PanAust Limited (PNA) announced that infill drilling within the Phu Kham copper-gold open pit has intersected broad zones of copper-gold mineralisation. The company said several intersections returned grades of plus 0.8% copper over significant intervals extending beneath the open pit design. PanAust said the 7,500-metre drill program is currently 75% complete and is designed to upgrade the mineral resource confidence and confirming continuity of previously identified mineralised zones. The company said this would lead to an upgrade in the mineral resource and, subject to mine design work, extension of mine life. PanAust added that the drill results would be incorporated in a new Mineral Resource estimate for release in early 2010.

IMX Resources Limited (IXR) said it intersected new iron ore mineralisation during reverse circulation (RC) drilling at its Mt Woods project, which includes the Cairn Hill magnetite project, south east of Coober Pedy in South Australia. The minerals explorer said significant widths of iron ore mineralisation had been intersected at a number of regional targets. IMX said the 10,000m drilling program is testing geophysical and geochemical targets that may represent IOCG and / or Tennant Creek style copper-gold targets as well as potential new iron ore mineralisation. The company said three of the targets indicate additional iron ore potential within IMX’s Mt Woods tenements within close proximity to infrastructure being developed for Cairn Hill. A total of 37 holes for 6,350m have now been completed as part of the planned 10,000m regional program. IMX added that the second round of drilling would comprise both RC and diamond core and would target copper-gold mineralisation at Aquila, and Black Hills as well as targeting magnetite mineralisation in the Cairn Hill Phase 3 area.

Reed Resources Limited (RDR) said it has entered into an Option and Joint Venture Agreement with Anglo American, through its 100% owned subsidiary Anglo American Exploration (Australia) Pty Ltd (“AAE”). Reed said under the terms of the agreement AAE can earn 75% by spending $3 million on the company’s Bell Rock Range Project in Western Australia. Upon AAE earning 75% equity, Reed can elect to either contribute or dilute to a royalty of 2% Net Smelter Return (“NSR”) from gold and 1.5% NSR for all other minerals. Reed said the agreement is subject to executing an Access Agreement with Ngaanyatjarra Council. The company said the project is highly prospective for several commodities, particularly nickel-copper sulphide and PGE mineralisation.

Moby Oil & Gas Limited (MOG) surged Tuesday after the company announced it had entered into an agreement with Gascorp Australia Pty Ltd to acquire all of the shares in Rankin Trend for 120 million Moby shares. Moby said the acquisition would allow it, without any cost exposure, to be a 15% participant in a potentially high impact well in an area where there have been several large discoveries of hydrocarbons and which is close to existing and planned infrastructure. The company said the acquired area contains MEO Australia Limited’s (MEO) 70% owned Artemis prospect, which has been identified as containing an aggregate prospective resource of 20.3 Tcf of gas in place of which 12 Tcf is expected to be recoverable.