Chuca, another APU Quarterly Report (as they are known here).
If you go to HotCopper you will find posts regarding the rich native silver find at Munni Munni (ECM and LEG).
Regards, Aurum
PS I post on HotCopper under the nom de plume of "Nugget"
AUSTRALIAN PLATINUM MINES NL 1997-07-31 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
HIGHLIGHTS
* Diamond Drilling commenced at the Copper Hills prospect.
* New base metal discovery, refered to as Leons Find was made 10 kms
south of Copper Hills.
* Confirmation of Layered Intrusive at the Harbutt Range by the
companys South African consultants. Diamond drilling has commenced at
the Two-up prospect in the Harbutt Range.
* Drilling is currently taking place at the new base metal discovery
at Leons Find.
* Assay results from the Copper Hills drilling is currently being
assessed by the company, with early results indicating a more complex
geological environment than was originally anticipated in this area.
MORE TO FOLLOW
AUSTRALIAN PLATINUM MINES NL 1997-07-31 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
EXPLORATION
(Tenements E45/1435, E45/1494, E45/1568, E451/1580 E45/1688,
E45/1689, E45/1690, E45/1691, E45/1692 - 100%25 Australian Platinum
Mines)
Summary
Significant progress was made in the second quarter of 1997. The
field camp was re-established on its site near Copper Hills, but is
now much more substantial, in comparison to that erected for the
short 1996 field season. The camp will allow field crews to extend
their time well into the summer period thus giving the company 12
months access to the field.
Drilling is continuing at Copper Hills and will do so well into the
third quarter of 1997. The drill rig has completed, to the end of
June, 5 diamond drill holes all of which were drilled on the Copper
Hills prospect. Geophysical work continued from the previous quarter
and consisted of Dipole-Dipole Inducted Polarisation (IP) over Copper
Hills and Gradient Array IP over the Gazza area proximal to Copper
Hills.
Major progress has been made during the quarter in understanding the
regional geological setting of the Tenements. The early stages of
geological mapping has confirmed the existence of rock types in the
Harbutt range tenement (E45/1494) consistent with the presence of a
Layered Complex, the principal host in South Africa and North
America to platinum-palladium mineralisation and production.
Preliminary results from the Copper Hills area have indicated the
presence of PGE and base metal mineralisation although the
complexitity of the geology has not enabled a clear picture of the
genisis of the mineralisation to be achieved.
The view is held by the company that all of these tenements have
considerable economic potential, and that prospectivity goes beyond
platinum into base metals and gold. It is notable that the region,
known as the Paterson Orogen of which the APM tenements are a part,
is host to the Telfer gold deposit, the Nifty copper deposit, and the
Kintyre Uranium deposit. Reported below are the results of a newly
identified prospect for copper-gold that well illustrates the point
of general prospectivity. It is expected that as further progress is
made with the geological programs, other significant indications of a
range of metals will come to light including a resolution of the
source of the high grade PGE's.
EXPLORATION
Copper Hills
Drilling is underway at Copper Hills and first assay results are at
hand. The drilling was preceded by a geophysical program of both
Dipole-Dipole and Gradient Array Induced Polarisation to further
define the "line of lode" at Copper Hills.
Results from the Geophysical Program
Dipole-Dipole IP at Copper Hills was designed to extend the coverage
from the 1996 field season over the prospect, on the basis that it is
known that the platinum palladium mineralisation is associated with
sulphides and graphitic layers. The Copper Hills program totalled
4,250m of Dipole-Dipole coverage at 50m spacing in 7 lines over the
"line of lode", consistent with what was done in 1996. Strong
anomalies were detected and their location assisted in the placement
of the diamond drill holes. Gradient Array IP detects chargeable
masses in the earth, but does not permit depths to the anomaly to
be calculated, this is the role of the Dipole-Dipole IP.
Of special note was the Dipole-Dipole response in an area south-west
of the initial discovery trench which was exceptionally strong, but
calculated to be at or deeper than 100m. This zone has been called
Anomaly 3. A decision to drill this anomaly has not been made to
date, but is under active consideration, and the decision will be
reviewed as drill results from surrounding areas become available.
Gradient Array IP over the Gaza area, some 5 kilometres west of
Copper Hills has been completed. The Gaza Prospect, a small copper
showing, is in the Gaza area. The area is traversed by a fault that
has a number of base metal geochemical anomalies along its length.
The area covered by Gradient Array IP was 6 square kilometers. Results
are being interpreted and will be used to target areas of potential
mineralisation.
