9/57 Labouchere RoadSOUTH PERTH 6151Western AustraliaTelephone...

9/57 Labouchere Road
SOUTH PERTH 6151
Western Australia
Telephone 08 9474 3266
Facsimile 08 9474 3299
ABN 28 106 866 442
Statement to the ASX
8 February 2008
Mindax Limited was listed on the Australian
Securities Exchange
Code: MDX
in December 2004
Mindax is a West Australian based gold,
copper, iron and uranium explorer
A full description of the Company’s activities
is available at our website
www.mindax.com.au
Inquiries about this statement or about the
Company’s business should be directed to
Greg Bromley
Managing Director
Investor inquiries can be directed to:
[email protected]
EXPLORATION UPDATE
Mt Forrest Iron, Bulga Downs
The Company has completed a project summary paper in relation
to its Mt Forrest iron project (MDX 100%) at Bulga Downs in
Western Australia. That paper follows.
The key points that are made in the summary paper include the
following:
· It is estimated that there may be some 650-750 million
tonnes of iron stone on the Company’s property (to 75
meters depth).
· Five targets for direct shipping hematite ore have been
identified at Mt Forrest in the Bulga Downs Project and
drilling is planned for March with a view to delineating a
resource.
· Within the five target areas there may be 90 to 100
million tonnes of material. Based on the surface rock
chip sampling within these, a grade in the range of 57% to
63% Fe may be achievable.*
· Preliminary surface sampling has returned significant high
grade hematite.
· Phosphorous contents are very low averaging 0.04%
throughout the iron formation system. **
· Exploration priority is to be given to direct shipping
hematite ore with investigation of the significant
potential for magnetite ore to be undertaken at some
time in the future.
* There has not yet been any drilling of these targets and accordingly there has been
insufficient exploration to define a Mineral Resource. The target quantity and quality is
conceptual in nature. Being conceptual in nature it is not certain that further exploration
will result in the determination of a Mineral Resource.
**Phosphorus levels below 0.07% are generally required for premium grade steel
production and for blending with “high-phos” ores. They can attract a significant
premium.
9/57 Labouchere Road
SOUTH PERTH 6151
Western Australia
Telephone 08 9474 3266
Facsimile 08 9474 3299
ABN 28 106 866 442
Page 2
Yours sincerely
Gregory J Bromley
Managing Director
Contact : 0418 845 384 (mobile)
The information in this report that relates to Exploration Results and Mineral Resources is based on
information compiled by Mr Gregory John Bromley who is a member of the Australasian Institute of Mining and
Metallurgy, with more than 5 years experience in the field of activity being reported on.
Mr Bromley is a full-time employee of the Company and has sufficient experience which is relevant to the style of
mineralisation and type of deposit and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. Mr Bromley consents to the inclusion in the report of the matters based on his information in
the form and context in which it appears.
MINDAX LIMITED PROJECT SUMMARY FEB08
MT FORREST IRON – BULGA DOWNS
Confidential Page 1 8/02/2008
Mindax’s Mt Forrest Iron Project (100% MDX) is a significant emerging iron
deposit in the Central Yilgarn. Mindax’s exploration target in the area is
direct shipping iron ore with an important low phosphorus content.
Exploration target estimation has been calculated using the area of iron
stone outcrop within the project areas and by applying a density factor of
3.5 to estimate tonnes per vertical metre (Table 4). Extrapolated to a
nominal depth of 75metres, this suggests potential for 650 to 750 million
tonnes of material. Within the five target areas there may be 90 to 100
million tonnes of material. Based on the surface rock chip sampling within
these, a grade in the range of 57% to 63% Fe may be achievable.
There has not yet been any drilling of these targets and accordingly there
has been insufficient exploration to define a Mineral Resource. The target
quantity and quality is conceptual in nature. Being conceptual in nature it is
not certain that further exploration will result in the determination of a
Mineral Resource.
Mindax’s primary objective is to fast track the Mt Forrest iron project to a
direct shipping hematite resource status by mid-2008.
