Korab Resources Ltd is an diversified international mining and exploration company listed on Australian Securities Exchange (ASX code is KOR) with gold, silver, phosphate and magnesite development projects and base metals exploration projects. Korab's resource inventory is just under 4 million ounces of gold equivalent. This inventory comprises 3.64 million ounces of gold and 16.3 million ounces of silver. Korab operates 3.3 mln ounce Bobrikovo gold and silver project (Ukraine), 340,000 ounce Melrose gold project, Geolsec phosphate project and Winchester magnesite project (Australia). Korab also explores for gold and base metals in Western Australia and in the Northern Territory. The Ashburton Downs project in Western Australian is located immediately to the south of the multimillion ounce Ashburton project held by Northern Star Minerals. The Batchelor project in the Northern Territory contains historical gold mine (Sundance) which produced gold at a head grade of over 10 g/t Au, as well as several nickel and copper prospects which show strong potential for significant base metals mineralisation.
Bobrikovo (Gold & Silver)
Bobrikovo gold and silver project contains 3.3 million ounces of gold and 16.3 million ounces of silver in JORC compliant resource. To read more about the Bobrikovo Project please go to the Bobrikovo page by clicking on this link. The project is located in the Lugansk province in Eastern Ukraine. Bobrikovo has been mining and stockpiling oxide ore on a campaign basis and has commenced the development of the processing plant and other mine infrastructure. It is planned to develop the oxide and transition zones of the deposit as a simple open cut mine. Development of the fresh rock zone is anticipated to use a low-cost sub level caving method. A link to a video animation of a sub level caving operation is available below. Mine output is planned to be processed into concentrate using low-cost gravity-based plant. The concentrate is most likely to be processed on site to produce doré bars.
Bobrikovo is targeting operating costs around $500/oz for the oxide zone. Animation of Sub Level Caving Mining Method
Melrose gold project which contains 339,000 ounces of gold in a JORC compliant resource is 100% owned by Korab through our subsidiary company Melrose Gold Mines (MGM). MGM entered into an agreement to sell the project to an unrelated Australian mining company with the settlement of the transaction scheduled for early January 2014. Project is located near Leinster in the Eastern Goldfields of Western Australia. Mineralisation at Melrose is open at depth and along strike offering excellent exploration upside with a potential for additional resource nearby where drilling has discovered near-surface gold mineralisation. Melrose project has completed comprehensive metallurgical testwork program including heap leach amenability tests. The tests have produced excellent gold recoveries of up to 94% Au extracted after 32 days of leaching. The test results confirmed that the ore from Melrose project can be processed through a relatively cheap and simple heap leaching operation. To read more about the Melrose Project please go to the Melrose page by clicking on this link.
Geolsec Phosphate Operations Pty Ltd (GEOLSEC) is the operator of the Geolsec project. GEOLSEC’S mission is to become a preferred supplier of environmentally-friendly organic products to the agricultural sector in the Northern Territory and beyond and thus support further expansion of sustainable agriculture. Products such as organic phosphate rock and rock dust supplements have many environmental benefits. This has a potential to provide substantial ongoing benefits to the environment and the community. Because of the deposit’s location, its structure and its characteristics, the development of the Geolsec project should have a negligible environmental impact. Click on this link for more information about Geolsec... GEOLSEC is planning to commence production of organic rock phosphate fertiliser after receiving all regulatory approvals. It estimates that the mining costs for this operation would be under $20 per tonne. The start-up costs are estimated at between A$200,000 and A$300,000.
Korab's Winchester magnesite deposit is one of the best located magnesium deposits in the world with ~17 million tonnes of JORC Code compliant resource @ 91% MgCO3. Winchester is located just 75 km south of the port of Darwin. Project is serviced by excelled infrastructure including, rail, sealed highway, gas pipeline, high voltage power and potable water. Magnesium is stronger than steel yet lighter than aluminum. It is widely used in aerospace and military applications, steel making, super conducting materials, automotive sector and building and construction. Independent experts believe that the growing demand for lighter, fuel efficient vehicles, super conductors, steel, advanced alloys and eco-friendly building materials will ensure demand for magnesium continues to increase at historical rate of 7% pa. Korab is seeking expressions of interest from potential buyers or joint venture partners to develop the deposit as direct shipping magnesite ore or magnesium oxide supplier.
KORAB'S GOLD AND SILVER INVENTORY
Broker Presentation - May 2013
Korab Group Annual Report 2013
RECENT ASX ANNOUNCEMENTS
Korab Resources Ltd (ASX:KOR)
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Ashburton Downs Project
Ashburton Downs is significant new copper complex in the Ashburton Basin just 20 km south of Paraburdoo. This project covers Green Elephant Complex comprising North Mount Elephant, Green Elephant, East Elephant and Mount Elephant. Green Elephant copper anomaly covers two square kilometers (2,000,000 square meters) with some 970,000 square meters of visible copper mineralisation and with multiple assays grading 5% to 20% copper. Several trenches cut through the area averaged between 3% and 5% copper. Additional four trenches averaged greater than 5% copper. Mount Elephant assays returned up to 45% (450,000 ppm) copper. EM surveys show 2.5 km long conductor coinciding with high grade copper assays. The setting and the mineralisation style of project bears close similarity with those of the Zambian copper belt where similar rock types host the copper mineralisation. Korab believes it is highly likely that our 5 copper anomalies, which cover an extensive area, form part of the same mineralised structure. The extent of the mineralisation can only be determined following extensive drilling, however the initial, early stage exploration results highlight the potential for the project to be one of Australia’s most exciting copper prospects. Korab is seeking expressions of interest regarding this project from potential joint venture partners. (click here for diagram)
Batchelor and Green Alligator Projects
Batchelor and Green Alligator projects are located in the Rum Jungle Mineral Field in the Pine Creek orogen of the Northern Territory, 70 km south of Darwin. Past exploration shows that target stratigraphies at Batchelor and Green Alligator projects in Rum Jungle Mineral Field have a potential to host gold, tin, copper, lead, zinc, phosphate, rare earths, nickel, cobalt and banded iron formations. Drilling, rock chip sampling and soil geochemical surveys to date have confirmed widespread nickel, copper, lead and zinc anomalism associated with EM conductors. Korab is seeking expressions of interest regarding this project from potential joint venture partners. (click here for diagram)