leadf
logo-loader
viewAdmiralty Resources Ltd

Admiralty Resources primes for production

soberana_live_testing_2_350_5091fcb739ba4.jpg

Admiralty Resources (ASX:ADY) has advanced its pre-feasibility and scoping study at Mariposa and Soberana respectively with results expected in the next quarter.

Production at both these deposits is likely next year with initial production target of 1.2 million tonnes per annum of iron ore fines out of Mariposa and 360000 tonnes of iron ore lumps or fines  out of Soberana.

While Admiralty has advanced drilling at these two deposits in an effort to start production, its strategy for developing its Chilean assets also includes prioritising drilling in prominent targets where no previous drilling has taken place.

Targets have been selected according to magnetic susceptibility after high resolution magnetic surveys with the aim of developing Harper South and Pampa Tololo. 

The Harper South district, spread over 2498 hectares, comprises seven targets including the highly prospective Mariposa, Soberana and La Chulula deposits.

A PFS report is on Mariposa is likely next month which will include a resource statement and an audited drill hole results.

The scoping study of Soberana also included 240 tonnes live test and 600 metres of RC drilling

Its drilling activity is set to receive boost with an exploration budget of $1.3 million allocated for the December quarter compared with a spend of $920000 the previous quarter. 

The company has $4.63 million cash on hand. 

Infrastructure access

Admiralty's flagship iron ore deposits are located in Chile with all the three districts, Harper South, Pampa Tololo and Cojin located close to and within easy access of the Pan-American Highway, a railway and power line and operating shipping ports.

Australian projects

Admiralty also conducted a ground magnetic survey and rock and soil sampling and 1000 metres RC drilling in Bulman and the results are expected this quarter.

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

Quick facts: Admiralty Resources Ltd

Price: 0.013 AUD

ASX:ADY
Market: ASX
Market Cap: $15.07 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. 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...

FOR OUR FULL DISCLAIMER CLICK HERE

Luckbox gets set for Toronto listing to 'continue building the story and...

Luckbox's Quentin Martin is preparing to list on Toronto’s TSX Venture Exchange after already managing to raise CA$6mln in the summer. Already well funded, Martin now wants to 'build the story, continue to build the investor base and drive value. We will be investing healthily...

6 hours, 36 minutes ago

2 min read