LOCATION:
· Project comprises 7 granted mining leases
· Cover 55 sq kilometres within the Richardson Ranges
· Located in East Murchison, 110km south-east of Sandstone
· 55km south of Geraldton-Leonora infrastructure corridor
· Leonora/Menzies railheads ~150km, Koolyanobbing 240km
GEOLOGY & MINERALOGY:
· Iron formation is folded into north pointing arrow head and extends for 17km
within prospect, the most significant ironstone mass along the belt.
· The ironstone ridges give ~100m of relief above the topographic base level.
· The Iron formation varies from 500 to 2000m in width and,
· Multiple ironstone layers of 30 to 200m thickness make up the iron formation.
· Outcrop mapping demonstrates ~2.8 sq km of magnetite, magnetite+hematite
and hematite material with variable silica.
· Systematic rock chip sampling indicates grades of 30 to 64% Fe with an
overall average 40% Fe, 0.04%P and silica varying inversely with Fe
· Airborne magnetics indicates further iron formation under cover
PROGRAM:
· Detailed mapping and sampling of 5 DSO targets (in progress)
· Analysis of airborne magnetic data (in progress)
· RC drilling of targets 5000m, first pass drill traverses to -60m (March)
· Continuing mineralogical studies geological/assay data analysis
· RC infill drilling (May)
· JORC standard resource statement (June-July)
MINDAX LIMITED PROJECT SUMMARY FEB08
MT FORREST IRON – BULGA DOWNS
Confidential Page 2 8/02/2008
Table 1 Results of 153 Rock Chip Samples of BIF within MLs
Minimum Maximum Mean
Fe 25.170 63.430 40.007
SiO2 2.230 62.610 40.743
Al2O3 0.010 11.540 0.198
TiO2 0.010 0.140 0.044
CaO 0.010 0.100 0.023
Mn 0.000 0.040 0.019
P_XRF 0.005 0.374 0.038
S_XRF 0.001 0.073 0.011
MgO 0.010 0.290 0.036
K2O 0.001 0.013 0.003
LOI1000 0.060 6.360 1.607
Table 2 Key Characteristics of Samples >60% Fe
Minimum Maximum Mean
Fe 62.880 63.430 63.093
SiO2 2.230 8.310 4.607
P_XRF 0.024 0.061 0.041
Table 3 Bulga Downs Fe Target Characteristics
Target Max
Rockchip
Fe%
Length (m) Comment
Fe1 63.43 2,600 Surface widths of 40 to 70m
Fe2 62.88 1,250 Surface widths of 40 to 70m
Fe3 62.97 1,600 Widths to 100m
Fe4 57.23 600 Suface widths of 45 to 60m
Fe5 n/a 1,500 Under cover, widths to 100m
Table 4 Exploration Target Estimations
Target Outcrop Area (Km2) SG Million tonnes per
vertical metre
Fe1 0.1210 3.5 0.42
Fe2 0.0912 0.32
Fe3 0.0792 0.28
Fe4 0.0304 0.11
Fe5 0.0998 0.35
0.4216 1.48
All BIF 2.8264 9.89
MINDAX LIMITED PROJECT SUMMARY FEB08
MT FORREST IRON – BULGA DOWNS
Confidential Page 3 8/02/2008
Systematic mapping and sampling of iron
formation has identified five key target
positions for further investigation including RC
drilling. This figure shows the distribution of
mapped ironstone, sample locations and
quality and target positions. This information
is detailed in the tables attached
MINDAX LIMITED PROJECT SUMMARY FEB08
MT FORREST IRON – BULGA DOWNS
Confidential Page 4 8/02/2008
The information in this report that relates to Exploration Results and Mineral Resources is based on information
compiled by Mr Gregory John Bromley who is a member of the Australasian Institute of Mining and Metallurgy,
with more than 5 years experience in the field of activity being reported on.
Mr Bromley is a full-time employee of the Company and has sufficient experience which is relevant to the style of
mineralisation and type of deposit and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. Mr Bromley consents to the inclusion in the report of the matters based on his information in
the form and context in which it appears