Korab Resources updates Winchester sale information

THE BOURSE WHISPERER: Korab Resources (ASX: KOR) responded to queries regarding the sale of the Winchester magnesite deposit the company announced to the market on 31 December 2012.

Korab is selling the Winchester magnesite deposit, which is a small section – covering approximately 2 per cent – of the overall area of the company’s Batchelor project in the Northern Territory.

The Winchester magnesite deposit is located within a 3.4 square kilometre surveyed area, which Korab indicated is to be excised from the Batchelor project and transferred to Augur Investments.

The Batchelor project covers 171sqkm and is being retained by Korab – except for the excised area, which is highlighted in green in the diagram below.

 

Source: Company announcement

 

“Work completed to date within the Winchester area that is being sold was limited to rehabilitation of the site, update of the magnesite feasibility study and various desk studies,” Korab Resources said in the company’s ASX announcement.

“All field exploration work conducted to date by Korab within the Batchelor project was located within the area that is being retained by Korab and is outside of the area which is being sold.”

Korab indicated it is currently seeking Joint Venture partners to further explore the Batchelor project.