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Triako works towards completing Hera feasibility study
11:35, Wednesday, 26 October 2005
Sydney - Wednesday - Oct 26: (RWE Australian Business News) -
The immediate objective of Triako Resources Ltd (ASX code: TKR) was to
complete a feasibility study on the Hera Project with a view to reaching
a decision in the second half of 2006 on whether to proceed to
development, chairman Mr Kevin McCann told the annual meeting in North
Sydney this morning.
"The Hera Project and surrounding tenements is a core asset and
the directors are hopeful that it will be developed in the future," Mr
McCann said.
"The Hera-Hebe system stretches over 3 kilometres. This very
prospective belt holds significant potential for further discoveries of
high-grade gold and base metal deposits.
"Exploration to date has covered only a small area of the system
at the Hera deposit," he said.
Notwithstanding the closure of the Mineral Hill Mine, the
chairman said the company retained confidence in the potential of its
tenement holding in and around the mine.
"Careful compilation of existing data is likely to lead to new
drilling targets. Additionally, the company has not tested for
mineralisation deep beneath the mine workings.
"The company will continue to explore the Mineral Hill
tenements," he said.
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Mr McCann also noted Triako held a 25.1 per cent interest in
Ausmelt Ltd (ASX code: AET).
"The outlook for Ausmelt is more positive, having signed two new
contracts for its Top Submerged Lance smelting technology in July 2005
with smelters in Asia.
"One of the contracts is with China's largest nickel producer
and represents the company's largest-scale smelting and converting plant
and the first to process nickel concentrates to high-grade matte.
"Ausmelt also continues to conduct trials of its AM2 (flotation
reagent) at several copper mines in South America and retains a positive
outlook with regard to sales of the reagent."
Shares in Triako were untraded this morning at $1.15.
TKR
triako resources limited
