ag: Y Classification: Third Quarter Activities Report , Third Quarter Cashflow Report STRIKER RESOURCES NL 2002-04-30 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ A summary of the company's activities and results for the quarter ended 31 March 2002 is presented below.
CORPORATE HIGHLIGHTS
* Completion of a $1.0 million placement to institutional and selected private investors.
* Issue of a Prospectus for a pro-rata non renounceable entitlement issue to raise approximately $2.5 million.
EXPLORATION HIGHLIGHTS GOLD
* Negotiations concluded with De Beers Australia Exploration Limited (De Beers) regarding gold and diamond rights to certain tenements in the north Kimberley.
* CSIRO research scientists reported that analysis of gold particles collected from stream samples indicated a close proximity to a source of mineralisation. Several grains also revealed an association with quartz, calcite and alumina silicates which is considered likely primary vein material.
* Analysis of a coarser fraction from reconnaissance orientation soil samples has generated two spectacular and separate gold soil anomalies assaying 16.7g/t and 10.5g/t.
* Reconnaissance rock chip samples taken from epithermal veins and quartz reef systems report gold up to 491 ppb.
* Results to date suggest that a new Proterozoic-aged gold province may have been identified in the north Kimberley.
* A second program of infill and reconnaissance soil samples is currently underway, with first results expected within four weeks.
* Application has been made for a further 7,357 sq km in the Kimberley over areas believed to have potential for gold mineralisation. Striker interests in the Kimberley now cover over 17,500 sq km.
DIAMONDS
* The 2002 field program commenced during the quarter.
* Plans are at an advanced stage for the bulk testing of the Seppelt 1 pipe.
* Ground magnetic surveys are underway to define on the ground a dipolar magnetic anomaly located in close proximity to a 30 tonne bulk stream sample, which reported 7.34 carats of diamonds.
* A 50 tonne reconnaissance bulk strewn sample taken from a stream 30km from the Seppelt project area produced a 1.72 carat near perfect gem diamond valued at US$720/carat.
* De Beers reports 26 high priority indicator-mineral samples together with several priority targets identified from their airborne multi-spectral scanner survey.
MORE TO FOLLOW
SKR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
