http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 23 Oct 2017 08:04:01 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Strike Resources reveals jumbo flake graphite within Burke project ]]> http://www.proactiveinvestors.com.au/companies/news/176694/strike-resources-reveals-jumbo-flake-graphite-within-burke-project-176694.html Strike Resources (ASX:SRK) has confirmed the presence of jumbo flake graphite from petrographic analysis of graphite samples taken from its Burke Graphite Project in Queensland.

Strike’s tenement is immediately adjacent to the Mt Dromedary Graphite Project, one of highest-grade flake graphite deposits in the world, being developed by Graphitecorp (ASX:GRA).

The graphite flakes within Strike’s tenement were found to have two distinct populations, being massive large to jumbo flake sizes together with a fine amorphous to small flake ground mass.

Flake sizes over 1,000 micrometres were observed within the sampled petrography thin sections.

Jumbo Flake graphite typically attracts a premium price compared to smaller flake sizes, as larger flake sizes are more suitable for making lithium-ion battery anodes.

Strike is planning to commence drilling towards the end of April 2017 with the principal objective of drill testing the geologically mapped high grade graphite zones.

This is for the purpose of determining the width, dip and depth of the underlying graphitic body, as well as the distribution of the higher value jumbo flake graphite.

Strike is planning circa 1,000 metres of drilling in the initial phase.

The company’s share price increased by 37% during the past six months, last trading at $0.063.

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Fri, 21 Apr 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/176694/strike-resources-reveals-jumbo-flake-graphite-within-burke-project-176694.html
<![CDATA[News - Strike Resources granted a trading halt pending asset disposal ]]> http://www.proactiveinvestors.com.au/companies/news/170291/strike-resources-granted-a-trading-halt-pending-asset-disposal-170291.html Strike requested the halt pending details in relation to the potential disposal of the company’s interests in the Apurimac Magnetite Iron Ore Project and Cusco Magnetite Iron Ore Project in Peru.

The halt will remain in place until the opening of trade on Wednesday 14th December 2016, or earlier if an announcement is made to the market.

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Mon, 12 Dec 2016 17:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170291/strike-resources-granted-a-trading-halt-pending-asset-disposal-170291.html
<![CDATA[News - Strike Resources says offer withdrawn for Peru assets ]]> http://www.proactiveinvestors.com.au/companies/news/162598/strike-resources-says-offer-withdrawn-for-peru-assets-56813.html Strike Resources (ASX:SRK) has not been able to reach agreement on an offer for its Apurimac and Cusco Iron Ore Projects in Peru.

The high grade Apurimac project in Peru is known to possess some of the highest grade magnetite in the world. The grade is exceptional for magnetite at around 57% iron, which is almost twice as high as many peer magnetite deposits.

There is a JORC Resource at Apurimac of 269 million tonnes of iron ore grading an average of 57.3% iron.

Strike had fielded interest from various parties in acquiring its Peru assets with one offer received. 

No agreement was reached on the commercial terms and the offer has been withdrawn.

The company had a very tidy cash balance of $10.3 million at June quarter end.

 

 

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Fri, 08 Aug 2014 17:15:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162598/strike-resources-says-offer-withdrawn-for-peru-assets-56813.html
<![CDATA[News - Strike Resources starts environmental study at Peru magnetite project ]]> http://www.proactiveinvestors.com.au/companies/news/162597/strike-resources-starts-environmental-study-at-peru-magnetite-project-49598.html Strike Resources (ASX: SRK) has started the Environmental Impact Assessment study on the main Opaban Concessions at its flagship Apurimac magnetite project in Peru.

The EIA is necessary to enable assessment by the Peruvian Ministry of Energy and Mines of its proposed drilling campaign planned for early 2014.

It plans to validate Apurimac’s Exploration Target of at least 500 million tonnes at 56%-58% iron to support the establishment of a 15 million tonne per annum to 20Mtpa iron ore operation.

Drilling of the main Opaban 1, Opaban 3 and Christoforo 22 concessions as well as drilling the prospective Sillaccassa Concessions will help grow the current Apurimac resource of 269Mt of iron ore at 57.3% iron.

At the Opaban Concessions, Strike will commence a 135 hole drilling programme totalling about 24,000 metres aimed at extension of the current resources and assessment of untested gravity anomalies.

