ACP - Audalia Resources

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Audalia Resources Limited (ACP) is an Australian-based exploration company established primarily to acquire, explore, evaluate and exploit lead, zinc and copper deposits and explore prospective tenements for other minerals.

The Company has entered into a Tenement Sale Agreement with Kingsfield Pty Ltd to acquire 3 tenements in the Gascoyne region of Western Australia. The tenements to be acquired from Kingsfield Pty Ltd are in close proximity to the Company's current exploration licence applications.

The Company is the current holder of two exploration licence applications for licences located in the Gascoyne region of Western Australia.

http://www.audalia.com.au

 

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MC - $3m
SP - 18c
Shares - 19m (80m total)
Options - 6.8m
Cash - $1.6m

GASCOYNE PROJECT
An exploration programme with a budget of $150,000 was designed during the June 2012 quarter. The programme will comprise of an Induced Polarisation (IP) survey over key targets. This will be followed up with auger drilling and soil sampling to identify targets for drilling.

MEDCALF PROJECT
Previous work carried out by numerous holders of the tenements over the last 40 years includes exploration for nickel, titanium/vanadium, platinum group metals (PGM) and gold. The primary vandiferous titanomagnetite mineralisation occurs within the pyroxenite zone between the basal peridotite and upper gabbro zones of the sill. The lateritic weathering of this sill has removed much of the silica, calcium and magnesium in solution thus resulting in residual concentrations of iron, titanium and vanadium oxides. This secondary enrichment potential hosts economic ore.

Work completed during June quarter
A drilling programme was designed by Mr Stephen Hyland, a resource geologist from Ravensgate during the June 2012 quarter. The forty six drill hole drilling programme will be carried out over the Vesuvius vanadium prospect on a 160m by 160m pattern, with each hole planned to be drilled to a depth of 50m. The programme has been marked out by consultant geologist, Mr Terry Taylor in the field. A budget of $250,000 has been allocated for the programme.
A flora environmental survey is being carried which will be submitted to the Department of Mines and Petroleum together with the Programme of Works during the September 2012 quarter.