Syndicated Metals (ASX: SMD) is an Australian base metals exploration and development company with control of a tenement package covering over 4,000 square kilometres in the world recognized Mount Isa mineral province in North Queensland.
The company manages two advanced base metals projects with a combined resource inventory in excess of 269,000 tonnes Copper, 30,000 tonnes Molybdenum, 2.3 million ounces Rhenium and 315,000 ounces Gold as well as having a suite of advanced and early stage exploration targets on the surrounding tenements.
Syndicated Metals (ASX: SMD) is undergoing a board and management restructure with the appointment of three experienced mining executives to spearhead the company’s next stage of growth and development.
Peter Langworthy has been appointed non-executive chairman, Andrew Munckton will fill the managing director’s seat following Russell Davis’ resignation, and David Morgan will join the company as operations director.
Langworthy is the former executive general manager – exploration of Jubilee Mines, where he played a key role in the discovery of several significant nickel sulphide orebodies at the Cosmos Nickel Project in Western Australia.
He was part of the executive management team that led the company until its takeover by Xstrata (LSE: XTA) for more than A$3 billion.
Most recently Langworthy was technical director at Talisman Mining (ASX: TLM) and has also been a non-executive director at Northern Star Resources (ASX: NST).
Meanwhile, Munckton was most recently managing director of Avalon Minerals (ASX: AVI), where he played a key role in securing the Viscaria Copper Project in Sweden, and led the exploration and project teams that progressed the project through to a Bankable Feasibility Study.
Morgan most recently managed the Pre-Feasibility Study for Sundance Resources’ (ASX: SDL) Mbalam Iron Ore Project in Cameroon and, prior to that, was general manager – operations at Equigold’s Mt Rawdon Gold Mine in Queensland.
The new board and management will be responsible for implementing a re-energised strategy for exploration, resource assessment and resource development within Syndicated Metals’ portfolio of copper-gold projects in north Queensland.
The company controls around 4000 square kilometres of tenements in the region, which includes advanced projects and near term development options with Scoping Studies underway.
Syndicated Metals’ Kalman deposit, which is an advanced molybdenum-rhenium and copper-gold deposit covering 700 square kilometres in the mineral-rich Mt Isa region, has the potential to be a company-maker.
The Kalman deposit hosts a JORC Resource of 60.8 million tonnes at 0.32% copper, 0.05% molybdenum, 1.19 grams per tonne (g/t) rhenium and 0.15g/t gold, which is currently under review.
The deposit contains sizeable targets which offer substantial exploration upside.
Last month, Syndicated Metals discovered some clusters of near surface high grade copper-gold values at the Kalman deposit.
Highlight intersections returned 22 metres at 0.84% copper and 1.31g/t gold from 37 metres (1.65% copper equivalent), including 9 metres at 1.3% copper and 2.87g/t gold (2.9% copper equivalent).
The 2011, 10-hole reverse circulation drilling program covered the southern end of the deposit, located above deep high grade intersections from previous drilling that included 9 metres at 20% copper.
Syndicated Metals is also planning to undertake a A$1 million placement to support the company’s ongoing exploration activities in north Queensland.
The company will issue around 13.5 million shares at $0.074 to sophisticated and professional investors.
For every two new shares subscribed for, Syndicated Metals will issue one free attaching option.