Results to date from the Drilling Program
The drilling program now underway is the first attempt to understand
the sub-surface characteristics of this complex geological area. The
drilling programme is ongoing, and to date a diamond program of in
excess of 1,000m is underway. To the end of June 1997 a total of 722
metres had been drilled at Copper Hills consisting of 210 metres of
reverse circulation, and 512 metres of diamond core. The combination
of carbonate and graphitic rocks along the "line of lode" have proven
to be difficult ground for the recovery of diamond core. Despite this
recoveries have been more than satisfactory but to ensure good
recovery the rate of drilling was reduced. This drilling programme be
began at the end of May 1997 and is expected to continue through to
the end of the third quarter.
A follow up Reverse Circulation program of 2,000 metres is planned to
start in late July to test selected areas at Copper Hills and the new
base metal discovery at Leons Find.
The RC programme has been instigated to increase the depth to which
the "line of lode" has been tested and to increase drill
productivity.
The diamond drill rig will be moved to the Two-up prospect at the
Harbutt Range when the Copper Hills program is completed, and 400
metres of diamond core drilling will be completed testing Platinum
Group Elements (POE) and chrome anomalies. In addition to the
foregoing four water holes have been drilled to ensure water for
drilling and related operations.
Core from dri
lling completed this quarter have been logged, halved and
sampled, and submitted to assay. Elements being assayed for are Au
Pt, Pd, Cu, Pb, Zn and Ag. The drill core shows a distinct zone of
mineralisation marked by sphalerite and copper sulphides. In one
instance a veinlet of chalocite (Cu2S) was intersected. Not all
assays results were returned at the time of writing, but at present
although there are some significant base meal assays that have been
returned, there have not been any significant PGE or gold returns
returned to date from the initial drill holes. The reasons for this
are not clearly understood at this stage however the drilling has
enabled for a much clearer picture of the complexity of the Copper
Hills area. Clearly there has been major structural events in the
area that have caused dislocation of what appeared initially to be
continuous zones of mineralisation at surface. Follow up work will
concentrate on determining the relationships of the continuous
mineralisation at surface with the drilling results. Additional assay
results subsequent to the end of June displayed a similar trend
although the presence of significant base metals was confirmed. When
all results from this initial programme are returned a separate
report will be made available to shareholders.
MORE TO FOLLOW
AUSTRALIAN PLATINUM MINES NL 1997-07-31 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
HARBUTT RANGE
Regional exploration was carried out during the quarter by the
company which included work by the company's South African
consultants. Preliminary interpretation confirmed the presence of a
layered ultra mafic/mafic complex with associated chrome and PGE's.
Two diamond drill holes are planned at the Two-up prospect during the
next quarter to confirm the stratigraphic position within the layered
complex of the existing PGE mineralisation.
TARGET GENERATION BEYOND COPPER HILLS & HARBUTT RANGE
A new prospect has been discovered in the southern most tenement
(E45/1691) approximately 10 kilometres to the south of Copper Hills.
This new prospect referred to as Leons Find has significant copper
oxide staining and is hosted by the Karrara Formation. The first
sample submitted by APM for assay returned 18.8%25 copper and 3.4 g/t
gold. This sample was located in the centre of a 4-5km long linear
structure.
Chip sampling done in the course of early mapping has returned the
following values:
SAMPLE NUMBER Copper %25 Gold grams per tonne
LF 01 13.5 1.45
LF 02 27.0 3.50
LF 03 10.2 3.90
LF 04 14.5
0.82
LF 05 26.5 4.90
LF 06 9.0 1.18
LF 07 6.0 0.80
LF 08 26.5 2.95
LF 09 0.28 0.03
LF 10 4.6 0.25
LF 11 0.25 0.02
The Company considers these results to be significant, and there will
be a short follow up RC drill program in the third quarter of 1997.
MINERALOGY AND PETROLOGY
Petrographic examination of selected core samples from the Blackjack
FGE Prospect, located in the Harbutt Range, has confirmed the
regional metamorphic grade in this area is upper amphibolite to
granulite facies. Although the source for the anomalous PGE values
could not be determined a direct relationship with the gabbronorite
norite and metagabbro units has been established. These rock types
are ass
ociated with layered mafic-ultramafic complexes consistent
with bodies that host PGEs. Economic and economic related minerals
observed in the rock sections include pyrite, chalcopyrite, trace
sphalerite and galena and possible native platinum. The latter will
be followed up by a short Scanning Electron Microprobe (EMPA)
program.
ACTIVITIES IN THE THIRD QUARTER OF 1997
Planned activities in the next quarter are:
1. Complete diamond core drilling at Copper Hills area focusing on
the man line of lode and nearby geophysical anomalies at depth.
