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CAP ASX

Market Cap $29,580,000

$81M Deal Secured for Carpentaria’s 100% Owned Hawsons Iron Project
HIGHLIGHTS
* Bonython Metals Group Pty Ltd (BMG) to farm-in to Carpentaria’s 100% owned tenements at the Hawsons Iron Project, Broken Hill, New South Wales
* This $81M deal represents a staged injection of cash to Carpentaria of $53M plus $28M for exploration costs
* Australian and Asian investor-backed BMG to make an initial $5m cash payment and a further $8.0m to fund exploration and resource definition staged over 3 months with future staged cash and other payments of up to $68 million to Carpentaria
* Carpentaria to retain a 20% free carried interest to the targeted production of 20 million tonnes per annum (tpa) iron ore concentrate
* Total Carpentaria exploration budget on this and other Carpentaria projects boosted to around $10 million for 2010, largely on drilling
* This transaction has the potential to transform Carpentaria into an iron ore mining company in the medium term, that has additional exposure to tin, gold, nickel and coal projects across eastern Australia
Carpentaria Exploration Limited (ASX:CAP) announced today an agreement with privately owned BMG to farm-in on Carpentaria’s 100% owned Burta EL7208 and Little Peak ELA3848 tenements at its Hawsons Iron Project in NSW. This deal has the potential to transform Carpentaria from a minerals explorer to mining house. (See figure 1)
Carpentaria’s Executive Chairman, Nick Sheard said, “The new agreement with BMG will boost plans for the development of a new magnetite iron province near Broken Hill, with considerable potential economic benefits for the region”.
“Carpentaria welcomes BMG’s participation in our project, following their earlier agreement to farm-in on our South Dam Iron Project in South Australia (announced 4th February 2010). This latest agreement will enable Carpentaria to retain a major equity interest in the Hawsons Iron Project with the objective of fast-tracking production of up to 20 million tonnes per annum of concentrate,” Mr Sheard added.
“Such a large project requires considerable funding and requires a partner with sufficient financial
backing to fast track its potential. By retaining a 20 per cent free carried interest means that
Carpentaria shareholders will benefit from having a 20 per cent stake in any potential future
production and subsequent cash flows from iron ore production in the medium term at no further
outlay. This is a very good outcome for Carpentaria.”
Located approximately 60 kilometres south of Broken Hill, the tenements subject to this agreement
are only 40 kilometers from a main rail line and have ready access to skilled labour and other
infrastructure.
Farm-In Transaction Details:
The agreement may be summarised as follows:
• Stage 1:
o A non refundable payment of $1.0m to Carpentaria on signing of this deal.
o BMG to pay Carpentaria a further $4.0m in cash payments and a further $8.0m for
exploration and prefeasibility work, these payments will be staged over the next three
months, to define up to 1 billion tonnes of inferred resource within two years and vest
40% in the project.
• Stage 2:
o On completion of Stage 1, BMG is to pay Carpentaria $25.0m and will vest 51% in the
Joint Venture.
• Stage 3:
o BMG funds a bankable feasibility study (estimated cost $20.0m) to be completed
within two years of Stage 2.
o On completion of this study BMG vests 80% when a further $23.0m is paid to
Carpentaria.
• Stage 4:
o When a decision is made to mine, Carpentaria retains a 20% free carried interest up
to the targeted production of 20 mtpa of iron ore concentrate.
Under the agreement, Carpentaria will initially manage the exploration and pre-feasibility work,
providing continuity to the ongoing program. Drilling approvals for the initial exploratory work have
been received, and drilling is expected to resume in mid-May.
The Burta Exploration Licence covers a large portion of the Braemar Iron Formation, which is highly
prospective for bulk magnetite iron deposits. The magnetite is shown as magnetic highs in Figure 2.
The exploration target1 is estimated to be 2.2 to 4.8 billion tonnes at 18 % magnetite DTR with a
concentrate grade of 69 -71% Fe with a relatively low level of impurities, to a depth of 250m over an
estimated strike length of 34 to 51 km. This is considered to be one of the largest magnetite
exploration targets in Australia. Importantly the magnetite occurs in a siltstone and is very soft,
enabling low cost mining and crushing.
About Bonython Metal Group Pty Ltd:
BMG is a privately funded group based in Sydney and is led by John Hillam, the company’s CEO. Mr Hillam is a qualified geologist and has considerable expertise in the Olary area from his previous involvement with Razorback Ridge and surrounding area, and gold projects in the Olary Province of South Australia.
BMG has secured a number of iron projects in SA and NSW, and with an aggressive farm-in strategy that has consolidated control over a large portion of the Braemar Iron Formation.
Mr Hillam said, “BMG's strategy is to consolidate existing tenements that cover a very large area of known and out-cropping Braemar Iron Formation horizons including near surface strong magnetic anomalies also interpreted to be the Braemar Iron Formation. BMG intends to develop these new iron ore deposits in this emerging iron province and establish a major iron ore producing company.”
In terms of project funding, BMG has secured an agreement with an Asia-based investor to provide significant funding to facilitate the success of its iron ore strategy.
Mr Sheard said he was pleased to have secured another partnership agreement with BMG, following the success of BMG’s farm-in to the Company’s South Dam Iron Project. This transaction follows Carpentaria’s earlier farm-out of its Glen Isla Gold Project, the joint venture with the Hughenden Coal Project in the Galilee Basin, the sale of the Waterford Uranium Project, and also the recent farm-out of the Mt Agate copper/gold project.
“This agreement continues Carpentaria’s successful strategy of farm-outs across a range of projects to provide the necessary funding for development, while retaining an equity stake to ensure our shareholders’ exposure to the future upside benefits. Carpentaria still has 100% equity in gold, copper, nickel and tin projects and through our project generation we are staking more ground for testing this year,” Mr Sheard said.
“Since our listing just over two years ago, Carpentaria has made two significant discoveries, Hawsons Iron Project and the Euriowie Tin Project. We will continue to aggressively explore on our own tenements and within our joint ventures with quality partners. This year we will manage an exploration program estimated at around $10 million. This will be across our tenements with a significant proportion of this being drilling.”
“This will comprise of exploration and potentially resource drilling at the Euriowie Tin Project, drill testing for gold in the Panama Hat JV, and drilling for gold/nickel at the Combaning Project. In our other JV’s, our partners will be exploring for gold at Glen Isla and drilling for coal in the Galilee Basin in Queensland and now iron in the Burta area.”
“Carpentaria is focused on near-term production projects in a period of rising commodity prices. Our strategy is to become a leading Australian midsize mining company with a pipeline of projects based on exploration success and diversified by commodity, delivering consistent growth in shareholder value.”
For further information please contact:
Nick Sheard - Executive Chairman  