The drilling program is expected to start in July 2014.

Approval has also being secured from the Cascabamba community to undertake further exploration and drilling at the prospective Sillaccassa Concessions, 25 kilometres west of Opaban.

The company plans to drill less than 20 holes at the Sillaccassa Concessions, allowing for drilling to possibly start as early as February 2014.

 

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Tue, 29 Oct 2013 15:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162597/strike-resources-starts-environmental-study-at-peru-magnetite-project-49598.html
<![CDATA[News - Strike Resources makes offer for Cuervo Resources’ iron ore assets in Peru ]]> http://www.proactiveinvestors.com.au/companies/news/162596/strike-resources-makes-offer-for-cuervo-resources-iron-ore-assets-in-peru-46785.html Strike Resources (ASX: SRK) has made a confidential non-binding offer to acquire full control of Cuervo Resources’ (CNSX: FE) iron ore assets, including the Cerro Ccopane Project, in Peru.

The decision was made after it noticed Cuervo’s low level of cash reserves and discussions held with Cuervo regarding future funding requirements.

Cuervo’s directors are currently reviewing and assessing the offer.

Resources at Cerro Ccopane were more than doubled in July to 395.6 million tonnes at 43.8% iron after completion of a Resource estimate for the Bob1 Prospect, which contains magnetite dominant iron ore grading 40.2% iron.

It consists of 36 mining concessions covering 19,200 hectares in Cusco Departamento, Peru, about 65 kilometres from the city of Cuzco.

 

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Thu, 15 Aug 2013 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162596/strike-resources-makes-offer-for-cuervo-resources-iron-ore-assets-in-peru-46785.html
<![CDATA[News - Strike Resources moves headquarters to Peru to focus on Apurimac iron ore project ]]> http://www.proactiveinvestors.com.au/companies/news/162595/strike-resources-moves-headquarters-to-peru-to-focus-on-apurimac-iron-ore-project-41910.html Strike Resources (ASX:SRK) has moved lock, stock and barrel to a new headquarter in Peru with the aim of focusing on its flagship Apurimac magnetite iron ore project.

It has moved majority of its key management and technical personnel to Peru, with the key focus for this year being to delineate further high grade magnetite iron ore resources at the project.

Additional magnetite resources at Apurimac would substantially enhance progress towards establishing a 15-20 million tonnes per annum iron ore operation in the country.

It late last year acquired 100% ownership of the project from its Peruvian joint venture partner D&C. 

The Apurimac project spans 600 square kilometres of highly prospective ground in the Andahuaylas-Yauri mineral province in the Apurimac district of southern Peru. The high grade provides potential for direct shipping ore (DSO) as well as producing high-quality product using conventional magnetic separation techniques.

The most advanced prospect, Opaban, currently contains iron ore resources totalling 269 Mt at an average grade of 57.3% Fe. The current focus of activities at Apurimac is to meet its exploration target of least 500 million tonnes of iron ore, including current the present resource, at a grade of 56-58% Fe to support the establishment of a 15-20 Mtpa mine.

It has access to $16 million in cash reserves, which are sufficient to support all exploration and development activities in Peru over the next 18-24 months.

But with a market capitalisation of $13 million and a share price of $0.09 a share, it is trading below its cash-backing at $0.11 a share.



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Thu, 11 Apr 2013 13:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162595/strike-resources-moves-headquarters-to-peru-to-focus-on-apurimac-iron-ore-project-41910.html
<![CDATA[News - Strike Resources associate firms up exploration target at Peru prospect ]]> http://www.proactiveinvestors.com.au/companies/news/162594/strike-resources-associate-firms-up-exploration-target-at-peru-prospect-40132.html Strike Resources (ASX: SRK) associate Cuervo Resources’ (CNSX: FE) geophysical and drilling data supports an exploration target of between 200 million and 400 million tonnes at 35% to 45% iron at the Bob 1 prospect at the Cerro Ccopane.

This has also identified two undrilled geophysical anomalies similar to Bob 1 within the Cerro Ccopane concessions in Peru.

However, Strike has decided not to report the resource estimate that Cuervo received from an independent geologist using the polygonal resource estimation method.

