Mantle has recently been granted priority over an application for Exploration Licence EL 5294 at Bacchus Marsh in Victoria. Mantle is of the view that EL 5294 could contain an Exploration Target1, 2 of between 1 and 2 Billion tonnes of brown coal.
Exergen has developed a breakthrough clean coal technology that, teamed with modern coal-fired power station technology, will deliver up to 40% emissions reductions. The technology is known as Continuous Hydrothermal Dewatering (CHTD).
-Exergens cornerstone investors include; o TATA Power, Indias largest private power utility, as major coal off-taker, o Thiess (Leighton), the worlds largest supplier of outsourced mining services, o Itochu, Japans 3rd largest trading house, extensive coal trading experience, o Sedgman, a global specialist provider of mineral engineering solutions.
-Mantle and Exergen to formalise agreements leading to; o A 50/50% Joint Venture for exploration and subsequent mine development, o Exergen constructing a 50tph demonstration drying facility, o Exergen developing an export project on its 50% of the coal deposit, o Mantle being licenced to utilise CHTD on its 50% of the coal deposit.
-Mantle and Exergen to execute binding Substantive Agreements; o an exploration Joint Venture Agreement (JVA), within 1 year, o a CHTD Technology Licence Agreement (TLA), within 1 year, o a Mine Development Heads of Agreement (HOA), within 1 year o finalising the Mine Development Agreement (MDA), within 2 years.
-Proposed major developments over subsequent years to include: o commencing the drying demonstrator construction, o full demonstration and taking an investment decision, o commencing construction of Exergens Export Project.
Mt Mulligan Coal and CBM (QLD): The most detailed announcement of the resource is here. The three-year saga to secure access to Mt Mulligan is drawing to a close, much to the relief of LT investors. Mantle has taken Calcifer, to the Supreme Court for Declaratory Relief. The courts are now waiting for the submission of discovery documents from Calcifer. If their shenanigans in the land court are anything to go by, they are attempting to stall proceedings, mind you they have had over a year to prepare and decided to change lawyers then claim conflict of interest. I would like to see this resolved by the end of the year, the case was launched in March of this year.
This is from the last announcement on the case.
The Company has: -Provided Calicifer with its list of relevant documents (in accordance with its obligations under the court rules), -requested that Califer provide further and better particulars of its defence, in particular, clarification on which conditions precedent Calcifer is contending were not met, and requested that Calcifer deliver its list of relevant documents. -Calcifer filed a Notice of Change of Solicitor. Due to an alleged conflict of interest, the Company retained Allens Arthur Robinson Lawyers and filed a Notice of Change of Solicitor.
GOLD
Granite Castle Gold (QLD): JORC resource of Granite Castle in QLD are given here.
Gold $1200 x 79,301 = $ 95,161,200 Silver $18 x 1,530,803 = $27,554,454 = $122,705,654
These figures from the JORC are from 0.6km of shears. There are 6.5km of similar shears to be drilled. Very simplistic calculation for an estimate but there could be 10X what has already been drilled on that project. They have begun data reviews to define next step drilling and reconnaissance programs, as per the previous quarterly.
Haunted Stream Gold (VIC): MNM has identified 2 major anomalies, the target being a LARGE SCALE BULK TONNAGE gold/copper mineralisation, they believe these anomalies could be the feeder system to the area. The program of two diamond drillholes targeted the first of two promising magnetic anomalies both coincident with a dioritic intrusive and major fault projections central to a 12km gold anomalous corridor containing a number of historically high grade gold mines. Visible gold has, as yet, not been confirmed however the alteration assemblages are significant as indicators of potential gold mineralization. Logging, sampling and analysis of the core is underway. Results due out soon. Last Haunted Stream Announcement
Great Britain Gold (QLD):
Mantle has acquired these tenements (EPM 14388 and EPM 146-4) from Glengarry Resources Ltd. Since the Projects inception in 1995, Glengarrys exploration expenditure has exceeded $2,500,000 and work has included geochemical sampling, geophysical interpretation, mapping and drilling. More than 5000 surface samples have been collected and over 27,000 metres have been drilled, centred on the historic Great Britain mine, just west of Charters Towers.
Only limited modern systematic gold exploration had been completed over the Charters Towers project leases prior to Glengarrys involvement. Previous exploration work concentrated around the known historical mines, identified through prospecting during the early 1900s to 1930s. For a major gold mining district, it has been significantly under-explored.
The gold mineralisation at Great Britain is hosted by quartz-carbonate-sulphide stockwork and stringer veins within silica-sericite altered envelopes within the lower greenschist facies Charters Towers Metamorphics. Locally the host lithology is comprised of siltstones, sandstones and cherts interbedded with moderately foliated calc-silicates, phyllites and minor banded iron units.
Gold mineralisation at Great Britain occurs as three sub-parallel stacked lodes that are continuous and northeast dipping. These vary in width from 2m to 15m. The Mineral Resource reported for the Great Britain deposit encompasses 210m vertical metres. Full details of the estimate appear in the Independent Geological Report in this Prospectus. The estimate is based on reverse circulation and limited diamond drilling data and complies with recommendations in the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared in 2004 by the Joint Ore Reserves Committee (JORC).
The resource is summarized below:
At 0.5g/t Au cut: 2,128,000 tonnes @ 1.8 g/t Au for 123,000 ozs gold At 1.0g/t Au cut: 1,535,000 tonnes @ 2.2 g/t Au for 109,000 ozs gold
Using a gold price of A$800 and a conservative1.0g/t Au cut-off, one can calculate that over A$87 million of gold has already been outlined within this inferred resource. The mineralisation, shown below, has not been closed off either laterally or at depth. Mantle plans further drilling to increase this resource.
This info taken from Mantle's Projects page on the website
BASE METALS
Barkly Phosphate (NT): Mantle holds a large area of land for exploration in the NT, around the phosphate deposits of MAK and POZ. Mantle undertook green fields drilling program at the end of last year. They thought they had found something when their XRF readings came back positive, however the lab results did not match. This project is now low priority, giving way to projects capable of quickly producing an income.
Burke Uranium (QLD) Announced a JV with Southern Uranium (SNU) at the end of 2009, the area hosts uranium deposits such as Ben Lomond and Maureen. The JV details: The joint venture agreement requires Southern Uranium to make an initial payment of A$25,000 to Mantle and to expend A$175,000 in the first two-years to earn 51% interest in Mt Brown joint venture. Southern Uranium may spend A$200,000 in a further two-years for an additional 19% interest. Exploration at Mt Brown will be managed by Southern Uranium. There has been no update since, hope to see one soon from SNU.
