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Korab Resources Retains Batchelor Project Exposure

Jan. 4, 2013 - Korab Resources' recent sale of the Winchester magnesite deposit represents only around 2% of the overall area of the Batchelor project in Northern Territory, leaving the company with exposure to much of the upside from potential development of the project.
Korab recently signed a deal to sell the Winchester magnesite deposit to Augur Investments for $33.2 million.
Augur is an Estonian investment company with interests in mining, infrastructure and commercial property development.
The deposit is located within a 3.4 square kilometre surveyed area, which is to be cut off from the Batchelor project and transferred to Augur.
The Batchelor project covers 171 square kilometres and it is being retained by Korab and the company is currently seeking joint venture partners to further explore the Batchelor project.
Its work completed to date in the Winchester area that is being sold is limited to rehabilitation of the site, update of the magnesite feasibility study and various desk studies.
All field work conducted by Korab within the Batchelor project was located in the area that is being retained by Korab.
Previous drilling at Winchester to a depth of 100 metre outlined a high grade zone of magnesite mineralisation 7.5 kilometre long and 500 metre wide, with mineralisation open at depth.
Close spaced drilling over the area 550 metre by 300 metre also outlined an indicated resource of 12.2 million tonnes of 43.1% MgO and an inferred resource of 4.4 million tonnes at 43.6% Mg.
An update of the feasibility study by Tenova/Bateman Engineering of a previously completed on Winchester in 2001 suggested that at the current magnesium price and at current labour costs, the processing of the ore into magnesium metal would not be economical if the smelter was to be built and operated in Australia.
However, it may be economical if the ore was to be shipped offshore for processing.

Related Reading
Korab Resources to Sell Winchester Magnesite Deposit   2012-12-31

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