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Announcements - 2006 |
| Article - Resource Stocks - November 2006 |
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Announcements - 2006 |
| Article - Resource Stocks - November 2006 |
Response to price query
We acknowledge receipt of your letter dated 28 December 2006 (copy attached) in relation to the increase in the price and trading volume of the Company’s securities and respond as follows:
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Mary Kathleen project drilling - ASX announcement
Goldsearch is pleased to announce that it has commenced drilling operations at the Mary Kathleen project in the Mount Isa/ Cloncurry region of north-west Queensland.
Goldsearch is earning up to 75% in the project through a joint venture with Central West Gold NL.
The program is targeting uranium mineralisation at the historic Elaine Dorothy prospect and at the recently identified McGregor target.
At Elaine Dorothy, exploration by the previous operators of the former Mary Kathleen Mine, which is located six kilometres to the north, reportedly identified a significant occurrence of uranium mineralisation with grades averaging 0.28% U3O8. Follow-up scintillometer sampling in this area by Goldsearch has defined a discrete radiometric anomaly associated with outcropping mineralisation and alteration of similar appearance to the Mary Kathleen deposit.
At McGregor, follow-up of a prominent radiometric anomaly identified in regional radiometric data has defined a large coherent scintillometer anomaly approximately two kilometres in strike length and associated with alteration of prospective Corella Formation rocks. Uranium mineralisation at both the Mary Kathleen deposit and the Elaine Dorothy prospect is also hosted by rocks belonging to the Corella Formation.
The program, as currently planned, consists of approximately 1,000 metres of Reverse Circulation drilling. However samples will be evaluated on-site using a scintillometer and the program will potentially be expanded if high radiometric counts are returned from this sampling. Final assay results are anticipated within the next six weeks.
Heath Hellewell
Exploration Manager
Re: Appendix 3B - issue of options under Employee and Directors Share Option Plan
The directors of Goldsearch advise having today issued a total of 16,000,000 unquoted options under the Company’s Employee and Directors Share Option Plan. This includes the issue of 12,000,000 unquoted options to directors and associates as approved by shareholders at the annual general meeting held on 30 November 2006. A further 4,000,000 unquoted options have been issued to other participants in the Share Option Plan.
The options have been issued in two tranches on the following terms:
| First tranche options | ||
| Total options issued: | 8,000,000 | |
| Exercise price: | 5 cents per option | |
| Vesting date: | 1 February 2007 | |
| Expiry date: | 31 January 2010 | |
| Second tranche options | ||
| Total options issued: | 8,000,000 | |
| Exercise price: | 7.5 cents per option | |
| Vesting date: | 1 February 2008 | |
| Expiry date: | 31 January 2010 |
An appendix 3B in relation to the issue is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson Secretary
BHP Billiton, Independence Group NL, Goldsearch Limited
East Musgrave Joint Venture
Goldsearch Limited (GSE) is pleased to announce that an agreement in principle has been reached with Joint Venture partner Independence Group NL (IGO) for BHP Billiton to earn a 65% interest in the East Musgrave Project (the "Project") by spending $25 million or by delivering a Bankable Feasibility Study within 10 years.
This is a significant advancement for the Project as it will provide the necessary level of funding to fast track exploration and maximise the potential for discovery and development of mineral deposits in this vastly under explored province.
BHP Billiton is to be considered to be an ideal partner to introduce to the Project as it has a proven track record of discovery in the Musgrave province and has the necessary technical and financial resources available.
To enable the transaction to proceed, IGO which is currently earning a 51% interest in the project via expenditure of $2 million will vest its interest via a payment to GSE of 200,000 Fully Paid Ordinary IGO shares.
Principal Terms
Together GSE and IGO will enter into a farm-in and Joint Venture agreement with BHP Billiton under
the following terms
Clawback
Sales Agency Rights
The key tenements are located on Anangu Pitjantjatjara Lands and approval of this arrangement by the Traditional Owners of this land, completion of appropriate documentation and any other required government approvals, will be condition precedents of the agreement. The next meeting between representatives of the Anangu Pitjantjatjara and GSE-IGO is scheduled to take place in Central Australia on Monday 4 December 2006.
For further information please contact:
John Percival
Director Operations, Goldsearch Limited
Phone: (02) 9241 5999
Re: Outcome of annual general meeting
At the annual general meeting of members of Goldsearch Limited held at 11am today, the resolutions to adopt the remuneration report and to re-elect Mr R B Harris and Mr J M E Percival as directors were each passed unanimously on a show of hands.
The seven resolutions under special business on the notice of annual general meeting dealing with the proposed issue of options to directors were also passed on a show of hands.
