Walford26 Mar 2012 17:11
CRHL looking at 2 JV'S with Razor Back Tin Mine and Grand Prize you can see why, Tin prices $23,000 per tonne. CRHL has so many differnt metals and licences, looking forward to Tenth Legion Update.
Exploration Licence 21/2004 Dundas Exploration Update
Creat Resources Holdings Limited (the "Company") (AIM: CRHL) is pleased to provide the following update regarding the presence of additional mineral occurrences of economic significance in its newly acquired exploration licence EL21/2004 near Mount Dundas, Western Tasmania. Whilst the Company originally acquired the licence for its nickel prospectivity; the potential economic tin resource comes as a welcome addition to the Company's existing mineral property holdings.
Following an appraisal of data and historic information supplied by the previous tenement holder and not specifically considered prior to the acquisition, it is apparent that the Company has control over a historic, non-JORC compliant tin resource centred around the historic Razorback Tin Mine and a significant exploration tin potential at Grand Prize tin mine (2km to the north-west of Razorback). The Mineral Resources Tasmania (MRT) Online Mineral Deposits database lists the Razorback Tin Mine as a non-JORC resource of 675,000t @ 0.62% Sn. The tin occurs as a Renison-style carbonate replacement cassiterite mineralisation in a large, incompletely tested talc-carbonate unit. This historic resource was estimated by J.G. Purvis of CRA Exploration Proprietary Limited in 1980.
In addition to the Razorback tin resource, a historic assessment of the drilling data in the vicinity of the historic Grand Prize Mine contains an estimate of non-JORC compliant exploration potential of 0.9Mt @ 0.8% Sn and 0.7% Cu, with the mineralised block open to the north, south and at depth. Whilst the Grand Prize mineralised zone averages 2 metres in width, further drilling to the north and south could increase the tonnage to economically minable dimensions. The two tin occurrences, when considered together, also offer a much improved economic proposition and target resource.
The recognition of tin accumulations of economic interest in the Company's recently acquired licence is in addition to the high prospectivity for 'Avebury-style' nickel mineralisation related to hydrothermal alteration in serpentinised Cambrian mafic/ultramafic rocks, close to Devonian granitoids. As with the Avebury nickel mineralisation, there is also the possibility of primary magmatic nickel mineralisation in the mafic/ultramafic rocks adjacent to the Razorback Tin Mine. While previous explorers included nickel in some soil and rock chip program assays, nickel has seen little specific targeting through drill testing.
The Company can see a clear strategy of drilling the known tin occurrences at Razorback and Grand Prize to a higher resource confidence level, thereby increasing value to shareholders. This proposed drilling program can proceed alongsid