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


{{businessSummary}}

General Overview

About Admiralty Resources

Admiralty Resources NL is a diversified mining company with mineral interests in Australia and Chile and trades on the Australian Securities Exchange under the code ADY.

  • Admiralty is focused on iron or in Chile, with the company also having projects in Australia – including the Bulman Project in the Northern Territory and the Pyke Hill Project near Leonora in Western Australia.
  • In May this year Admiralty delivered a positive Pre-Feasibility Study for its Mariposa magnetite iron ore project, which is located in the Atacama region of Chile, and is around 20 kilometres south of Vallenar.
  • Key takeaways include a 49.1% post-tax internal rate of return, a 2.25 year payback on a $65.5 million capital investment.
  • This is based on a Resource of 66.6 million tonnes at 35.6% iron using a cut-off of 25% iron that provides for a 12 year Life of Mine and operational cost for final product CFR China ports of $89.10 per tonne.
  • Mariposa also has a post-tax Net Present Value (NPV) of $211 million at a 8% discount rate at World Bank forecasted long-term iron prices with an average of $141/tonne1 of the final product at 62% iron.
  • The PFS was completed by Redco Mining Consultants (REDCO) over the project. It also found that changing the parameters to use a current prevailing iron ore price of $128.50/tonne CFR China still yielded an attractive IRR of 41.37%, a 2.5 year payback and a post-tax NPV of $148 million.
  • Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Company Structure

1314066304_co structure


Projects

Admiralty Minerals Chile - Vallenar

Introduction and Location

The 32 mineral exploration and exploitation concessions covering approximately 6,600 hectares are located within the Chilean iron belt in the Atacama Desert at an altitude of 380 metres above sea level and 10 kilometres south from the city of Vallenar in the Third Region of Chile.

The mineral concessions are owned by Admiralty's subsidiary Admiralty Minerals Chile Pty Ltd ("AMC"), through its Chilean branch "Agencia en Chile". They are nestled in the Chilean iron belt, between the largest iron ore mines in Chile: Cerro Negro and Los Colorados, owned by Compañía Minera del Pacífico ("CMP").

The tenements are in a prime location from the infrastructure point of view: 2.5 kilometres away from the Pan American Highway, 7.5 kilometres from a railway transportation service privately owned by Ferronor S.A., 60 kilometres from the Port of Huasco and between the cities of Copiapó and La Serena, communicated by regular air services with Santiago.

The above mentioned infrastructure places Admiralty Minerals Chile Pty Ltd Agencia en Chile ("AMC"), Chilean branch owned by Admiralty and the legal holder of the tenements, in a position that can have a very positive impact on the mine development, construction and operating cost.

Harper South

Demonstrating the prospectivity and activity in the region, Admiralty's Harper South project is located near to the El Algarrobo iron ore mine, one of the four main magnetite-apatite deposits in the Chilean iron belt.

El Algarrobo's current Reserves are around 3.6 million tonnes at 47.5% iron, although other occurrences in the surrounding district are believed to contain resources of 130 million tonnes.

Pampa Tololo

This information is currently being updated.

Pyke Hill - Western Australia

The Pyke Hill Project in Western Australia comprises a single granted Mining Lease which covers an area of 5.37km2. The project is located approximately 40km southeast of the Murrin Murrin Nickel Operation operated by Minara Resources Limited and is considered prospective for a high grade nickel laterite deposit. Admiralty has a joint venture option agreement in place with Cougar Metals NL (Cougar).

Data generated from nickel exploration at the Pyke Hill Project undertaken over the last 35 years has resulted in the definition of nickel-cobalt lateritic enrichment within the weathered profile at the project along a strike length of 2000m and over widths of up to 450m. Grades of up to 2.15% nickel and 0.67% cobalt have been encountered in the laterite profile in previous drilling.

