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Accent Resources NL (ACS)
is a publicly listed company on the Australian Securities Exchange (ASX).


{{businessSummary}}

General Overview

About Accent Resources NL

Accent Resources NL ("Accent") is a Western Australia based exploration company listed on the Australian Securities Exchange (ASX:ACS). Accent is majority owned by Xingang Resources (HK) Limited and Richmark Development (Group) Pty Ltd who have interests in steel mills and shipping. The company’s exploration focus has been on the discovery and development of iron ore, base metal and precious metal deposits at its project areas in Western Australia. Ongoing assessment of suitable acquisition projects as well as investment opportunities in mining companies which are in production or near production continues. Accent’s mission is to maximise shareholder value by evaluating potential to develop both short term and long cash flow through these assets and to make additional value-adding mineral discoveries.


Projects

Magnetite Range Project

The Magnetite Range project is an advanced iron project, with greenfields gold potential, located ~260km east south east (~305km by road) of Geraldton and immediately adjacent, and along strike of the operating Extension Hill iron ore mine. The Extension Hill project is also referred to as the Mt Gibson project.

Magnetite Range project occurs immediately west of the Great Northern Highway between Wubin and Paynes Find and consists of granted mining lease M59/166, granted exploration licences E59/875 and 1732 and granted PL59/1952. It has a combined area of 158 square km.

The project is well located in the southeast of the developing Midwest iron ore region and immediately adjacent, and along strike of the operating Extension Hill iron ore project. The Extension Hill project, also known as Mt Gibson, has a dual ownership structure between Mount Gibson Iron Ltd (ASX:MGX) and unlisted company Asia Iron Holdings Limited. Mount Gibson Iron Ltd commenced mining the upper Direct Shipping ore (DSO) deposit in Q1-2010, with the first DSO ore shipments through Geraldton port completed in Q4-2011. Scheduled production is 3Mtpa over 5 years. The deeper magnetite iron rights are owned by Asia Iron, a joint venture between the State owned Chongqing Chonggang Minerals Development Investment – CCMD (60%) and privately owned SINOM Investments (40%). Regulatory approvals are in place for Stage 1 development of a 1 billion tonne open pit and an ore processing plant that will produce at least 10Mtpa of high-grade iron ore magnetite over +40 years. Asia Iron has completed pre-development work on the site, including building an accommodation village, and awaits final decision to proceed to finance and develop the project. First shipment of magnetite concentrate to China is likely to be late 2017.

The Magnetite Range Project is Accent Resources`s flagship project and consists of five Exploration Licences, E59/875, E59/1732, E59/1878, E59/2043, E59/2044 and one Mining Lease 59/166 acquired from Legend Mining Ltd in August 2009. Prospecting Licence 59/1952, granted on 20 January 2012 was amalgamated into E59/875 during 2016.

Meekatharra

Arcadia Project - E51/1209 (Accent 100%)

The Arcadia project comprises of Exploration Licence E51/1209 and is located approximately 45km south west of Meekatharra in the Murchison District of the Murchison Mineral Field, Western Australia. 

The Arcadia property is underlain by an attenuated and faulted southern extension of the Archaean Abbotts Greenstone Belt, largely buried beneath superficial cover. The greenstone succession comprises tholeiitic volcanic rocks, fine grained clastics, felsic volcanics and mafic intrusions. 

At the Hope River Prospect previous RC and diamond drilling has identified an auriferous sulphidic quartz dolerite associated with a 2km length of the N-S trending Hope River shear zone, a splay fault off the regional NE striking Abernethy Shear Zone that occurs immediately west of the licence area. Intense weathering to about 90m depth occurs in some areas. The most significant gold mineralization is associated with quartz dolerite intrusions along a western mineralized shear of the Hope River shear zone and requires further follow up. The most significant intersections include: 

- 8m @ 4.24 g/t Au (MHD 46 on cross section 7023950mN) 

- 8m @ 3.89 g/t Au (MHC 21 on cross section 7023235mN) 

- 1m @ 15.5 g/t Au (MHC 13 on cross section 7024435mN) 

Aircore drill testing of a 2km untested portion of the western mineralized shear that extends north of the Hope River prospect was completed. Anomalous composite assay results (peak 8m @ 1.2 g/t Au) occur over more than 1km strike length and require RC follow up. 

Potential also exists at the main Hope River prospect for the definition of high grade shoots as delineated by Doray Minerals (ASX:DRM) at Andy Well. There are also a number of geochemical gold anomalies defined by regolith drilling which require follow up on the western and eastern flank of the Hope River Prospect which have so far received little attention. 

Norseman Project

The Norseman project, comprising 5 Mining Leases and 8 Prospecting Licences covering an area of approximately 338 hectares, is located 5km south of Norseman in the Dundas Mineral Field. The project area occurs within a strongly mineralised portion of the southern Norseman-Wiluna greenstone belt of the Yilgarn Craton.