It noted that while it agreed with the mineralisation outlines, the resource figure includes further projections of the mineralisation outside the polygons of about 400 metres down dip.

This has resulted in about 70% of the resource being outside the polygons.

Strike will not report the resource estimate until it is amended in line with what it believes is best practice in Australia.

It noted that if accepted, the Cuervo estimate would take its total resource at the Cerro Ccopane project to a level above a trigger that reduces Strike’s security for its C$5.25m loan to Cuervo.

Cuervo had previously intersected thick zones of magnetite mineralisation at Bob 1 with notable intercepts of 112.5 metres at an average grade of 49.3% iron and 35.4 metres at an average grade of 52.4% iron.

The Bob 1 magnetic and gravity target extends over a total strike length of about 3 kilometres, with extensive outcrops of massive magnetite present along the bulk of the length of the target – the largest yet identified on the Cerro Ccopane property.

 

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Wed, 27 Feb 2013 13:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162594/strike-resources-associate-firms-up-exploration-target-at-peru-prospect-40132.html
<![CDATA[News - Strike Resources’ associate intercepts 112.5m at 49.3% iron in Peru ]]> http://www.proactiveinvestors.com.au/companies/news/162593/strike-resources-associate-intercepts-1125m-at-493-iron-in-peru-38873.html Strike Resources' (ASX: SRK) associate Cuervo Resources (CNSX: FE) continues to unveil thick intersections of magnetite mineralisation in drilling at the Bob 1 target zone within the Cerro Ccopane iron ore project in Peru.

Significant intercepts from the final two holes were 112.5 metres at an average grade of 49.3% iron and 35.4 metres at an average grade of 52.4% iron.

An initial resource estimate is expected to be completed in late February 2013.

Massive magnetite mineralisation has now been intersected over at least 1,200 metres of strike, and remains open in all directions.

The Bob 1 magnetic and gravity target extends over a total strike length of about 3 kilometres, with extensive outcrops of massive magnetite present along the bulk of the length of the target – the largest yet identified on the Cerro Ccopane property.

Rock chip samples from these outcrops averaged over 63% iron and the prospect is geologically similar to the Orcopura, Huillque and Aurora areas where previous drilling has outlined iron ore resources totalling 179 million tonnes at an average grade of 48.2% iron.

Cuervo has completed the current program of 181 drill holes for about 4,500 metres of drilling as an initial test of Bob 1.

The drill holes were directed to test the surface exposures of magnetite mineralisation and the gravity and magnetic targets from surface to a depth of around 200 metres, although selected holes were drilled to more than 400 metres.

The results to date are considered encouraging due to the continuity of the iron ore along and across strike as well as at depth.

Strike advanced Cuervo C$5.25 million to fund the drilling campaign and, in return, was granted warrants that can be converted into around 31.5% of Cuervo’s shares, on an undiluted basis.

The Cerro Ccopane project lies within 20 kilometres of Strike’s Santo Tomas (Cusco) iron ore project.


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Wed, 30 Jan 2013 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162593/strike-resources-associate-intercepts-1125m-at-493-iron-in-peru-38873.html
<![CDATA[News - Strike Resources associate firms up magnetite mineralisation at Peru iron ore project ]]> http://www.proactiveinvestors.com.au/companies/news/162592/strike-resources-associate-firms-up-magnetite-mineralisation-at-peru-iron-ore-project-37763.html Strike Resources’ (ASX: SRK) associate Cuervo Resources (CNSX: FE) has intersected massive magnetite mineralisation over at least 1,400 metres of strike at the Bob 1 target zone in the Cerro Ccopane iron ore project, Peru.

Peak results from drilling include:

-    127 metres at 54.1% iron from 83.1 metres;
-    84.6 metres at 33.8% iron from 25.7 metres; and
-    65.1 metres at 40.9% iron from 18.3 metres.

Strike added the mineralisation remains open in all directions and that an initial resource estimate is expected in late February 2013.

The Bob 1 magnetic and gravity target extends over a total strike length of about 3 kilometres with extensive outcrops of massive magnetite present along the bulk of the length of the target.

All drill holes completed to date have intersected zones of magnetite-rich rocks, with several intervals of massive magnetite interspersed with relatively narrow intervals of intermediate composition intrusives.