The Pyke Hill Project has the potential to contain shallow to moderate depth zones of high-grade nickel-cobalt laterite mineralisation. Cougar has undertaken a limited drilling program in the project area as part of an initial due diligence program designed to confirm several of the previously reported drill intersections and to test the chemical and metallurgical characteristics of the laterite mineralisation. Satisfied with the results of this drill testing, the Cougar intends to conduct a systematic drilling program of 200m x 100m spaced holes over the laterite mineralisation at the project area. The aim of this drilling is to produce an Inferred Resource for the Pyke Hill Project.

At 3 million tonnes Admiralty Resources is able to earn 20 cents per tonne, providing revenues of up to $600,000 per annum from run of mine nickel ore.

Bulman - Northern Territory

History

The Bulman Project is a zinc and lead oxide deposit located in southern Arnhem Land in Australia's Northern Territory.

Admiralty Resources succesfully concluded negotiations with the traditional landowners to do sampling work on the mineral site which will help to better define the leases to determine the areas acceptable for prospecting.

Mineral Lease Numbers (MLN's) 726 and 727 (Marumba) form the Bulman Zinc and Lead Project and are held by Admiralty Resources NL (previously Thunderbolt Resources NL) through our wholly owned subsidiary Bulman Resources (formerly known as Moonlight Mining NL). The leases are held over the Bulman base metal (unclassified) resources defined in the 1950's by Enterprise Exploration Company (EEC). They currently have an Exploration Licence Application (21384) for 637 sq kilometres of land that includes MLN 726 and 727. Granting of the Licence will enhance their prospects of finding a much larger ore body and increasing the economics of the deposit.

Resource

Combined geological ore "reserves" estimated by EEC (later CRA Exploration Pty Ltd) in the 1950's, for several mineralised "shoots/veins" were 375,000 tonnes @ 15% Zn and 2% Pb of mainly oxide material.

The leases in part contain and are surrounded by early to middle Proterozoic McArthur Basin rocks including Katherine River Group, Mt Rigg Group and Roper Group lithologies transected by the northwest trending Bulman Fault which is associated with the zinc and lead mineralisation at Bulman.

The combined "reserves" figure quoted by EEC was estimated following a programme of shaft sinking and bulk sample analysis at several localities inside and outside the current leases. Later drilling downgraded zinc and lead potential at depth due to a significant sill of dolerite occurring at shallow to moderate depth beneath the known mineralisation. However, significant near surface zinc and lead oxide ore remains, but largely untested with respect to modern systematic sampling and drilling practices.

A literature review of available open file exploration data from the 1950's to the present day has highlighted the Bulman Leases and five nearby zinc and lead occurrences as having potential for at least one million tonnes of at-surface and near-surface exploitable oxide and sulphide ore at greater than 10% combined zinc and lead.

Markets

There is a wide range of applications for zinc in current markets. An indication of typical applications is shown below.

  • Galvanising steel to prevent corrosion and rust
  • Diecast, notably in the automobile industry
  • Brass (70% copper, 30% zinc) is particularly rust-resistant and so is used to make the hulls of sailing boats and other marine hardware.
  • Batteries and health

Global zinc demand is forecast to grow at an annual average rate of 2.7% until 2015, equivalent to an additional 322,000 tonnes each year.

Asia is expected to record the fastest rate of growth over the forecast period and to account for two-thirds of the global increase in demand in absolute terms.

In May 2009, three-month delivery zinc was last trading at $US1,900 per tonne.



Contact Info

Admiralty Resources NL

Suite 1602
87-89 Liverpool Street
Sydney, NSW
AU Australia, 2000

Phone: +61 2 9283 6502
Fax: +61 2 9283 3963
Email: info@ady.com.au
Website: http://www.ady.com.au

Click here to view the interactive map
Admiralty Resources NL Google Map
Admiralty Resources NL Google Map

Share Registry

Boardroom Pty Limited - Click here to view share registry profile

Phone: +61 2 9290 9600
Fax: +61 2 9279 0664
Email: enquiries@boardroomlimited.com.au
Website: http://www.boardroomlimited.com.au/

Level 12
225 George Street
Sydney, NSW
AU Australia, 2000


Important Information

The General Overview, Services, Products and Projects information for this profile was last edited on 05 Jun 2015.

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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