Australian Bauxite claims new Portside discovery
THE DRILL SERGEANT: Australian Bauxite (ASX: ABX) has claimed discovery of a new bauxite production area after receiving high-grade assays from drill hole samples into the PR-18 bauxite deposit located north of Launceston and close to the Bell Bay export port, in northern Tasmania.
The company said the results had demonstrated mainly high-grade, direct shipping bauxite (DSO) at what it has called the Portside production centre.
ABX indicated Portside was most likely to become its third bauxite production centre, which fits in well with its business plan to produce from three production centres so as to maximise blending to produce consistent products.
Initial bauxite resources for the Campbell Town production centre total 3.5 million tonnes while ABX’s total bauxite resources for all regions total 119 million tonnes, of which 9.2 million tonnes are in Tasmania.
The company has concluded its drilling program for the DL-130 for 2015 and anticipates a revised resource estimation to be conducted over coming months.
Once all assays from the new PR-18 discovery are received and interpreted, ABX intends carrying out additional drilling of several other known targets within the Portside production centre area.
“This discovery is a result of ABX’s proprietary exploration technology and efficient drilling by the ABX exploration team,” Australian Bauxite CEO Ian Levy said in the company’s announcement to the Australian Securities Exchange.
“Bauxite potential in this area was downgraded by early explorers because surface samples were low grade.
“ABX encountered similar surface results but the ABX exploration technology showed that good bauxite should exist in this area.
“So ABX drilled 68 reconnaissance drill holes and the 18th hole discovered this excellent bauxite in an ideal location.”
Email: corporate@australianbauxite.com.au
Website: www.australianbauxite.com.au