Strike has advanced Cuervo C$5.25 million (A$5.07 million) for the current (Stage 1) program and, in return, was granted warrants that can be converted into about 33% of Cuervo’s shares, on an undiluted basis.

 

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Mon, 31 Dec 2012 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162592/strike-resources-associate-firms-up-magnetite-mineralisation-at-peru-iron-ore-project-37763.html
<![CDATA[News - Strike Resources to update on Apurimac iron ore JV in Peru ]]> http://www.proactiveinvestors.com.au/companies/news/162591/strike-resources-to-update-on-apurimac-iron-ore-jv-in-peru-37683.html Strike Resources (ASX:SRK) is set to provide an update on its Apurimac iron ore joint venture in Peru and has requested a voluntary suspension from the ASX until 31 December 2012.

Strike's two principal projects in the bulk commodities market include the Apurimac and Cusco iron ore projects in Peru, with the Apurimac in the pre-feasibility stage.

It is hoping to establish a 15 million tonne per annum operation in Peru based on current iron ore resources totalling 374 million tonnes and potential access to additional resources of 178.6 million tonnes held by Cuervo in Cusco, all with significant upside.

Strike holds warrants in Canada-listed Peruvian explorer Cuervo Resources , which if exercised, will allow it to acquire up to 49% of Cuervo.

The joint venture Apurimac Ferrum holds concessions covering almost 600 square kilometres of highly prospective ground with the most advanced project, Opaban, containing iron ore resources totalling 269 million tonnes at an average grade of 57.3% iron.

Though Strike has a 50% interest in the project via a 50% shareholding in Peruvian company Apurimac Ferrum, which holds the project's mineral concessions, Strike now has the option to to buy joint venture partner D&C's shares in Apurimac Ferrum.

Strike emerged as a "shootout" winner and can now move to a 100% ownership of Apurimac Ferrum after the JV partners failed to purchase all of Strike's shares and repay Strike's loans by 15 November 2012.



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Mon, 24 Dec 2012 13:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162591/strike-resources-to-update-on-apurimac-iron-ore-jv-in-peru-37683.html
<![CDATA[News - Strike Resources to update on "shootout" with JV partner ]]> http://www.proactiveinvestors.com.au/companies/news/162590/strike-resources-to-update-on-shootout-with-jv-partner-34130.html Strike Resources (ASX: SRK) has been granted a trading halt this morning by the ASX pending an update on the "shootout" in relation to the company's 50% joint venture holding in Apurimac Ferrum SA.

The company's shares have been placed in pre-open.

Strike has recently indicated that 100% ownership is expected in Apurimac Ferrum (the Shoot-out provision in Settlement Agreement), which would help increase the company's exposure to large-scale iron ore projects in Apurimac and Cusco regions of southern Perú - where the goal is to establish a 15-20 million tonne per annum business.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 8th October.


Well funded

Worth noting Strike had $20.5 million in cash at the end of the June 2012 quarter, yet the company's current market cap. is just $16 million.

 

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Thu, 04 Oct 2012 08:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162590/strike-resources-to-update-on-shootout-with-jv-partner-34130.html
<![CDATA[News - Strike Resources: Cuervo Resources to build on Cerro Ccopane potential with start of drilling ]]> http://www.proactiveinvestors.com.au/companies/news/162589/strike-resources-cuervo-resources-to-build-on-cerro-ccopane-potential-with-start-of-drilling-29777.html Strike Resources (ASX: SRK) and joint venture partner Cuervo Resources have begun a drilling campaign at the Bob 1 zone of the Cerro Ccopane Iron Ore Project in southern Peru which has previously delivered high grades of above 63% iron from rock chip sampling.

Bob 1 has been shown to be geologically similar to the Orcopora, Huillque and Aurora areas, where previous drilling has outlined Resources totalling 179 million tonnes at 48.2% iron.

The magnetite mineralisation at the Aurora and Huillque prospects remains open along strike and down dip.

The Bob 1 zone has up to 10 kilometres of strike potential with magnetic and gravity highs.

The first phase of the drilling program will comprise minimum of 4,500 metres of diamond drilling to be carried out using up to three rigs.

Initial assays are expected to be received in July, with the first phase of drilling scheduled for completion by the end of September.


