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Archer Exploration Ltd.
Summary
| Project: | Eyre Peninsula | |
|---|---|---|
| Deposit: | Eyre Peninsula | |
| Location: | Australia | |
| Commodities: | Graphite-Cobalt-Copper-Zinc | |
| Date: | 1/23/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 23-1-2017: Archer Exploration Ltd. announces an Exploration/Drilling Update report for its Eyre Peninsula deposit at the Eyre Peninsula project. Re-assay (on old drill holes) results incl. 2m @ 42.8% Cg, 11ppm Co, 58ppm Cu, 338ppm Zn from 52m. Archer Expl | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Wade Bollenhagen (Internal) | |
| ABSTRACT: | Archer Exploration Limited (ASX: “AXE”) is pleased to announce high grade graphite and cobalt results from assaying of previous drilling undertaken by others on Archer’s Cockabidnie tenement located near Cleve, Central Eyre Peninsula, South Australia. The Cockabidnie tenement abuts Archer owned farm land to the south. This tenement is 100% owned by Archer and is not included as part of Cobalt Bull joint venture proposal. The drill holes assayed by Archer are located approximately 5km south of the Company’s proposed Sugarloaf Graphite Processing Facility and confirm the southern extension of the Sugarloaf deposit (Figure 1). The Sugarloaf deposit contains an Exploration Target of 60 – 90 million tonnes at a grade of 10 – 12% TC (ASX announcement 09/08/16). Investors should be aware that the potential quantities and grades presented in the Exploration Target quoted above and elsewhere in this announcement are conceptual in nature, there has been insufficient exploration to define an overall Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. While the Company remains focused on developing the Leigh Creek Magnesite project, the high-grade cobalt and graphite discovered to date has encouraged Archer to continue its detailed review of exploration results, drill pulps and other data at Cockabidnie, Waddikee and other tenements on the Eyre Peninsula. Archer will report these results as they come to hand. The review of historic exploration data allows Archer to add value to both the Eyre Peninsula Graphite Project and the Cobalt Project in a cost-effective manner without the need for expensive drilling at this stage. | |
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