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Additional Information
Market: ASX
Sector: General Mining
Epic: .III
News: Latest news
Web Site: Icon Resources Limited
Other Articles: 02-03-201029-01-201015-12-2009

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Monday March 15, 10:21Diamondcorp: a big cash injection and a lot of work to do

70% of the new money was raised from current shareholders, reflecting a hefty amount of faith in the management to deliver.

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Monday March 15, 11:38Calvin Klein owner buys Tommy Hilfiger for US$3 billion from Apax Partners

The New York listed shirt and neckwear company is paying €1.924 billion in cash and issuing €276 million in PVH common stock (approximately 8.7 million shares) to fund the transaction.

 

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Monday March 15, 08:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Icon Resources Limited

Icon Resources Limited

Icon Resources Ltd is an ASX listed diversified metals explorer focussed on Eastern Australia. It has advanced projects, scheduled for drilling, in gold and tin in NSW, followed by its copper-zinc VMS resource in central Qld. It holds strategic areas in northwest Qld prospective for zinc, copper-gold and nickel with gold and copper prospects in NSW and Qld.

It is currently concentrating on its flagship project, the old Mt Carbine tungsten mine in north Queensland. Once Australia’s largest tungsten producer, Icon is progressing to re-start the mine as a long life, hard-rock open cut operation.

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Wednesday, December 02, 2009

Icon Resources readies for milestone drill program at Mt Carbine tungsten project

by Proactive Investors company news image

Icon Resources Ltd (ASX: III) has provided an update on the company’s activities, which highlights the potential of the Mt Carbine Tungsten Project in north Queensland.

In a statement, the company said assaying of mineralised core from the upper portion of legacy drillhole CB18 was recently wrapped up, with the results indicating significant widths of relatively high grade mineralisation.

They included: 8m @ 0.36% WO3 within 27m averaging 0.14% WO3 from 105m and 18m @ 0.37% WO3 within 47m averaging 0.23% WO3 from 163m.

These grades are significantly higher than the assumed overall grade of mineralisation at Mt Carbine which is estimated to be around 0.2% WO3. Historical mapping of the Mt Carbine lodes show the Iron Duke workings having a strike length of the order of 400m and the CB18 intercept suggests that mineralisation may extend over widths exceeding 50m.

Given that the mineralisation at Mt Carbine mined to date has been remarkably spatially persistent and consistent in grade, this previously under-estimated lode will be given first priority in Icon’s drilling campaign.

Drilling is scheduled to commence at Iron Duke in December.

This drilling, together with further assaying of the legacy drillcore, will be used to update the resource model for Mt Carbine in 1H10.

Icon's projects include the Mt Carbine flagship tungsten project, the Fitzroy Copper Zinc Project, the Peel Fault Gold Project and the Tara Tin Project.

Once Australia’s largest tungsten producer, Icon is progressing to re-start the Mt Carbine flagship tungsten mine as a long life, hard-rock open cut operation.

At one stage the mine historically produced half of Australia's annual tungsten when it closed in the mid-1980s due to depressed tungsten prices.

Icon Resources managing director John Bishop said the assaying of CB18 had highlighted the potential for relatively high grade scheelite-rich mineralisation adjacent to the open cut.

"Given the generally persistent and consistent nature of the Mt Carbine mineralisation, we are hopeful that our forthcoming drill program will add depth and strike length to this historic drillhole," Dr Bishop said.

"Most of the recently raised funds will go towards advancing Mt Carbine, but a small proportion will be spent on drilling our Tara Tin and Peel Fault Gold projects early in the new year.”

Tungsten is a gray-white metallic element that is stable and is very resistant to acids and bases.

It is useful for glass-to-metal seals, filaments for electric lamps, electron and television tubes, electrical contact points for car distributors, X-ray targets and television tubes.

Meanwhile, Icon is finalising a capital raising of approximately $1.5M.

The terms of the placement are $0.09 per share with an attaching $0.15c option expiring on 30 June 2011.

The funds raised will be primarily used to progress the Mt Carbine pre-feasibility study, including an initial drilling program of around 5000m and testing of bulk samples through the process flow sheet.

This program has already commenced with the first batch of ore samples having been sent for testing in multi-parameter oresorters.

 

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