2. Commence diamond drilling in Harbutt Range area at the Two-up to
assess the anomalous chrome and PGE values reported from previous
work.
3. Complete a 2,000 metre RC program at Copper Hills and Leons Find
4. The research program with the CSIRO will continue, providing APM
with valuable insights into the geochemistry and genesis of the PGE
mineralisation. Sulphide samples are now available from the drill
core and will also be mineralogically assessed.
5. A thorough sampling and mapping program will begin on the Karrara
Formation south of Copper Hills where the new copper/gold anomaly was
located, Leons Find.
A Doyle
CHAIRMAN
M.Aus.IMM
This review accurately reflects information compiled by an officer of
the company. Insofar as it relates to ore reserves and mineral
resources, it is based on information compiled by Dr. R.A. Creelman
who is a corporate member of the Australian Institute of Mining and
Metallurgy and who has more than five (5) years experience in the
field being reported.
MORE TO FOLLOW
AUSTRALIAN PLATINUM MINES NL 1997-07-31 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
MINING EXPLORATION ENTITY QUARTERLY REPORT
Name of entity
Australian Platinum Mines NL
ACN or ARBN Quarter ended ("current quarter")
072 439 591 30/06/1997
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to dat
e
operating activities Quarter (12 months)
AUD'000 AUD'000
1.1 Receipts from product sales
and related debtors - -
1.2 Payments for
(a) exploration and evaluation (564) (1,553)
(b) development - -
(c) production - -
(
d) administration (note 2) (209) (775)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 45 111
1.5 Interest and other costs of
finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Oper
ating Cash Flows (728) (2,217)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - (180)
(b) equity investments - -
(c) other fixed assets (5) (188)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equi
ty investments - -
(c) other fixed assets - -
1.10 Loans to other entities (note 3) - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows (5) (368)
1.13 Total operating and
investing cash flows (733)
(2,585)
Cash flows related to financing activities
1.14 Proceeds from issues of
shares, options, etc. - 4,515
1.15 Proceeds from sale of
forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other (pro
vide details if material) - (579)
Net financing cash flows - 3,936
Net increase (decrease) in cash held (733) 1,351
1.20 Cash at beginning of quarter/
year to date 2,194 110
1.21 Exchange rate adjustments to 19 - -
1.22 Cash at end of quarter 1,461 1,461
NON-CASH FINANCING AND INVESTING ACTIVITIES
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows
-
2.2 Details of outlays made by other entities to establish or
increase their share in projects in which the reporting entity
has an interest
-
FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
Am
ount Amount
available used
AUD'000 AUD'000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER AUD'000
4.1 Exploration and evaluation (250)
4.2 Development
-
Total (250)
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD'000 AUD'000
to the related items in the accounts
is as follows.
5.1 Cash on hand and at bank 961 694
5.2 Deposits at call
500 1,500
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 1,461 2,194
CHANGES IN INTERESTS IN MINING TENEMENTS
Tenement Nature of Interest at Interest
reference interest beginning at end of
(note(4)) of quarter qu
arter
6.1 Interests in
mining tenements
relinquished,
reduced or lapsed - - - -
6.2 Interests in
mining tenements
acquired or
increased - - - -
ISSUED AND QUOTED SECURITIES AT END OF CURRENT QUARTER
Description includes rate of interest and any redemption or conversion
rights together with prices and dates.
Category of
Number Number Par value Paid-up
securities issued quoted (cents) value
(cents)
7.1 Preference
securities
(description) - - - -
7.2 Issued during
quarter - - - -
7.3 Ordinary
securities 16,500,005 16,500,005 0.20 1.5m@$0.01
---------- 6.0m@$0.20
10,400,000 9.0m@$0.50
(unrestricted)
6,100,005
(escrow)
7.4 Issued during
quarter - - - -
7.5 Convertible debt
securities
(description) -
-
7.6 Issued during
quarter - - - -
7.7 Options Exercise Expiry
(description) price date
(cents)
2,000,000 - $ 0.20 31/05/2001
7.8 Issued during
quarter - - -
7.9 Exercised during
quarter
- - -
7.10 Expired during
quarter - - -
7.11 Debentures
(totals only) - -
7.12 Unsecured notes
(totals only) - -
COMPLIANCE STATEMENT
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Law
or other standards acceptable to ASX.
2 This statemen
t does give a true and fair view
of the matters disclosed.
A Doyle Date: 31/07/1997
DIRECTOR/COMPANY SECRETARY
Further details on drilling reports and tenements are available at
the ASX Investor Centre in your state capital. For further assistance
contact ASX Customer Service on 1 300 300 279. |
