Sylvania Resources Limited (SLV) advised that it has received an approach from a third party and is in discussions which may or may not lead to an offer for the company. The minerals explorer noted that there has been recent press speculation together with a recent increase in its share price. Sylvania said there was no certainty that an offer would be made for the company.
Alliance Resources Limited (AGS) announced a 90% increase to its total mineral resource inventory. The company said major expansion of the inferred mineral resource for the Four Mile Uranium Project in South Australia and its newly completed initial mineral resource estimate for the Four Mile East resulted in an expected total of 61 million lbs uranium oxide at an average grade of 0.35%. Alliance said the grade results for Four Mile East had exceeded expectations. The company added that the combined grades from Four Mile East and Four Mile West have the potential to make the Four Mile Uranium Project the highest grade operating uranium mine in Australia, and the highest grade and largest ISR operation in the world as it moves toward first production early next year.
Thundelarra Exploration Limited (THX) shares climbed 30% in early trade Thursday after the company said surface rock samples from the Corkscrew Prospect have returned the highest uranium grades received by the company from the project to date. One sample assayed 1.37% uranium oxide, while the second sample assayed 2.30% uranium oxide. The prospect is located in the Pine Creek region of the Northern Territory where Thundelarra controls over 3,000 square kilometres of tenure. Thundelarra said it has now identified three prospects, Thunderball, Corkscrew and Bella Rose that all occur on the western limbs of north plunging antiforms in close proximity to the Hayes Creek Fault Zone. The company said the three prospects would now be referred to as the Hayes Creek Project.
Uranio Limited (UNO) has acquired Deep Yellow Limited’s 30% carried interest in the five Ponton North tenements in Western Australia for a cash consideration of $150,000. The uranium miner said it now holds 100% interest in the Ponton North tenements. As a result of this acquisition, Uranio said it has consolidated its ownership position in the uranium province that contains the 54Mlb Mulga Rock deposits (Energy and Minerals Australia) and the 11Mlb Double 8 deposit (Uranio).
India Resources Limited (IRL) announced the signing of a joint venture agreement over IRL’s diamond projects with private Indian diamond company, Vajra Diamond Mining. India Resources said Vajra would invest $US500,000 to earn an 80% interest in IRL’s subsidiary AMIL Mining India Private Ltd. In addition, the company said Vajra would also pay $US500,000 to IRL from gross revenue received by AMIL during the first year of mining of any deposit discovered in the AMIL project area. IRL also have an option to undertake the mining of any deposit found, on commercial terms. IRL said it has now successfully brought in partners to both of its main exploration projects, having already signed a deal with an Indian zinc major, the Binani Group, over the Aravalli lead-zinc project which will see $US1.1 million injected.
