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Siburan Resources banks A$3.1m from Chinese government enterprise partnership

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Siburan Resources (ASX: SBU) has strengthened its cash position by around $3.1 million following the completion of a Share Subscription Agreement with Hunan Australian Mining.

Hunan Australia Mining is a wholly owned subsidiary of the Hunan Province Zhonghe Mining Industry Development Co, which is owned by a China State Government enterprise.

The Hunan group is an Exploration Bureau with vast experience in exploring for Tungsten and Uranium.

Hunan now holds a 19.9% stake in Siburan following the issue of 20.6 million shares at $0.15 each.

The partnership with Hunan could see Siburan fast track it Kirwans Tungsten Project in New Zealand.

The Kirwans project is highly prospective for tungsten and gold, with historical drilling intersections including 15 metres at 0.13% tungsten from 4 metres, 15 metres at 0.13% tungsten from 14 metres, and 5 metres at 0.15% tungsten from 33 metres.

A previous diamond drill hole reported an average grade of 0.05% tungsten from the surface for 263.2 metres, demonstrating the potential broad nature of the mineralisation.

Adding to the prospectivity of the project, rock chip samples from other tungsten targets within the project area have returned high grade values of up to 8% tungsten – which Siburan said will require drill testing.

Funds raised through the Share Subscription Agreement will also be allocated to the exploration and development of Siburan’s other current projects, as well as pursuing other new resource opportunities. 


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Quick facts: Siburan Resources Limited

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ASX:SBU
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Market Cap: $1.4 m
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