Cuervo Investment

Strike holds warrants in two tranches which, if exercised, would give the company a 49.2% shareholding in Cuervo at a total cost of C$15 million.

Under an investment agreement Strike has loaned Cuervo C$5.25 million to fund its exploration program, and may elect to lend it a further C$9.75 million when certain milestones have been reached, expected in the September quarter of 2012.

Cerro Ccopane lies within 20 kilometres of Strike’s joint venture company Apurimac Ferrum’s Cusco Iron Ore Project, which has an Inferred Resource of 104 million tonnes at 33% iron.


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Wed, 06 Jun 2012 16:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162589/strike-resources-cuervo-resources-to-build-on-cerro-ccopane-potential-with-start-of-drilling-29777.html
<![CDATA[News - Strike Resources: Cuervo Resources delivers 72Mt in additional iron resources at Cerro Ccopane ]]> http://www.proactiveinvestors.com.au/companies/news/162588/strike-resources-cuervo-resources-delivers-72mt-in-additional-iron-resources-at-cerro-ccopane--25286.html Strike Resources’ (ASX: SRK) investment in Cuervo Resources and the wholly owned Cerro Ccopane Iron Ore Project in southern Peru is paying off after Cuervo defined an additional Inferred Resource of 72 million tonnes at 52.6% at the project.

Inferred Resources now stand at 118 million tonnes at 50.4% iron, using a 30% cut-off.

The project also has 19.7 million tonnes at 48.26% iron and 35.9 million tonnes at 45.91% iron, using a 20% cut-off, in the higher confidence Measured and Indicated categories respectively.

The new Inferred Resource is located at the Aurora and Huillque prospects, which lie about 3 kilometres to the southwest and north, respectively, of Cuervo’s previously reported resources at the Orcopura prospect.

Cuervo has now delineated four zones of magnetite mineralisation – Aurora, Orcopura, Huillque and Bob 1.

The Orcopura mineralisation has been tested over a strike length of about 800 metres and remains open along strike and down dip in several areas.

To date exploration and diamond drilling has been undertaken at the Aurora, Orcopura and Huillque prospects.

The Aurora prospects are defined by a geophysical anomaly similar in size to the Orcopura Prospect.

The magnetite mineralisation at Aurora and Huillque prospects remains open along strike and down dip.

At both prospects there is good potential to extend the mineralisation targeting the untested portions of the geophysical anomalies.


Cuervo Investment

Strike holds warrants in two tranches which, if exercised, would give the company a 49.2% shareholding in Cuervo at a total cost of C$15 million.

Under an investment agreement Strike has loaned Cuervo C$5.25 million to fund its exploration program, and may elect to lend it a further C$9.75 million when certain milestones have been reached, expected in the September quarter of 2012.

Cerro Ccopane lies within 10 kilometres of Strike’s joint venture company Apurimac Ferrum’s Cusco Iron Ore Project, which has an Inferred Resource of 104 million tonnes at 32.5% iron.

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Tue, 14 Feb 2012 12:38:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162588/strike-resources-cuervo-resources-delivers-72mt-in-additional-iron-resources-at-cerro-ccopane--25286.html
<![CDATA[News - Strike Resources readies for further iron ore exploration in Apurimac and Cusco regions of Peru ]]> http://www.proactiveinvestors.com.au/companies/news/162587/strike-resources-readies-for-further-iron-ore-exploration-in-apurimac-and-cusco-regions-of-peru-19956.html Strike Resources (ASX: SRK) has received approvals from several communities in the Apurimac and Cusco regions of Peru to undertake iron ore exploration activities.

The approvals were received through Apurimac Ferrum S.A. (AF), a company in which Strike holds a 56% stake.

In addition, exploration teams have been mobilised and geological mapping and reconnaissance sampling has commenced on the northern extension of the Opaban prospect, the Sillaccassa satellite concessions in Apurimac and at the Santo Tomas project in Cusco.

AF is also mobilising geophysical crews to undertake detailed ground magnetic surveys over the target areas for each prospect. This work is expected to commence within two weeks. These programs are designed to delineate targets for drilling programs which are planned to commence later this year.

