Quality management team with Evan Cranston Managing things. Tolga Kumova holding 10.15% or 5.53 Million shares. Top 20 holding 50%. Only 54.5 Million shares issued. $5.5 Million cash.
Oakover Project :
Given the advanced nature of the Oakover Project, it is proposed that work will commence immediately with a focus on improving the confidence in the resource then seeking to extend the current resource footprint along strike.
Reconnaissance RC drilling programme, which consisted of 19 holes for 855 metres, was completed later in 2010 to test target areas previously defined. The drilling intersected significant-grade manganese mineralisation at shallow depths at the Sixty-Sixer, JI and Rohde Prospects.
FFR completed 80 RC drillholes totalling 4,587m and 13 aircore holes totalling 416m in late 2010-early 2011 at nine primary prospects. 48 of these RC holes returned significant results for the Karen, Sixty Sixer, Jay Eye, Rohde SW, Louis and Bill prospects. All of these 48 RC holes contained significant shallow manganese (Mn) mineralisation, defined as greater than 3m downhole interval, at greater than 10% Mn, within 50m of the surface. Subsequently, FFR completed a 56 hole, 3000m RC drilling program at Sixty Sixer and JayEye Mn prospects. The program was designed to extend the footprint of the Mineral Resource. The holes were drilled on eight cross-sections, on an approximate grid of 200m x 100m spaced centres, and tested an additional surface area of approximately 70 ha. Of the 56 holes drilled, 34 contain a minimum downhole thickness of 5m of > 8% Mn grade, indicating the continuity and thickness of the Mn mineralisation Rock chip reconnaissance sampling along a ridge to the north of the Sixty Sixer prospect named the Taya prospect, comprised 11 samples which were assayed by Genalysis Laboratory. Manganese grades ranging from 6 to 42% manganese were reported and confirm the presence of further stratabound manganese mineralisation north of the Sixty Sixer prospect.
Hill 616 Project: Work at the Hill 616 Project will focus on systematic exploration to deliver a maiden JORC resources.
The Hill 616 Project has undergone extensive RC drilling, with 112 holes completed for 3,727 metres. The drilling was conducted over a wide- spaced (100m × 200m) grid pattern. Significant widths of manganiferous mineralisation were intersected over the entire 2.6 km’s of strike covered by the drilling program.
High grade (>20% Mn) manganese mineralisation was encountered in several small zones, both in the central and southern part of the prospect area. The previous drilling at the Hill 616 Project suggests that the mineralisation at the Hill 616 Project is generally shallow (mostly within 20 metres of the surface), gently dipping and laterally extensive across the target area. Significant widths of manganiferous mineralisation were intersected over the entire 2.6 km’s of strike covered by the previous drilling program.
Disraeli Project: Work at the Disraeli Project will focus on systematic exploration to delivera maiden JORC resources.
In 1977, Australia and New Zealand Exploration Company conducted sampling on the current project area. 9 surface samples were collected across the strike of the major outcropping enriched shales with 8 samples returning more than 35% Mn. In 2004, Planet Mining conducted rock chip sampling on the current tenure and collected 164 samples. 22 samples returned more than 40% Mn. The highest result of rock chip samples was 51% Mn. Subsequently, later in 2013, Spitfire Resources also conducted drilling on the current tenement to test targets from DDIP Survey. 2 holes were drilled and the following results were returned (a) SWW320: 14.1% Mn over 17m from a depth of 76m(i) including 5m with 20.5% Mn from 77m depth. (b) SWW322: 15.1% Mn over 11m from a depth of 93m(i) including 3m with 20.8% Mn from 96m depth. In regards to prospectivity, manganese mineralisation from the Woodie Woodie district is highly sought after due to its high manganese content, high lump yield, and low impurity content.
The Company’s main objectives are: (a) completion of infill and extensional drilling at the Oakover Project, targeting resource expansion along strike and increased definition of higher grade domains; (b) systematic exploration at the Company’s Hill 616 and Disraeli Projects to deliver a maiden JORC resource; (c) focus on mineral exploration and other resource opportunities that have the potential to deliver resource growth for Shareholders; (d) continue to pursue other acquisitions that have a strategic fit for the Company; (e) complete metallurgical beneficiation testing to be conducted in parallel with assessment of direct shipping ore opportunities.
FRB Price at posting:
76.0¢ Sentiment: Buy Disclosure: Held
