Proactiveinvestors recommends
Additional Information
Market: ASX
Sector: General Mining - Gold
EPIC: MOY
Latest Price: A$0.02  (0,00%)
52-week High: A$0.02
52-week Low: A$0.01
Market Cap: A$65.55M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Millennium Minerals
www.millenniumminerals.com.au

Millennium Minerals Limited (ASX:MOY) is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia. The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project.

Full Millennium Minerals profile here
Is MOY a Buy, Sell or Hold?Get your FREE analysis of MOY
Pdf

Millennium Minerals boosts footprint near 1.25m gold oz Nullagine with Creasy Group JV

5th Apr 2011, 2:53 am Millennium has not only increased the company's footprint in this highly prospective region of Western Australia, but the new tenements host the mineralised corridor extending from the gold rich Golden Eagle deposit.

Millennium Minerals (ASX: MOY) through a strategic joint venture has boosted the company's tenement footprint around the Golden Eagle gold deposit.

Essentially what is so important here for Millennium, is the new tenements host the continuation of the mineralised corridor which extends from Golden Eagle.

Golden Eagle already hosts around 70% of the gold resource attributable to the 1.25 million gold ounce Nullagine Gold Project in Western Australia.

If new exploration confirms an extension to this mineralised corridor within the new tenements, then Millennium has the potential to significantly increase the company's gold inventory.

The joint venture with the Creasy Group covers the Mosquito Creek Formation, providing Millennium with an immediate 70% interest in the tenements.

Consideration for the joint venture is Millennium will issue Creasy just over 8 million shares for the 70% interest, with Millennium sole funding all required expenditure.

Creasy is not required to provide funding until the completion of a Bankable Feasibility Study and a decision to mine.

This will not be a problem for Millennium, as the company is extremely well funded after last month's A$23.2 million fully underwritten rights issue.

Adding to the potential of the new tenements is there has been very little exploration, with the exception of rockchip and stream sediment sampling in recent years.

This work has defined a 1.7 kilometre linear, northeast striking gold anomaly with a greater than 200 parts per billion (ppb) gold core, up to 1,400ppb gold within the fine fraction BLEG stream sediment samples.

Millennium considers that the acquisition allows the company to pursue a more intensive exploration program over the highly significant gold anomaly, which is now defined over a strike length of 4.5 kilometres, trending southwest from Golden Eagle.

 

Millennium in second joint venture with Galliard Resources Corp:

In other Millennium news, the company has entered a farm-in joint venture on the 100% owned tenements covering the Beatons Creek conglomerates with Galliard Resources Corp.

The joint venture allows Galliard to earn up to a 70% interest in the tenements.

Millennium said the farm-in tenements are not integral to the company’s Nullagine Gold Project, and this agreement essentially brings forward the assessment of the geological potential of the Beatons Creek conglomerates by several years.

For consideration, Galliard will issue Millennium $500,000 in shares.

 

Millennium will be presenting at the upcoming free investor event “Stars in Resources 2011 Series” in Sydney on Wednesday 6 April. For more information, or to register, click here.

 

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.