WISCO JOINT VENTURE
For more information on the Eyre Iron Joint Venture please select the link below:
http://www.eyreiron.com.au/aspx/home.shtml
The Eyre Iron Joint Venture covers the following five tenements:
EL2887 - "Tumby Bay"
The Carrow magnetite deposit is located on the central east coast of Eyre Peninsula midway between Port Lincoln and Whyalla, 6km north west of Port Neill. Aeromagnetic data indicates a series of intense magnetic anomalies with an aggregate strike length of 2km.
EL3421 - "Dutton Bay"
The Dutton Bay tenement is located on the central east coast of Eyre Peninsula midway between Port Lincoln and Whyalla, 20km north of Port Neill. Dutton Bay is within close proximity to the Carrow magnetite deposit and the discovery of a magnetite resource could significantly enhance the overall economics of a mining project based at Carrow. Dutton Bay is also prospective for hematite.
EL3887 (formerly EL2905) - "Mount Hill"
The Mount Hill tenement is subdivided into 2 separate areas, with the northern area located on south central Eyre Peninsula, 18 - 25km west of Port Neill. The Mount Hill North tenement is highly prospective for hematite and magnetite.
The White Flat prospect is located around 25km's north west of Port Lincoln within a NNE-trending moderate amplitude magnetic anomaly with a strike extent of around 25kms.
EL4384 (formerly EL3269) - "Wanilla"
The Charleton Gully prospect falls within the Wanilla tenement approximately 20-30km NNW of Port Lincoln and 10km from Greenpatch. The prospect is located at the southern end of a moderately intense, NNE-trending aeromagnetic anomaly that extends for over 20km's.
EL3611 - "Greenpatch"
The Greenpatch prospect is located 10km NW of Port Lincoln and is the strongest magnetic anomaly on southern Eyre Peninsula. Outcropping jaspilite occurs around the southern and eastern edges of the anomaly and magnetite BIF from drill core indicates coarse bands of magnetite alternating with quartz, dolomitic marble and iron-rich silicates.
IMPORTANT DATES
- 18/12/2008 Heads of Agreement signed for Joint Venture
- 20/07/2009 Detailed transaction documents signed
- 31/07/2009 FIRB Submission Lodged
- 05/11/2009 FIRB Approval Granted
- 07/01/2010 Permission for Agreements Granted by Mining Registrar
- 07/07/2010 First Purchase Price Instalment Paid to Centrex ($51.5M) ($26M due on 1 year anniversary)
- 07/07/2010 Work Commitment Paid to Joint Venture ($50M) ($25M due on 1 year anniversary)
- August 2010 Drilling Program Commences
PROJECT TEAM
| Chaoying 'Alex' Qi PhD (MinProc) | Managing Director | WISCO |
| Ben Hammond BSc (Geol) MBA AusIMM | Chief Operating Officer | Centrex |
| Vincent Zhao | Chief Financial Officer | WISCO |
