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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	STB
Latest Price:	1.25 (0.81% )
52-week High:	5.95
52-week Low:	0.85
Market Cap:	108.89M

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South Boulder Mines Full South Boulder Mines profile here

South Boulder’s (ASX: STB) flagship project is the world class Colluli Potash Fertilizer Project in Eritrea where mine production of 1Mt p.a. is scheduled for 2016 or sooner from the world's first open cut potash mine.

South Boulder also operates the Duketon Project in Western Australia where there is demonstrated potential for gold, nickel sulphide and base metal mineralisation.

South Boulder Mines plans follow-up drilling at Duketon Nickel Project

Thursday, June 03, 2010

South Boulder Mines (ASX: STB) has reported that a Mining Lease application has been lodged over the C2 and Rosie Ni-Cu-PGE Prospects together with JV partner Independence Group NL (ASX: IGO), with plans for a 3-4 drill rig follow-up drill program.

The application has been made to the Department of Mines and Petroleum (DMP) that covers the highly significant Ni-Cu-PGE mineralisation discovered within the Duketon Nickel Project.

South Boulder said this is a significant milestone for the Duketon JV partners and is a result of recent exploration success including the previously announced downhole massive sulphide drill intercept in hole TBDD098 of 5.20m @ 9.13% Ni, 1.09% Cu, 0.21% Co and 7.09g/t PGE’s from 599.71m.

The Rosie and C2 Prospects are located approximately 120km NNW of Laverton, W.A in the Duketon Greenstone Belt. The deposits are approximately 2km apart and the mineralisation at both prospects is considered open in most directions.

The Mining Lease application comprises a total of 19.13km2. The mineralisation at Rosie is currently outlined over an approximate strike length of 750m and a dip extent of about 400m and comprises massive, matrix, stringer and disseminated sulphides.

The mineralisation at C2 is currently defined over an approximate strike length of 700m and a dip extent of up to 300m within 3 zones.

Independence are currently finalising detailed technical and logistical plans for a significant follow-up drilling program which will be forwarded for Board approval.

Lorry Hughes, managing director, said at this stage the follow up program is expected to include provision for up to 3-4 drill rigs that will drill to intersect the target mineralisation zones.

The program is expected to provide sufficient information to compile initial resource estimates compliant with JORC standards and to facilitate early stage engineering studies.

Additionally Independence are preparing budgets for exploration programs along strike of the currently identified prospects and in the other regional JV tenements.

In early 2004, South Boulder entered a farm-out Joint Venture Agreement with Independence, whereby Independence can earn a 70% interest in the nickel rights on tenements held by South Boulder in the Duketon Project, by the completion of a Bankable Feasibility Study within 5 years of the grant of the relevant tenement.

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