12 NOVEMBER 2013www.miningweekly.com
Queensland Bauxite shares climb on news of bauxite discovery
Edited by : AL CIRCLE
1 min read
The share price of junior Queensland Bauxite climbed by more than 57% on Tuesday on news of a bauxite discovery at the South Johnstone project, in Queensland.
ASX-listed Queensland Bauxite said that extensive drilling and testing within the exploration permit had shown that at least half of the 61 holes drilled were relatively enriched with alumina and depleted in silica, indicating the presence of bauxite.
The project area covers about 400 km2 and is situated 16 km from the port of Mourilyan, which is currently used as a loading facility for the sugar cane industry.
Queensland Bauxite said that it used a recent development in field geology to determine drilling priorities, adding that drill samples were collected at half-meter intervals.
It was hoped that historic deposits could also be proven to form part of a more extensive bauxite system within the exploration tenement, and analytical exploratory work on the samples recovered within the tenement area would be used to ascertain if this was the case.
Queensland Bauxite stock changed hands at A$0.011 a share on Tuesday, up from the previous day's closing price of A$0.007 a share.
ASX-listed Queensland Bauxite said that extensive drilling and testing within the exploration permit had shown that at least half of the 61 holes drilled were relatively enriched with alumina and depleted in silica, indicating the presence of bauxite.
The project area covers about 400 km2 and is situated 16 km from the port of Mourilyan, which is currently used as a loading facility for the sugar cane industry.
Queensland Bauxite said that it used a recent development in field geology to determine drilling priorities, adding that drill samples were collected at half-meter intervals.
It was hoped that historic deposits could also be proven to form part of a more extensive bauxite system within the exploration tenement, and analytical exploratory work on the samples recovered within the tenement area would be used to ascertain if this was the case.
Queensland Bauxite stock changed hands at A$0.011 a share on Tuesday, up from the previous day's closing price of A$0.007 a share.
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