world class nickel oxide accumulation hosted within ultramafic intrusives injections of a major layered intrusive complex. |
| Metals Exploration Ltd (MTX, formerly Harbour Capital Limited) invests in mining royalty rights in Western Australia. The company holds royalty rights in three nickel assets namely Mt Keith, Kambalda and Kingston. Recent focus is on the exploration for nickel at Wingellina and Claude Hills project |
| Sydney -
Wednesday - July 20: (RWE Australian Business News) -Acclaim Exploration
NL (ASX code: AEX) has entered an unconditional agreement to buy the
Denny Dalton uranium-gold project in South Africa. The Denny Dalton
project is 70km south-southeast of the town of Vryheid in the north of
the province of KwaZulu-Natal, South Africa.The project is centred on
the Denny Dalton gold mine on the farm Tusschenby 411, for which gold
was mined between 1894 and 1926. Directors say the area has established
potential for significant gold and uranium mineralisation and the
near-surface stratigraphy and mode of mineralisation appears to be well
understood. There is an inferred JORC resource of 31.5 million tonnes of U3O8 at 0.35kg/t for 11,025 tonnes, with associated gold mineralisation. Acclaim is to acquire Denny Dalton (Proprietary) Ltd for $6 million, payable by September 30, with a royalty of 1 per cent gross smelter return on gold derived from the project. The company will place 75 million shares and 75 million free attaching options (5c, June 30 2008) to raise $1.65 million from clients of AEGIS Partners Ltd, a London-based equity fund. Shares in Acclaim rose 0.3c to 4c this morning. |
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Sydney - Wednesday - March 23: (RWE
Australian Business News) -Metals Exploration Ltd (MTX) and Acclaim
Exploration NL (AEX) have entered farm-in arrangements over Acclaim's
nickel interests in the Musgrave Ranges of South Australia and Western
Australia. Metals Ex is to earn interests of up to 80 per cent in the tenements and property rights of the Wingellina and Claude Hills projects (on the basis that Acclaim is non-contributing) by meeting all exploration and development expenditure until a bankable feasibility study or other mineral development project on the titles is completed. The Wingellina project is Australia's largest undeveloped nickel oxide deposit. Acclaim has previously announced an identified mineral resource estimate of 226.9 million tonnes at 1 per cent nickel, 0.07 per cent cobalt and 30.1 per cent iron at a 0.5 per cent cut-off grade. The Claude Hills Project area covers the easterly extension of the Wingellina layered intrusion and basement gneiss. Bedrock geochemistry at Wingellina suggests that sulphides may have formed in the melt prior to formation of the layered intrusion and there is a possibility that sulphides may have accumulated in trap sites in feeder dykes or irregularities in the floor of the layered intrusion. |