This drill program was a follow – up to the initial exploration auger drill program (Area A – 2 auger holes and Area B – 8 auger holes ) on the four bauxite exploration targets. This auger drilling confirmed the presence of significant pisolitic bauxite within Metallica ‘s subsidiary Oresome ‘ s exploration tenure which adjoins a mining lease ( held by Rio Tinto Alcan ) covering a major bauxite plateau .
The latest Area A drilling comprised 23 holes (total 167m , average depth 7.3m ) and 61 holes (total of 300m drilled , average depth 4.9m ).
The drill samples have been dispatched to ALS Brisbane for analysis with results expected to be received later this month . Subject to the aluminium, iron and silica oxide analysis results and demonstrated geological continuity , a maiden Mineral Resource is expected to be estimate d according to the guidelines o f the JORC Code .
The Urquhart Point bauxite project is one of many regional bauxite and HMS exploration targets identified by Metallica within a contiguous tenement portfolio covering a 300km coastal belt held by the J oint V enture . The project cover s extensive sand and lateritic bauxite outcrops between Weipa , the site of the nearby Urquhart Point HMS mine shortly being commissioned ) and the northern extent of the Cape York Peninsula in far north Queensland.
The Cape York HMS and Bauxit e Project is currently a 66.66%:33.33% Joint Venture between Oresome Australia Pty. Ltd (a wholly owned subsidiary of Metallica) and Ozore Resources Pty. Ltd. Upon contribution of a further A $2.5 million of funding by Ozore, the Joint Venture will be a 50%:50% Joint Venture.