Specific targets are to follow-up of the northern extension to the Opaban resource which is located within the Apurimac project area. In February Strike announced that Iron Ore Mineral Resources at the Opaban 2 and Opaban 3 concessions were increased from a total of 133.5 million tonnes (Mt) indicated mineral resource at 59.4%Fe to 269.4 Mt.

The gravity and magnetic anomalies which outline the resource remain open and this program is designed to test these extensions and potential repetitions to the north.

Delineation of ironstone outcrops and magnetic targets at Sillaccassa is planned and regional mapping and sampling at Santo Tomas to outline the full extent of the magnetite ironstones is scheduled.

Geological mapping and sampling, along with additional IP surveys at Santo Tomas is planned to establish the geological framework and prospectively for copper and gold mineralisation.

This prospect contains extensive shallow workings for gold along with elevated copper (up to 18 metres at 1.0% copper) in shallow drilling above the existing IP anomaly.

The current program is designed to also identify drilling targets for either porphyry or skarn style copper mineralisation.

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Fri, 23 Sep 2011 08:54:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162587/strike-resources-readies-for-further-iron-ore-exploration-in-apurimac-and-cusco-regions-of-peru-19956.html
<![CDATA[News - Strike Resources to acquire up to 49% stake in Canadian listed Cuervo Resources ]]> http://www.proactiveinvestors.com.au/companies/news/162586/strike-resources-to-acquire-up-to-49-stake-in-canadian-listed-cuervo-resources-17979.html Strike Resources  (ASX: SRK) has executed an agreement to acquire up to 49% of Canadian listed explorer Cuervo Resources Inc. (ETR: CRR), representing a significant step in Strike’s consolidation strategy for iron ore in the Apurimac and Cusco regions of Peru.

The option to acquire a major stake in the Peruvian iron ore explorer will give Strike exposure to Cuervo’s Peruvian concession holdings which are complementary to Strike’s own interests in Peru, held through its 56% shareholding in Apurimac Ferrum S.A. (AF).

A staged loan of up to C$15,000,000 will be made to Cuervo to complete the agreed advanced exploration work on its Peruvian concessions. A 10 kilometre long iron ore target will be drill tested in the Stage 1 work program.

Cuervo has current iron-ore resources of 106 million tonnes (Mt) at 45.3% iron (Fe) with significant potential for extensions. There is also strong potential for copper/gold mineralisation.

As part of the agreement Strike is to nominate two directors to Cuervo’s board.

Strike recently announced it had increased its shareholding in AF from 44% to 56% by purchasing Iron Associates Corporation’s minority shareholding in AF.

This transaction forms part of the company’s strategic objective of consolidating its position as the major holder of high-quality iron ore concessions in Peru.

The Cuervo resource, when combined with AF’s existing Apurimac and Cusco project resources, represents a substantial proportion of the resource necessary to support an iron ore operation producing 15 – 20 million tonnes per annum (Mtpa) of product.

In addition, there is significant exploration potential for iron ore within the more than 700 square kilometres held under concessions by AF and the 140 square kilometres held through the Cuervo concessions.

Strike is bullish that, subject to reasonable exploration success, there is potential to establish an iron ore operation within the Apurimac and Cusco regions.

Strike’s modelling indicates that a resource of 600Mt at grades similar to those at the Apurimac Project’s Opaban deposit, or 800Mt at 40% Fe or above, will support a mining operation producing 20Mtpa of iron ore product per annum.

The key terms of the deal with Cuervo are as follows:

