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Lafayette upside
Ben Sharples
Tuesday, September 27, 2005
GRANGE Securities has flagged the exploration
potential of Lafayette Mining's Rapu Rapu project in
the Philippines, anticipating success over the next
twelve months could likely take the mine life out to
ten years.
"Exploration has been dormant whilst the company has concluded the
project development and remains highly prospective with immediate
targets to drill test," the brokerage said. "The VMS style of mineralisation
seen at Ungay and Hixbar lends itself to repetition along structures of
strike length up to 10kms."
Grange said specific targets to be followed up include the Hixbar resource that remains open down
plunge and has several showings of massive sulphide in the vicinity, and the Ungay deposit, which
remains open to the west and across strike.
In addition, geochemical sampling has identified two anomalous areas in addition to the two known
deposits and ground magnetics programs have been developed to test some of these areas to generate
drill targets for testing in early 2006.
"We place a price target of 21c per share based on initial reserves and we anticipate substantial upside
from exploration drilling at Hixbar and other targets," the brokerage said.
The $US32 million Rapu Rapu project started pouring gold in July, with annual production tipped at
10,000t of copper, 50,000 ounces of gold, 14,000t of zinc and 600,000oz of silver over a six year mine
life.
First production from the base metals plant is expected next month.
Shares in Lafayette remained unchanged during early trade at 17c.
Aspermont Limited
Street Address613-619 Wellington Street, Perth WA Australia 6000
Postal Address PO Box 78, Leederville, WA Australia 6902
Head Office Tel +61 8 6263 9100 Head Office Fax +61 8 6263 9148
e-mail [email protected] website www.aspermont.com ABN 66 000 375 048
Lafayette Mining's Rapu Rapu
polymetallic project in the
Philippines