Adelaide, Australia -
Archer Exploration Ltd. (ASX:AXE) is pleased to announce that it has updated the Mineral Resource for its Mount Hutton Central Deposit in accordance with JORC 2012 code. The Mount Hutton Central Deposit, sits within the 100% owned Mount Hutton Magnesite Project which itself is part of the much larger Leigh Creek Magnesite Project, located approximately 20 kilometres northwest of Leigh Creek Township, South Australia (Figure 1, see link below).
Highlights:
- Mount Hutton Central Mineral Resource upgraded to JORC 2012 standard in preparation for development of the Leigh Creek Magnesite Project.
- No material change in Mineral Resource estimates - reflects the quality and uniformity of the magnesite deposit and the work done by Archer and SAMAG.
- Leigh Creek Magnesite Project rapidly moving toward production.
The Mount Hutton Central Mineral Resource previously reported under the JORC 2004 code has undergone a comprehensive review by Archer for reporting under the JORC 2012 requirements. Archer has elected to upgrade its reporting for Mount Hutton Central to the new standard in preparation for the next phase of the continuing development of the Leigh Creek Magnesite Project. The JORC 2012 Mineral Resource at Mount Hutton Central is reported in Table 1 (see link below).
The underlying assumptions and method used to upgrade the Mount Hutton Central Mineral Resource to 2012 JORC standard are contained in Table 1 and Attachment A annexed to this announcement (refer to link below).
A key result of the review is that there has been no material change to the Mineral Resource Estimate reported by SAMAG Limited on (3/09/1999 (ASX, PAL).
Project Overview
The Leigh Creek Magnesite Project comprises the Mount Hutton South, Mount Hutton Central, Mt Playfair, Pug Hill, Termination and Witchelina deposits. The Mineral Resources for each deposit are shown below. It is expected that the Mount Hutton Central deposit will first be the first area developed, as such the remaining deposits have not yet been upgraded to 2012 JORC code requirements on the basis that the supporting information available regarding these deposits has not materially changed since they were last reported.
The Mt Hutton Central Project represents only part of the total Leigh Creek Magnesite Project which has a Mineral Resource of 434Mt @ 41.4% MgO (refer to table 2 in link below).
Therefore, potential exists to greatly increase the life and scale of the Leigh Creek Magnesite Project.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/YSM25411
About Archer Exploration Limited:
Archer Exploration Ltd. (ASX:AXE) is an Australian Stock Exchange listed company with 100% ownership of 15 tenements and one Exploration Licence Application all in South Australia covering 6,053 km2.
Archer also has the rights to all minerals other than uranium on EL4693 covering a further 816 km2. Archer's main project is the Campoona Graphite Project which is located within reach of established and major developing infrastructure. It has a JORC 2004 Resource of 5.27 million tonnes @ 7.6 % TC (based on 2% TC cut-off).
Contact:
Mr Greg English Chairman
Archer Exploration Ltd.
Tel: +61-8-8272-3288
Mr Gerard Anderson, Managing Director
Archer Exploration Ltd.
Tel: +61-8-8272-3288
