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Market: ASX
Sector: General Mining
EPIC: CAP
Latest Price: A$0.29  (0,00%)
52-week High: A$0.51
52-week Low: A$0.18
Market Cap: A$29.26M
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Carpentaria Exploration
www.carpentariaex.com.au

Carpentaria Exploration (ASX: CAP) is an exploration company focused on discovering base, precious metals and bulk commodities in eastern Australia. The company currently has interests in iron ore, tin, gold, copper and coal exploration projects. Discoveries to date include: Hawsons Iron Project - NSW and the Euriowie Tin Project - NSW.

Full Carpentaria Exploration profile here
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Carpentaria Exploration receives A$1.0m from BMG for JV iron project

14th May 2010, 11:05 am

Carpentaria Exploration (ASX: CAP) has confirmed that Bonython Metals Group Pty Ltd (BMG) has made a further cash instalment of $1.0m to Carpentaria on the 100% Carpentaria tenements at the Hawsons Iron Project (HIP) in New South Wales.

The receipt of the second cash payment of $1.0m is part of a staged payment over the next 2 months totaling $13.0m.

A total of $5.0m is a cash injection to Carpentaria and $8.0m is for exploration and resource drilling as part of the $81.0m deal secured as announced to the ASX on 23rd April 2010.

Nick Sheard, executive chairman said, “receipt of these funds further underlines BMG’s commitment to this program and we are looking forward to the start of our drilling program on the Burta JV in near future."

"This program is scheduled to start after the current program on the Redan JV. The initial program is designed to test all the magnetite sources in the JV and will help define the region that the resource drilling will occur."

Carpentaria has now received $2.0m cash towards funding of the project. On receipt of the next payment of $4.0m, Carpentaria will commence an extensive diamond and RC program on the Burta exploration licence, which covers a large portion of the Braemar Iron Formation, highly prospective for bulk magnetite iron deposits.

The exploration target is considered to be 2.2 to 4.8 billion tonnes at 18% Davis Tube Recoveries giving a concentrate grade of 69 -71% Fe with a relatively low level of impurities, to a depth of 250m over an estimated strike length of 34 to 51 km.

On the Redan JV to the north of the Burta JV, Carpentaria has drilled 5 RC holes in a 10 hole (2500m) exploration drilling program designed to further test magnetite sources in that JV area.

The company said results are awaited and will be released on completion of the program.

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