Particulars of proxies lodged for the meeting, as required by section 251AA(2) of the Corporations Act 2001 are attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Re: Annual report and notice of annual general meeting
Enclosed for release to the market is the 2006 annual report of Goldsearch Limited together with notice of annual general meeting and proxy form which will be mailed to shareholders today.
We advise that the 2006 annual general meeting of the members of the Company will be held in the Edwin Flack Room at the Sofitel Wentworth Sydney, 61-101 Phillip Street, Sydney on Thursday 30 November 2006 at 11am
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Re: Panaon Island project - drill results
The directors advise that Goldsearch has now received final assays results from joint venture partner and project operator Medusa Mining Limited for the recently completed surface and underground drilling program on the Panaon Island Gold Project, Philippines.
A total of three surface diamond core drill holes and two underground diamond core drill holes were completed at the project. The holes were designed to evaluate previously identified epithermal gold mineralisation at the Pinut-an deposit and the Pinut-an South and Caingin Point prospects.
Samples from underground drill holes UDH-01 and UDH-02 and surface drill hole SDH-01, which tested the potential of the Pinut-an deposit at depth, failed to return high-grade gold assays from the mineralisation intercepted. The best results were 0.3 metres @ 2.03 grams per tonne gold from 54.9 metres in hole UDH-01 and 0.6 metres @ 3.88 grams per tonne gold from 16.5 metres depth in hole SDH-01.
Drill hole SDH-02 which was targeted on veins at the Pinut-an South prospect failed to return any significant assays.
Results from SDH-03, which tested the Caingin Point target at depth, were disappointing with the best assay being 0.5 metres @ 1.90 grams per tonne gold from 81.5 metres.
The drilling results to date have downgraded all three targets and it is now considered that none of these targets represent a potential near-term mining opportunity. The project, which covers a total area of 4,150 hectares, is now considered as purely an exploration project and Goldsearch is reviewing the project on this basis and in terms of its exploration strategy.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
STATEMENT
The information in this report was compiled by Mr Heath Hellewell, who is the Company’s Exploration Manager and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Also available as a PDF File (28K)
Mary Kathleen uranium project, Queensland
Goldsearch Limited, through its 50/50 Mary Kathleen joint venture with Central West Gold NL and its 95% owned Duck Creek Project, has mineral tenements covering approximately 375 square kilometres neighbouring the historical Mary Kathleen Uranium Mine in the Cloncurry/Mount Isa district of Queensland.
Previous production from the nearby Mary Kathleen Mine between 1958 and 1963, and a second period between 1976 to 1982, was approximately 18 million pounds of U3O8 in concentrates over the total mine life.
The Goldsearch tenements cover a significant area of prospective Corella Formation rocks which are the host to the uranium (+REE) mineralisation at Mary Kathleen. As well as being prospective for skarn-style uranium mineralisation similar to Mary Kathleen, the tenements are also prospective for iron oxide copper-gold (+/- uranium) similar to Ernest Henry and Olympic Dam and oxide copper mineralisation associated with the numerous known occurrences of copper mineralisation within the tenements.
Initial reconnaissance programs by Goldsearch have identified three priority uranium target areas worthy of significant follow up programs with a view to identifying targets for drilling (See Plan). Additional targets are also likely to be generated.
Elaine Dorothy
At the Elaine Dorothy prospect, approximately seven kilometres south of the Mary Kathleen Mine, limited drilling and costeaning by previous explorers identified significant uranium mineralisation associated with skarn-style alteration and garnetisation of Corella Formation metasediments. At the time the mineralisation was recognised to be similar in style to the Mary Kathleen deposit with an average grade of 0.28% U3O8.
Work by Goldsearch at the Elaine Dorothy prospect has included geological mapping and scintillometer surveying. This work identified gamma-ray spectrometer readings indicating uranium concentrations up to 3,000 parts per million (ppm) uranium over narrow zones in three separate areas, with individual strike lengths for each zone of approximately 200 metres. This high count zone is associated with a narrow intrusive intermediate to mafic dyke at the faulted contact between a biotite gneiss and chlorite and garnet altered calcareous meta-sedimentary units of the Corella Formation.
Numerous rock chip samples were collected and assay results are pending.
Anomaly M
Reconnaissance work at Anomaly M, to follow up a high priority four kilometre long anomaly in the regional uranium radiometric data, has included scintillometer surveying and preliminary geochemical and rock chip sampling.
Reconnaissance rock chip samples collected from gossanous outcrops within carbonaceous siltstones of the Corella Formation returned encouraging assay results. Peak values for six gossanous samples were 490 ppm uranium, 1.75% copper, 114 ppm molybdenum and 1,860 ppm zinc. These samples were collected from a high count zone with scintillometer readings of up to 400 counts in a regional background of 30 counts.
