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Bauxite Resources Limited announces new bauxite resource at Western Australia
Edited by : AL CIRCLE
2 min read
Bauxite Resources Limited announces the initial Resource for the Ceres deposit, part of its emerging Williams bauxite project area in southwest, Western Australia. The resource is situated on a number of large farms north of Williams, located 150km south of Perth, close to the Perth-Albany highway and approximately 35km from existing rail infrastructure providing a direct link to Albany Port.
The Ceres Resource is contained within the Company's joint venture with HD Mining & Investments Pty Ltd, (HDM) the wholly owned subsidiary of Shandong Bureau No.1 Institute for Prospecting of Geology & Minerals, (Shandong) titled the BRL-HD Mining Joint Venture. HDM is currently working towards obtaining 40% interest in the bauxite rights of several tenements under the joint venture which are wholly owned by BRL. HDM are fully funding exploration activities and their interest will be triggered if HDM enters into a binding commitment to undertake a feasibility study on the tenements. Should HDM and BRL make a subsequent decision to mine, then HDM will earn an additional 20% interest in bauxite rights on the tenements. BRL maintains 100% interest in all other minerals.
The addition of the new resource provides a 12% increase in the total bauxite resources in which the Company has an interest
The Ceres Resource is contained within the Company's joint venture with HD Mining & Investments Pty Ltd, (HDM) the wholly owned subsidiary of Shandong Bureau No.1 Institute for Prospecting of Geology & Minerals, (Shandong) titled the BRL-HD Mining Joint Venture. HDM is currently working towards obtaining 40% interest in the bauxite rights of several tenements under the joint venture which are wholly owned by BRL. HDM are fully funding exploration activities and their interest will be triggered if HDM enters into a binding commitment to undertake a feasibility study on the tenements. Should HDM and BRL make a subsequent decision to mine, then HDM will earn an additional 20% interest in bauxite rights on the tenements. BRL maintains 100% interest in all other minerals.
The addition of the new resource provides a 12% increase in the total bauxite resources in which the Company has an interest
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