 

http://stocknessmonster.com/news-item?S=CAP&E=ASX&N=220654  

Maiden 1.4 billion tonne Resource for Hawsons Iron Project
Exploration Update | Operations Update
17-12-2010
Maiden 1.4 billion tonne Resource for the Hawsons Iron Project
* Maiden Inferred Resource identified for Hawsons Iron Project, Broken Hill, NSW, comprising 1.4 billion tonnes at a magnetite Davis Tube Recovered (DTR) grade of 15.5% (using a cut-off DTR grade of 12%)
o Contained iron concentrate of 220 million tonnes magnetite at a premium grade of 69.9% Fe and 2.5% SiO2, with no significant impurities,
* Project attributes that provide significant cost/revenue benefits include:
o Soft siltstone host rock (Bond Work Index of 6.3 kilowatt-hour per tonne, or kWh/t) leading to:
* Low cost mining
* Low power requirements for processing.
o Very thick horizontal mining widths (in excess 600m)
* Low waste to ore ratio.
o Located in close proximity to rail, road and power infrastructure with excess capacity
* Easily liberated, premium quality concentrate product
* Prefeasibility Study outcomes are expected in early 2011 targeting an initial open pit with a mine life of +15 years, with production commencing at 6 million tonnes per annum (Mtpa) ramping up to 20 Mtpa.
* Additional potential for further substantial resources in established exploration targets1
o potential project mine life of several decades.
* Largest magnetite iron mineral resource in NSW and one of the largest resources of this type in Eastern Australia.
The Board of Carpentaria Exploration Limited (ASX:CAP) is pleased to announce a Maiden Inferred Resource for its Hawsons Iron Project of 1.4 billion tonnes at a magnetite Davis Tube Recovery (DTR) of 15.5% (12% DTR magnetite cut-off), the largest new magnetite iron ore discovery in New South Wales.
This resource was estimated by independent geologists Hellman and Schofield Pty Ltd and details of the resource estimation are included in Appendix 1.
Hawsons Iron Project – Mineral Resource
The Project is located close to Broken Hill mining centre and regional infrastructure and covers the entire extent of the Braemar Iron Formation in NSW. See Figure 1.
The Maiden Inferred Resource covers just one area within the project. Ultimately, the project has the potential for a multi-decade mine life based on an increased exploration target1 of 6 to 11 billion tonnes at 14 – 17 % magnetite DTR with a concentrate grade of 69-71% Fe, to a target depth of 450 m. The previously announced exploration target1 of 3.5 to 5.8 billion tonnes at 18 – 20 % magnetite DTR and a premium concentrate grade of 69 -71 % Fe (ASX Dec 2009 Quarterly) was only to 250 m depth.
It is important to note that Carpentaria’s Phase 1 drilling tested the full extent of the large exploration target1 represented by the anomalies shown in Figure 2 and confirmed the geophysical modeling and outlined the presence and consistency of siltstone hosted magnetite mineralization that is similar to the new resource. The Phase 2 drilling confirmed the exceptional conversion from exploration target 1 to Inferred Resource at the Core and Fold Anomaly. This provides considerable confidence that the other remaining exploration targets 1 could be rapidly converted to mineral resources supporting a multi decade project.
The resource is based on 986 laboratory composited DTR analyses at 38 microns, the resource concentrate grade is premium quality at 69.9 % Fe (iron) and 2.52 % SiO2 (silicon dioxide), with no other impurities. The estimated resource extends to a vertical depth of 400m below surface over a 3km strike length, resulting in an in situ high-grade iron concentrate of 220 million tonnes (Mt).
