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Accent Resources NL (ACS)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Accent Resources NL
Accent Resources NL 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 is 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 continues.
The company's assets are well located mineral leases that contain defined magnetite iron and gold resources, and early stage vanadium titanium and gold prospects. Accent's mission is to maximise shareholder benefit by evaluating potential to develop both short term and long cash flow through these assets and to make additional value-adding mineral discoveries.
The company has focused the majority of its recent efforts on the development of its advanced Magnetite Range magnetite iron project to maximise shareholder value.
Objectives and Strategies
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 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.
Granted tenement E59/1878 and applications E59/2043 and 2044 occur over the Yandhanoo area some 10km east of Magnetite Range. The area has gold, tungsten and low order iron potential.
The company completed extensive exploration over a large area of tenure in the south west mineral field of Western Australia that contained several areas of interest for vanadium-titanium-magnetite mineralisation and greenfields gold potential. Following review of results and opportunity eleven Katanning tenements were relinquished in February 2014. Retained tenement E70/2729, located approximately 280km south east of Perth, contains several titano magnetite outcrops. Wide spaced soil sampling over a gold anomaly on tenement E70/2729 was also completed and returned anomalous results that require follow up.
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.
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.
Accent Resources NL
250 Queen Street
+61 3 9670 0888
Fax: +61 3 9670 3883
The General Overview, Services, Products and Projects information for this profile was last edited on 09 Jun 2015.