4 mill market cap.only 27 million shares.22 March 2007 The...

4 mill market cap.
only 27 million shares.


22 March 2007 The Announcements Office Australian Stock Exchange Limited Level 3, 20 Bridge Street SYDNEY NSW 2000 By Electronic Transmission Dear Sir ASSAY RESULTS CONFIRM NEW VANADIUM PROVINCE FOR WEST AUSTRALIA Attached is a media release with respect to the above. Yours faithfully Peter Farrah Managing Director
MEDIA/PRESS RELEASE 22 March 2007 – for immediate release HIGHLIGHTS ASSAY RESULTS CONFIRM NEW VANADIUM PROVINCE FOR WEST AUSTRALIA Assay results received from a recent sampling programme of rock outcrop and laterite, confirm a new vanadium province in the Katanning area. Highest result 0.81% vanadium, 8.4% titanium and 53% iron. Of the 44 samples, all but four samples had values greater than 500 ppm, (0.05%) vanadium and 0.9% titanium. The samples were taken from 5 kilometres west of the Albany Highway to 6 kilometres east of Katanning, a lateral spread of nearly 60 kilomteres. ------------------o------------------
REPORT ON THE ASSAY RESULTS FOR SAMPLES COLLECTED FROM THE KATANNING AREA 44 samples were collected from the sites of various magnetic anomalies in the Katanning area, West Australia. These samples were analysed for vanadium, titanium and iron by Genalysis Laboratory, Perth. The samples were collected from a stretch of prospective ground pegged in a joint venture partnership by the company which stretches from 6 kilometres west of the Albany Highway to 9 kilometres east of Katanning, an area of 500km². This area contains over 30 magnetic anomalies. The sampling programme targeted 12 of the magnetic anomalies for sampling. Nearly all the results were anomalous for vanadium and titanium. Of the 44 samples all but four had values greater than 500 ppm vanadium and 0.9% titanium and high levels of iron due to the presence of magnetite. The highest result was 0.81% vanadium, 8.4% titanium and 53% iron from a magnetite outcrop 6 kilometres east of Katanning. Some of the significant results are listed below. Table 1: Location of some of the significant assay results for the Katanning Area SAMPLE NUMBER MAGNETIC ANOMALY NORTHING EASTING SIGNIFICANT ASSAY RESULTS Vanadium,V (ppm) Titanium, Ti (%) Iron, Fe (%) 331301 32 6272704 557145 8050 8.44 53.0 331302 32 6272729 556987 7790 8.42 53.2 331304 33 6271394 557944 1940 1.73 40.3 331308 33 6271305 557900 2361 4.68 40.0 331316 19 6282722 532293 1452 1.66 33.4 331318 23 6284180 520960 617 1.01 24.5 331319 25 6287342 501741 833 3.03 16.1 331320 26 6288774 501716 730 1.08 17.9 331322 27 6289838 501628 1524 1.33 21.9 331333 32 6272598 557105 7640 8.69 53.2 331342 19 6282700 532402 1940 1.73 44.6 796702 31 6277411 557852 6574 0.76 45.7 796703 13 6286090 559682 1171 1.47 22.3 796704 18 6286371 555646 734 1.71 34.8 796705 15 6284034 553171 901 1.34 31.0 The highest results are from rock outcrop and float samples with abundant magnetite. Samples 331301, 331302, 331333 and 796702 were such samples. They had values of +0.75% vanadium, +8% titanium and +50% iron. All the other samples were from laterite with reduced iron content. Their lower values for vanadium and titanium were probably a reflection that only a portion of the laterite is derived from the vanadium/titanium host mineral, namely magnetite. Despite this these vanadium and titanium values are significant and represent promising exploration targets.
The assay results confirm earlier work by our joint venture partners that the Katanning – Woodanilling area is a new vanadium province for West Australia. For further details contact Peter Farrah, Managing Director on 0419 913 408 or Alan Wolstencroft, Technical Director on 0439 912 234 The information within this report as it relates to geology was compiled by Mr Alan Wolstencroft of Accent Resources NL. Mr Wolstencroft is a member of the Australian Institute of Geoscientists. Mr Wolstencroft has sufficient experience relevant to the type of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2004 edition of the Australian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves, and consents to the inclusion of this information in the form and context in which it appears in this report.