A single line of reconnaissance geochemical sampling over the regional anomaly in this area returned a peak uranium value of 19 ppm in a background of 2 ppm. The results to date at Anomaly M are encouraging, the uranium anomaly being co-incident with reactive Corella Formation meta-sediments in the Mary Kathleen District. The proximity to “hot” granites with elevated uranium abundance and major regional faults indicates potential for concentrations of economic mineralisation.
Mount Dorothy
Scintillometer sampling at Mount Dorothy returned strong anomalies of up to 300 counts in a background of 90 counts over a strike length of approximately 750 metres. This area is associated with a discrete anomaly in the regional radiometric data and copper oxide mineralisation associated with a quartz–ironstone body. Three drill holes were located which appeared to be targeting the copper oxide mineralisation. Further work is required to evaluate both the scintillometer anomaly and the potential for significant copper mineralisation.
Heath Hellewell
Exploration Manager
For further information please contact:
John Percival
Director Operations, Goldsearch Limited
Phone: (02) 9241 5999
Note: The information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by Mr Heath Hellewell, who is the Company’s Exploration Manager and Mr Greg Duncan, who is a consultant to the Company. Both Heath Hellewell and Greg Duncan have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Heath Hellewell and Greg Duncan consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Note: Additional information on Goldsearch Limited can be found on the Company’s website – www.goldsearch.com.au
Also available as a PDF File (200K)
Appointment of Exploration Manager
The Board of Goldsearch Limited is pleased to announce the recent appointment of Mr Heath Hellewell BSc.(Hons), GSA as Exploration Manager. Mr Hellewell is a geologist with 14 years industry experience. He has experience in gold, base metals and diamond exploration in both Australia and overseas. Prior to joining Goldsearch his most recent position was as Chief Exploration Geologist with Independence Group NL having initially joined Independence in 2000 prior to the successful Initial Public Offering and subsequent growth of that company into one of Australia’s most successful mining and exploration companies of the last 5 years.
Goldsearch believes that the appointment of Mr Hellewell is a significant step in building on the sound base of projects within the Company’s current exploration portfolio, including the recent investment in the Panoan Island Gold project in the Philippines.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B (PDF FIle - 68K)
St Arnaud East joint venture – ASX announcement
Goldsearch is pleased to announce that it has entered into a joint venture agreement with Sedimentary Holdings Limited (Sedimentary) over the St Arnaud EL 4669 application in Victoria owned by Goldsearch.
EL 4669 is located immediately east and south of the town of St Arnaud where historic production was mainly from the Lord Nelson and Lady Nelson mines. Historical production by the Lord Nelson Company was reported to be 322,400 ounces of gold at an estimated average grade of 15.9 g/t gold.
The Lord Nelson shaft exploited steeply west-dipping multiple, fault-hosted quartz veins with a northnorthwest strike. Up to five lines of mineralisation 0.5 kilometres to 1.5 kilometres apart are known in the St Arnaud field. The Lord Nelson Shaft is approximately 250 metres along strike from the Goldsearch tenement boundary and it is probable that the Lord Nelson “line of lode” extends into EL 4669 (see Figure One). Historical records also suggest that at least 5,000 tonnes of ore was mined from within EL 4669.
Sedimentary can earn an interest of up to 75% of EL 4669 by paying Goldsearch $25,000 and spending $500,000 over three years. Sedimentary must spend a minimum of $250,000 by the latter of either the first anniversary of the granting of the tenement or the approval of a work plan and a minimum of a further $125,000 by the second anniversary of the tenement.
Upon Sedimentary earning 75% Goldsearch can elect to dilute to 10% and be free carried to completion of a feasibility study within eight years. If Sedimentary does not deliver a feasibility study within eight years, the ownership of the tenement reverts back to 75% Goldsearch, 25% Sedimentary.
John Percival
Director - Operations
Also available as a PDF File (324K)
Drilling commences at the Pinut-an deposit, Panaon Island, Philippines
Goldsearch Limited is pleased to announce that, following successful rehabilitation and establishment of key underground infrastructure and mine openings, surface and underground diamond drilling has now commenced at the Pinut-an gold and silver project, Panoan Island, Philippines. A team of locally employed miners and geologists has been active since late 2005 and significant progress has been made to enable this drilling to commence.
The project, which is a 50/50 joint venture with the Medusa Mining Limited/ Philsaga Mining Corporation consortium, is hopeful of achieving a high grade gold and silver mine capable of producing between 100 to 200 tons per day of high grade ore; obviously there is no certainty in this regard. Medusa /Philsaga are operators on behalf of the joint venture.
