Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	AXE
Latest Price:	0.17 (0.00%)
52-week High:	0.25
52-week Low:	0.12
Market Cap:	11.08M

1 year chart

1 day chart

Archer Exploration

Archer Exploration (ASX:AXE) is a copper, gold and uranium explorer focused on the discovery of world-class ore deposits.

Archer Exploration extends manganese and iron footprint on SA’s Eyre Peninsula

Monday, March 15, 2010

Archer Exploration (ASX: AXE) has signed a farm-in agreement with UraniumSA Limited (ASX: USA) to earn an interest in all minerals (except uranium) on USA’s Wild Horse Plains and Elbow Hill tenements located adjacent to Archer’s North Cowell Project on South Australia’s Eyre Peninsula.

The combined projects give Archer a contiguous land holding of 1,042 km2 over an area which contains known manganese and iron occurrences.

The farm-in agreement provides Archer access to highly prospective manganese, iron and copper bearing units under the company’s ongoing strategy to exploit Eyre Peninsula’s significantly underexplored base metals potential.

Archer said the presence of more than 10km strike of the highly magnetic rocks north of Mt Shannon provides encouragement that similar mineralisation to the company’s Jamieson Tank Project, located only 10km to the northwest of Wild Horse Plain, can be identified.

Historic work by CRA in 1977 identified strong iron mineralisation (Fe2O3) above 60% at both Mt Shannon and Mt Desperate. Historic work in the area has been focussed on lead, zinc, copper and uranium, and the tenements remain under-explored for iron and manganese.

Under the farm-in agreement, Archer may earn a 100% interest in all minerals (except uranium) by spending a total of A$300,000 exploring the tenements during the next 2 years. Archer must spend a minimum of A$150,000 on exploration during the first year before it can withdraw from the farm-in agreement.

After Archer has spent the required A$300,000, it will then enter into a joint venture with USA whereby Archer will be entitled to explore for, and mine, minerals (except for uranium) on the tenements. Archer will retain a 100% interest in all minerals (except for uranium). The farm-in agreement is subject to the granting of Ministerial approval.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.