The local geology consists predominantly of Archaean banded cherty siltstone / ironstone formations interbedded with mafic volcanics and intrusives. The ironstones, referred to as the Eastern and Western Banded Ironstones contain flanking volcanics and chert breccias, passing into fine clastics and magnetite ironstones.

Gold mineralisation occurs predominantly along the Mt Henry Shear within the core of the Eastern Ironstone (Surprise – Iron Duke – Maitland/Break o'Day Trend) and along the eastern margin of the Western Ironstone (Lady Mary Trend). Additional mineralisation occurs in ENE-WSW trending cross-cutting structures (Luck Call, Battler). The most significant mineralisation discovered to date consists of the north-south trending Iron Duke (40,700oz @ 1.9 g/t Au) and Surprise (18,800oz @ 1.5 g/t Au) gold deposits along the Mt Henry Shear (99 percentile upper cut, 1.0 g/t Au lower cut off) (source: ASX announcement 26 November 2012). Over 70-80% of these resources are shallow, within 50m of surface.

During 2012/3 a comprehensive update of drilling data and a review of all geological data were completed. This was incorporated into a revised resource estimation and pit optimisation study of the Surprise - Iron Duke Resources to assess their potential and economic viability. The current gold resources are unlikely to support a stand-alone operation but represent opportunity for either a development joint venture or toll processing with local operators.

The work completed indicates that additional drilling is required to test potential for deeper repetitions of the stacked mineralisation. Drilling is also required to follow up newly identified zones, particularly near surface areas to the east of the main mineralised zone at Surprise Area Domain 2 and 4. The southern area of Iron Duke (Maitland zone) also has additional deep and along strike resource potential. Potential remains to also define additional mineralised surface laterites (<8m depth) east of and in southern Surprise and north east of Iron Duke.

Future resource, geological validation and metallurgical drilling at Surprise – Iron Duke is recommended. Future work should include diamond drilling for metallurgical testwork and geological and resource validation that will improve interpretation and reduce risk related to earlier RC drilling. An improvement in the classification and the contained resources can be expected.

Tenements P70/1893 and 1904 covering the historically significant Lady Mary mine were acquired in 2012. The Lady Mary was the subject of sporadic mining since the early 1900's with early reported production exceeding 26,000 oz at grades greater than 20g/t Au. Mineralisation is associated with the Lady Mary Shear and hosted by an east dipping northeast plunging quartz vein which occurs at the eastern contact of the Western Ironstone with gabbro. Proposed work includes review of geological information and construction of 3-dimensional model to accurately predict the plunge of the high grade Lady Mary shoot. This will utilize surveyed information, historical drilling and underground mine plans. Drilling of the untested but significantly mineralised structure south of the historic Lady Mary mine is also proposed.

Iron ore exploration has been authorized over P63/1380, 1381, 1383 and M63/225, 226, 247. Surface rock sampling has returned several promising results up 62.3% iron that require follow up.

MZI

The company announced on 30th November 2015 that it had acquired a substantial shareholding in MZI Resources ("MZI") which is a listed West Australian mineral sands producer (ASX Code: MZI). MZI carried out a $43 million share placement in 3 tranches, the first 2 of which the Company participated in. The Company acquired 10m shares or 6.25% of MZI at an issue price of 40 cents for a total consideration of $4.0 million. The third tranche of the MZI placement (which the company did not participate in) took place in late February 2016 following MZI shareholder approval, which diluted the Company`s interest to 5%. 

The Company has funded its participation in the MZI placement by way of a $4 million loan facility extended by the Company`s major shareholder Xingang Resources (HK) Ltd. 

MZI has recently commissioned a mineral sands mine at Keysbrook which is 70km south of Perth. It is expected to be a significant producer of leucoxene and zircon with an initial production target of 96ktpa. The project has about a 30 year mine life and is expected to be a high margin long life project with significant expansion potential. 



Contact Info

Accent Resources NL

Level 9
250 Queen Street
Melbourne, VIC
AU Australia, 3000

Phone: +61 3 9670 0888
Fax: +61 3 9670 3883
Email: admin@accentresources.com.au
Website: http://www.accentresources.com.au

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Accent Resources NL Google Map
Accent Resources NL Google Map

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Phone: +61 8 9389 8033
Fax: +61 8 9262 3723
Email: admin@advancedshare.com.au
Website: http://www.advancedshare.com.au/

110 Stirling Highway
Nedlands, WA
AU Australia, 6009


Important Information

The General Overview, Services, Products and Projects information for this profile was last edited on 24 Oct 2017.

All Financial Data is provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Share Prices nor any independent data provider is liable for any informational errors, omissions or other defects, incompleteness, or delays, or for any actions taken in reliance on Financial Data.

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