• Strike to loan Cuervo up to C$15 million in two loan tranches. The loans will be in the form of zero-coupon promissory notes secured by a mortgage over Cuervo’s Peruvian concessions and a pledge over the shares of the Peruvian holding company through which Cuervo owns the concessions.
• As interest consideration for the loans Cuervo will grant Strike two warrants.
• The Tranche 1 Loan of C$5.25m will be advanced on the pre-registration of the mortgage and will have a term of three years from the execution date of the financing agreements.
• The Tranche 2 Loan of C$9.75m is at Strike’s election. This loan will be in the form of a zero-coupon promissory note with a term of 3 years from the execution date of the financing agreements.
• The Tranche 1 Warrant will give Strike the right to purchase 17,500,000 common shares in Cuervo (32.5% of Cuervo, un-diluted) at an exercise price of C$0.30 and have a term of 3 years, subject to adjustment in certain circumstances. This warrant will be issued on the advance of the Tranche 1 Loan.
• The Tranche 2 Warrant will give Strike the right to purchase up to 17,727,273 common shares in Cuervo (49.2% of Cuervo cumulative on the Tranche 1 Warrant, un-diluted) at an exercise price of C$0.55 and have a term of 3 years. This Warrant will also be issued on the advance of the Tranche 1 Loan and will terminate if Strike elects not to advance the Tranche 2 Loan (C$9.75m) to Cuervo.
• The Warrants will be required to be exercised on the occurrence of any of the following events:
- Cuervo’s shares trade for 20 consecutive days above C$1.00, with a minimum 20-day trading volume of 1.5 million shares; or
- Cuervo files a National Instrument 43-1014.
• If the Loans are outstanding the Warrants may be exercised by forgiving the Loans.
• During the term of the Tranche 1 Loan Strike has the right to nominate two (directors to Cuervo’s board and will have the right to nominate a further director if Strike advances the Tranche 2 Loan or exercises the Tranche 2 Warrant. Strike’sActing Chairman, Professor Malcolm Richmond and Managing Director, Mr. Ken Hellsten, will be Strike’s initial nominees to Cuervo’s Board.

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Tue, 19 Jul 2011 11:05:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162586/strike-resources-to-acquire-up-to-49-stake-in-canadian-listed-cuervo-resources-17979.html
<![CDATA[News - Strike Resources acquisition boosts stake in Peru iron ore projects ]]> http://www.proactiveinvestors.com.au/companies/news/162585/strike-resources-acquisition-boosts-stake-in-peru-iron-ore-projects--17572.html Strike Resources (ASX: SRK) has executed an agreement with Iron Associates Corporation (IAC) to purchase an additional 12% interest in Apurimac Ferrum S.A. (AF) from IAC, increasing its stake in AF to 56%.

The strategic acquisition was made for a consideration of US$1.2 million and 9 million SRK shares (6.3% undiluted). AF is the Peruvian company through which Strike holds its interest in the Apurimac and Cusco iron-ore projects in Peru.

In addition, an exclusivity agreement has been signed with D&C Group to negotiate the potential purchase of remaining AF shares on similar terms.

Strike has been in discussions with the AF shareholders over the past year to explore opportunities to increase its shareholding in AF.

This transaction is the first stage in the company’s strategy to simplify the AF shareholding structure and increase and consolidate its presence in the prospective Apurimac and Cusco regions of Peru.

Key terms of the agreement are:

- IAC to assign to Strike a loan of US$ 5.245 million (including interest) owed by AF to IAC. This loan is convertible to shares in AF in 2012 under the terms of the Settlement Agreement between the AF shareholders.
- IAC held a right, in certain circumstances, to convert its AF shareholding to a royalty from AF’s future production. This royalty right has now been extinguished.
- Strike paid IAC US$1.2m in cash on the execution of the agreement and will issue IAC 9 million Strike shares as consideration under the agreement.

These shares will represent 6.3% of Strike’s issued capital. Strike Resources believes this transaction will provide significant benefits for shareholders in both the short and longer term.

The company said the simplification of the AF shareholding structure will initially improve operational efficiency and reduce risks during the exploration and project execution phases.

Over the longer term it will also enhance the ability to attract strategic partners to develop the Apurimac and Cusco iron ore projects.

Strike has also signed an agreement with the other major AF shareholder, the D&C Group, giving Strike negotiating exclusivity for 90 days.

Under this agreement the parties agree to negotiate in good faith the potential acquisition of D&C’s share in AF on pro rata terms to the IAC acquisition.

Significantly,  Strike will move to 100% ownership of AF if agreement can be reached.

If the parties do not agree terms then D&C will have 10 working days to exercise its right to purchase from Strike 50% of the AF shares which Strike acquired from IAC on equivalent terms. In this case Strike and D&C will each hold 50% of AF.

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Fri, 01 Jul 2011 15:55:00 +1000 http://www.proactiveinvestors.com.au/companies/news/162585/strike-resources-acquisition-boosts-stake-in-peru-iron-ore-projects--17572.html
<![CDATA[News - Strike Resources looks to extend high grade magnetite mineralisation in Peru ]]> http://www.proactiveinvestors.com.au/companies/news/162584/strike-resources-looks-to-extend-high-grade-magnetite-mineralisation-in-peru-14072.html Strike Resources (ASX: SRK) has intersected high-grade magnetite mineralisation from three diamond drill holes at the Apurimac Iron Ore Project in Peru.

