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 comprises 3.3 million ounces of gold and 16.3 million ounces of silver. Korab operates 3.3 mln ounce Bobrikovo gold and silver mine (Ukraine), Geolsec phosphate mine and Winchester magnesite project (Australia). Korab also explores for gold and base metals in at Ashburton Downs in Western Australia and at Batchelor in the Northern Territory.
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. Once the plant has been constructed, part of the mine output is planned to be processed into concentrate using low-cost gravity-based plant.
Bobrikovo is targeting oxide zone operating costs around $500/oz. The company has received proposal to sell ore to a third party for processing through their metallurgical plant. The sale of ore will potentially allow the company to generate early cash flow without cash outlay and to build the processing plant using retained earnings from sale of ore.
Geolsec Phosphate Operations Pty Ltd (GEOLSEC) is the operator of the Geolsec phosphate mine located near Darwin in the Northern Territory. The phosphate mine has recently completed permitting process. The Geolsec project has some of the best logistics and basic infrastructure of any rock phosphate project in Australia. The mine is located 2km from the town of Batchelor, approximately 70km south from the port of Darwin (capital of the Northern Territory). Geolsec mine is accessible all year round by sealed Batchelor Road. Geolsec is situated in close proximity (10km by sealed road) from Stuart Highway and the transcontinental railway line connecting Darwin with Adelaide (capital of South Australia) and with the national road and rail transport network which links Adelaide with Western Australia, Victoria, New South Wales and Queensland.
Geolsec phosphate mine...
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. Korab recently executed a binding agreement with a well-known, respected partner who will assist Korab in development of this deposit.
Winchester deposit ...
Korab Group Financial Report 2014
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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.
Batchelor and Green Alligator Projects
Batchelor project is located in the Rum Jungle Mineral Field in the Pine Creek orogen of the Northern Territory, 70 km south of Darwin. The Batchelor project contains several gold, nickel, copper and other base metals prospects. It also hosts historical gold mine (Sundance) which produced gold at a head grade of over 10 g/t Au.Past exploration shows that target stratigraphies at Batchelor 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)