Darwin, Australia (ABN Newswire) -
Rum Jungle Resources Ltd.'s (ASX:RUM) strategic intent is to find, develop and operate fertiliser mineral projects located in close proximity to existing Central Australian transport infrastructure. Rum Jungle Resources Ltd. has significant resources of both phosphate and sulphate of potash.
Highlights:
CORPORATE
- The company's current primary focus is the general preservation of cash, sustaining its tenement position and undertaking the formal processes to secure cornerstone industry investment in one of the company's flagship projects to take it forward to bankable feasibility study and development. This formal process is being facilitated by Flagstaff Partners and a separate arrangement has been put in place with Montpellier Advisors based in Dubai with specific focus on Middle Eastern investors
- During the period a number of global and regional fertiliser producers signed mutual confidentiality agreements gaining access to the data room in order to conduct due diligence of the detailed project and company information and to compare RUM's Australian based projects with their other global investment options. This process remains ongoing and discussions continue with a subset of the parties that have reviewed the data, with RUM's key objective to form a joint venture to progress either the Ammaroo phosphate project or the portfolio of sulphate of potash projects.
- In order to facilitate the potential future establishment of joint ventures or investment at the specific project level, the Company is in the process of completing an internal reorganisation of its assets so the wholly owned subsidiary, Territory Phosphate, holds all the phosphate assets, and another wholly owned subsidiary is being established, Territory Potash, which will hold all of the sulphate of potash assets
- The Heads of Agreement established between RUM and the Darwin Ports Corporation, originally established in November 2013, has been extended to until 31 December 2017. The non-binding Heads of Agreement establishes a framework that underpins the negotiation of formal agreements for the use of land and the construction and operation of infrastructure at Darwin's East Arm Wharf port facilities for the future export of phosphate rock, phosphoric acid, phosphate fertilisers and potash salts
- Mr R J Annells retired from being a director with effect on 30 June 2015
- The Company has sufficient cash reserves on deposit to undertake its current near term strategic objectives
- Cash Balance $4.4 million (including secured Term Deposits of $775k)
HEALTH, SAFETY, ENVIRONMENT AND COMMUNITY
- There were no incidents to report in 346 field hours worked on the projects
PHOSPHATE
- Post exploration rehabilitation on the entire Ammaroo phosphate project area has been completed and an inspection was conducted by the NT Department of Mines and Energy. Once the government's formal assessment is completed it is expected that the relevant environmental security bonds will be released
SULPHATE OF POTASH
- The Northern Territory Government has granted the 'right to negotiate' for both the Lake Amadeus and Lake Macdonald projects which are both on Aboriginal Land where the Aboriginal Land Rights Act applies. Other projects are on pastoral lease where the Native Title legislation applies. The first meeting with Traditional Owners of Lake Macdonald was conducted recently and the Company is awaiting feedback from the Central Land Council. The first meeting with the Lake Amadeus Traditional Owners is scheduled for early October 2015
- Lake Frome and Lake Torrens tenements in South Australia have been granted by the South Australian Government. Work plans associated with 'first pass' brine sampling on these projects have been submitted to the South Australian Government and native title negotiations with relevant native title authorities have commenced
- Work plans associated with a deep drilling program at the Karinga Lakes project have been submitted to the NT Government and are awaiting approval
SILICA (HIGH PURITY QUARTZ)
- The Dingo Hole Silica deposit was discovered during the conduct of phosphate exploration activities on the Ammaroo Project area. Accordingly, rationalisation and separation of silica tenements from the phosphate tenements was undertaken during the Quarter<
- Assays results of initial rock chips were announced to the ASX on 20 July 2015 and a second phase of processing test work on the sample material is being conducted by Dorfner Anzaplan, based in Germany. This process will take up to three months to complete
- A briefing note has been included within this Quarterly report (pages 19-20, see link below) that outlines key aspects of the high purity quartz market and industry dynamics for the information of shareholders. This briefing note will also be available on the Company's website www.rumjungleresources.com.au
To view the complete quartlerly activities report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-426751.pdf
About Rum Jungle Resources Ltd:
Rum Jungle Resources Ltd. (ASX:RUM) is an Australian Securities Exchange listed, diversified junior explorer focused on highly prospective land located in Australia's Northern Territory and Queensland.
A Northern Territory and Queensland focussed mineral explorer with a portfolio including: Uranium, Potash, Phosphate and Base Metals.
Rum Jungle Resources has strategic alliances with other major Northern Territory explorers increases exposure to additional exploration areas.
Rum Jungle Resources has experienced geological management backed up by a solid financial base to fund exploration budgets.
Contact:
Rum Jungle Resources Ltd.
T: +61-8-8942-0385
F: +61-8-8942-0318
E: info@rumjungleresources.com.au
www.rumjungleresources.com.au