Graphs of the grade-tonnage curves for the Inferred Resource estimate are shown in Appendix 1. The curves show that at a cut-off of 8% DTR that there is a resource of 1.84 Bt @ 14.3 % DTR which contains 263 Mt of concentrate. The relatively flat average DTR grade curve highlights the great consistency of the resource grade at bulk tonnages.
The Resource is open along strike to the south east and down dip. The aerial extent of the resource is shown in Figure 3. The Resource estimate follows the completion of the Phase 2 drilling totalling, 52 drill holes (over 15,065 metres)
The recently completed Scoping Study has highlighted the project’s low cost of mining and processing due to the softness of the magnetite siltstone with a Bond Work Index of 6.3 kWh/t compared with the Australian range of about 16.0 - 29.0 kWh/t for the more typical banded iron formation magnetite deposits.
The thick horizontal mining widths as shown in Figure 4 will result in a relatively low strip ratio for open pit mining where two 300 m thick magnetite units are separated by about 50m of lower grade magnetite siltstone. It is considered highly feasible that this 650 m horizontal width would be mined as one unit in an open pit operation.
Carpentaria’s Executive Chairman Nick Sheard said “Carpentaria is very pleased to deliver the Company’s Maiden Inferred Resource only one year after discovery. The Hawsons Iron Project is the largest magnetite iron ore resource identified in Eastern Australia, and importantly it is located near rail, road and power infrastructure, being only 60 kilometres south of Broken Hill,”
Prefeasibility Study
The Company is now focused on a successful outcome from the Prefeasibility Study, with Carpentaria set to ultimately retain a 20 % free carried interest through to annual production of 20 million tonnes of iron ore concentrate.
Results from the Prefeasibility Study are expected in early 2011, when Carpentaria’s joint venture partner, Bonython Metals Group (BMG), currently at 40 % equity, will have the right to pay Carpentaria $25 million to vest 51 % in the Joint Venture. BMG would then fund a $20 million Bankable Feasibility Study (BFS) due
for completion within two years. On completion of the successful BFS, BMG can earn an 80% interest in the project on payment of an additional $23 m in cash to Carpentaria. Carpentaria will then retain a 20 % free carried interest to a 20Mtpa of concentrate production operation which represents a 4 Mtpa output for Carpentaria at this full projected production rate.
Mr Sheard noted that “Our independent test work shows the favourable characteristics of the resource comprising large tonnages, soft mineralization, excellent magnetite liberation and high concentrate grades. I believe that these unique characteristics will more than offset the relatively low DTR grades compared to the usual hard banded iron formations and therefore ultimately deliver a robustly economic project.”
“Hawsons has the potential to transform Carpentaria from an exploration company to a mid-tier mining house with long-term revenue streams and also become a major mining project for Western NSW. High-quality magnetite, such as that identified at Hawsons, with potential for production of direct reduction pellets can currently command prices of up to US$190 per tonne and Carpentaria has already received interest from a number of potential Asian buyers for off take of our share of future output.”
“Within only three years after floating on the ASX, Carpentaria is proud to announce such a major scale Maiden Resource for our shareholders, which adds to our other interests in promising coal, copper/gold, tin, tungsten, and nickel projects across Eastern Australia,” Mr Sheard said.
Nick Sheard