Assay results are from the first of ten diamond holes planned to be drilled at the Colcabamba Iron Ore Prospect.

Results are consistent with logged zones of iron (Fe) enrichment and include:

- 6 metres at 59.7% Fe, 1.7% Al2O3, 7.89% SiO2, 0.04% S and 0.02% P from 2.60 metres;
- 6.9 metres at 46.9% Fe, 3.4% Al2O3, 17.6% SiO2, 0.16% S and 0.03% P from 12.60 metres.

Broad anomalous copper and barium values were also returned.

Geological logging indicates significantly broader zones of high-grade magnetite mineralisation have been intersected. Results for these holes are expected to flow from early March 2011.

Work continues on the Cuzco resource estimate by SRK Consulting in Santiago and the final report is expected during the first half of March.

Apurimac is in the Pre-feasibility Study stage and the company is seeking to establish a 10 – 20 million tonne per annum (Mtpa) operation based on current JORC Indicated and Inferred Resources of 270Mt with significant exploration upside.

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Fri, 18 Feb 2011 16:35:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162584/strike-resources-looks-to-extend-high-grade-magnetite-mineralisation-in-peru-14072.html
<![CDATA[News - Strike Resources - under cash backing and moving to production ]]> http://www.proactiveinvestors.com.au/companies/news/162583/-strike-resources-under-cash-backing-and-moving-to-production-0347.html
Strike Resources (“Strike”) is an Australian based mineral exploration and development company with an advanced asset portfolio including the Berau Thermal Coal project in Indonesia (East Kalimantan) and the Cuzco hematite iron ore project in Peru.  

Berau Coal Project
 
In light of the extremely tight credit and capital markets, the Company intends to bring its 100% owned Berau Coal Project into production as a priority.  Berau Coal is a relatively low cost strip mining operation is proposed of 1.5 million tonnes per annum initially, commencing in mid 2009, and increasing to 3 million tonnes per annum.  It is proposed that the coal will be trucked and barged to the coast for transport to buyers in Asia. Production is expected to commence from Berau Coal Project by mid 2009 to generate early term cash flow.

Cuzco Iron Ore Project Peru

Strike Resources holds concessions approximating 70,000 hectares in Peru, in an iron ore province which has seen only minimal exploration to date. The concessions are in two key project areas – the Cuzco Project, which lies 80km south of the historic city of Cuzco, and the Apurimac Project, which lies 16km northwest of the town of Andahuaylas.

Strike is leveraging early cash flows from Cuzco via a first phase which involves a 2mtpa iron ore lump production operation from the Cuzco Project, which is scheduled to commence in 2009.   Initial development at Cuzco will centre on surface mining of high grade (+60% Fe) hematite from outcrops and screen down to approximately 10m depth.  Resource delineation for this near-surface mineralisation is currently underway.  Ore will be trucked 275 kilometres through to a railhead near the town of Imata.  From there it will be loaded onto trains and railed 312 kilometres through to the existing port of Matarani.  Cuzco will be brought on-stream after Berau Coal Project.

Comment by Andrew McCrea

Strike Resources is in excellent financial shape due to completing two capital raisings totalling $82m to institutional investors during the year.  It has $72 million in cash in the bank.

Strike is currently trading at a 69 per cent discount to cash backing at a share price of 38 cents. At or around cash backing, Strike Resources represents an interesting value proposition with Berau Coal cash flows coming on stream in 2009 and appears undervalued.  


Fast Facts

Strike Resources Ltd: (ASX Code: SRK)
Share Price: $0.38
Shares on Issue: 130.0m
Cash $72.0m    Debt: nil
Cash backing per share: $0.55
Market Cap.: $90.3m
52 Week Price Range: $0.38 - $2.81
Substantial Shareholders  (%)
Gallagher Holding Ltd    14.0%
Orion Equities         9.9% ]]>
Thu, 30 Oct 2008 00:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/162583/-strike-resources-under-cash-backing-and-moving-to-production-0347.html