Underground rehabilitation has exposed a number of old stopes which appear to exploit areas where the narrow gold lodes swell. These pods are considered to have good potential for bonanza gold grades. Unconfirmed sampling in the mine by previous explorers returned grades up to 950 g/t Au (gold) with 2000 g/t Ag (silver) from the 32 metre level in the Vein C area and up to 230 g/t Au with 189 g/t Ag also in Vein C.
The current underground drilling program is to target the reef extensions beneath areas previously mined. The surface drilling rig is at the same time targeting deep extensions to the higher reef structures which have been exposed by local miners.
The first results from this program are expected in the June 2006 quarter.
Heath Hellewell
Consultant Geologist
For further information please contact:
John Percival
Director Operations, Goldsearch Limited
Phone: (02) 9241 5999
Note: The information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by Mr Heath Hellewell, who is a consultant to the Company. Heath Hellewell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Heath Hellewell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Note: Additional information on Goldsearch Limited can be found on the Company’s website – www.goldsearch.com.au
Also available as a PDF File (32K)
RE: Appendix 3Y notices
Enclosed for release to the market are appendix 3Y notices from directors Messrs Landerer, Percival and Willsteed advising changes to their relevant interests in Company securities arising from applications as sub-underwriters of the shortfall to the Company’s recent rights issue.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notices (PDF File - 68K)
RE: Allotment of shortfall shares and options
We refer to the announcement made on 17 March 2006 advising of the under-subscriptions to the entitlement offer to Goldsearch shareholders which closed on 14 March 2006.
The directors of Goldsearch Limited are pleased to advise that they have received applications from the underwriters and sub-underwriters for the total amount of the under-subscriptions and have today allotted 40,671,122 new shares and issued 40,671,122 attached options pursuant to those applications.
We advise that holding statements will be mailed to the respective allottees early next week.
Following allotment of the shortfall shares and issue of the attached options the Company has on issue a total of 274,814,022 ordinary fully paid shares and 91,604,674 quoted options.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Also available as a PDF File (96K)
RE: Appendix 3Y notices
Enclosed for release to the market are appendix 3Y notices from directors Messrs Landerer, Harris, Percival, Leece and Willsteed advising changes to their respective relevant interests in Company securities arising from acceptances of entitlements to the Company’s recent nonrenounceable rights issue.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notices (PDF File - 164K)
RE: Allotment of shares and options and despatch of holding statements
Further to the announcement dated 17 March 2006 the directors of Goldsearch Limited advise having now allotted a total of 50,933,552 new shares and issued 50,933,552 attached options pursuant to acceptances of entitlements to the non-renounceable rights issue to the shareholders of Goldsearch Limited which closed on 14 March 2006.
We advise that holding statements will be mailed to the respective allottees today.
Following allotment of the new shares and issue of the attached new options the Company has on issue a total of 234,142,900 ordinary fully paid shares and 50,933,552 quoted options.
The under-subscriptions to the offer, which totalled 40,671,122 shares and options, will be taken up by the underwriters. A further announcement will be made when the issue of these shares and options has been completed.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Also available as a PDF File (24K)
Re: Letter from ASIC re financial report for the year ended 30 June 2005
Enclosed for release to the market is a copy of a letter received from ASIC in relation to the financial report of the Company for the year ended 30 June 2005. It is understood that a similar letter has been received by a number of other mineral exploration companies.
The directors will carefully consider the matters raised therein when completing the financial report for the half-year ended 31 December 2005.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Also available as a PDF File (424K)
Re: Proposed underwritten non-renounceable entitlement issue
The directors of Goldsearch Limited advise that they have resolved to proceed with a capital raising to provide additional working capital for the Company, primarily to fund the exploration and development of the Pinut-an gold project in the Philippines.
It is proposed to offer shareholders a non-renounceable entitlement to subscribe for one (1) new share and one (1) new option, at an issue price of three cents ($0.03) per share and option package, for each two (2) ordinary shares held at the record date, which is currently scheduled to be 20 February 2006. The offer will involve the issue of 91,604,674 new shares and options to raise $2,748,000 before issue expenses.
Each new option will entitle the holder to subscribe for one (1) additional share in the Company at an issue price of five cents ($0.05) per share at any time from the date of issue until expiry of the options on 31 October 2007.
The issue will be fully underwritten by Forty Traders Limited, a New Zealand company linked to one of the Company’s major shareholders.
A prospectus for the issue is in the course of preparation. It is currently proposed to lodge the prospectus with ASIC on 10 February 2006.
A preliminary Appendix 3B is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - PDF File (96K)
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