Altona Mining (AOH)

Shares / Stock Code

AOH

Stock Exchange / Sharemarket

ax

Altona Mining (AOH) is an exploration company primarily searching for gold, copper and base metals, with tenements mainly in Australia. Key projects are located in the Cloncurry district of North West Queensland and the Lachlan Fold Belt of New South Wales. Altona Mining Limited (Altona) is the result of a merger of ASX listed base metal companies; Vulcan Resources Limited and Universal Resources Limited. The company has two major copper assets. Altona has a clear strategy to build a profitable copper business producing from multiple mines in historic major copper mining camps.

The Company expects to commence production in 2011 and is targeting production of in excess of 40,000t of copper annually by 2014 with significant additional gold, zinc, nickel and cobalt credits.The company's principal asset is the Roseby Copper Project. It was listed on Australian Stock Market (ASX) on 3 September,2002.

Altona Mining (AOH) has acquired a large portfolio of high quality exploration projects in two of Australia’s most prospective regions for base and precious metal exploration: The Mt Isa Inlier (the Mt Isa-Cloncurry area) of north west Queensland, and the southern Lachlan Fold Belt in New South Wales. In Queensland, they hold a 100% interest in the Roseby Copper Project and in NSW, they have 90% interest in two projects (Burra and Collector).

Altona Mining (AOH) does not have any customers yet as it is still exploring for gold. However, there are many competitors within the Western Australia region all exploring for gold. Examples of threats include MDS (Midas Resources) and MEE (Metex Resources Limited).

Outokumpu Project

The Outokumpu mining district is situated within the North Karelia Schist Belt, which is a structurally complex package of amphibolite to granulite facies metasedimentary rocks located at a major crustal tectonic boundary between the Proterozoic Svecofennian belt of rocks to the southwest and the Archaean Karelian Craton to the northeast. The Outokumpu district is dominated by northeast-southwest striking isoclinal folds with subvertical fold limbs.

The Outokumpu type Cu-Co-Zn sulphide deposits have such special features that they deserve to be classified as distinct type of ultramafic rock related hydrothermal semimassive-massive sulphides. Generally defined, Outokumpu type deposits are Cu-Co-Zn-Ni±Au sulphide deposits that usually occur in close association of serpentinised ultramafic bodies with thin carbonate-silica alteration fringes of talc and carbonate rocks, tremolite-diopside skarns and quartz rocks. In this host environment the Outokumpu type deposits usually occur in the form of thin, narrow and sharply bounded sheets, lenses or rods of massive-semimassive sulphides closely spaced along the contact zones between altered ultramafic rocks and black shales. Thin but longitudinally extensive zones of generally subeconomic, disseminated, stringer or vein type mineralization relatively rich in Co+Ni±Au may parallel the main massive-semimassive sulphides being hosted in the carbonate-skarn-quartz rocks.

Kylylahti Project

Kylylahti deposit is located near the town of Polvijärvi in Eastern Finland, some 20 kilometres from the town of Outokumpu. Polvijärvi is some 400 kilometres north-east of the capital Helsinki and is accessible via a 40 minute flight to nearby Joensuu. Infrastructure and labour supply in the area are excellent.

A definitive feasibility study on the 100% owned Kylylahti Copper Project was completed in April 2008. The Definitive Feasibility Study was managed by SNC-Lavalin Australia Pty Ltd and was subject to review and optimisation prior to release. The acquisition of Luikonlahti Mill has changed the project significantly since the completion of DFS in 2008 decreasing the amount of infrastructure required at Kylylahti. The study is currently being updated and is expected to be completed during second quarter of 2010.

The orebody and required infrastructure will lie within a granted mining lease and the project is fully permitted. A number of claims are also held for exploration potential. The mining lease to the north of Kylylahti which holds the shallow extension is held by Mondo Minerals and Vulcan has acquired the base metal rights within this lease.

Roseby Project

In Queensland, Altona Mining owns major tenement positions in the Mt Isa Inlier, a major mineral province of Proterozoic age, one of the world's most mineral rich periods in geologic time. The Mt Isa area is one of the most prospective geological provinces for base-metal mineralisation in Australia. It is host to several world class copper, copper-gold, lead-zinc-silver and phosphate mines as well as large resources of molybdenum, cobalt, rhenium and uranium and associated minerals.

Altona's major project in the Mt Isa Inlier is the Roseby Copper Project, with nearly one million tonnes of contained copper and 240,000 ounces of contained gold in JORC compliant Mineral Resources. Other projects include copper-gold prospects at Cameron River, Dronfield, Mt Angelay, Happy Valley, Bushy Park and Malbon, as well as uranium prospects at Roseby (Mary Kathleen Project Area), Spider and Malakoff-Mt Malakoff. Together, these tenements cover an area of approximately 2,150 square kilometres.

All are considered prospective for mineralisation of the iron oxide associated hydrothermal copper-gold deposit style, of which the very large Ernest Henry deposit is a typical example. They also have potential for the occurrence of sediment hosted zinc-lead-silver deposits of the Cannington and Century styles and uranium.

Kuhmo Project

The Kuhmo Nickel Joint Venture (“Kuhmo Project”) contains a number of Archean komatiite-hosted nickel sulphide deposits and a large number of highly prospective exploration targets within the Karelian Craton of eastern Finland. The Kuhmo Project is 95% owned by Vulcan Resources Limited (“Vulcan”) and is a joint venture with Polar Mining Oy (“Polar”). The project has approximately 50 square kilometres of strategic landholding that extends between the regional centres of Kuusamo in the north and Kuhmo in the south.

The Karelian Craton is a typical Archean granite-greenstone terrain with greenstone belts comprised of ultramafic, mafic and felsic volcanic rocks and minor sedimentary rocks. The ultramafic rocks host massive and disseminated nickel sulphide mineralisation similar to well endowed Archean greenstones in Australian and Canada.

The area has undergone sporadic exploration by Outokumpu and by The Geological Survey of Finland (“GTK”) since initial discoveries of outcropping massive sulphide mineralisation were made in the 1960’s, with no mining to date. Vulcan is the first company to bring together a large ground holding, a single corporate focus and modern nickel exploration and development expertise.

Comparison of the Kuhmo Project with other known komatiite terrains that are highly endowed in nickel mineralisation highlights that these better explored terrains typically host clusters of deposits that are the basis for mining, and within which new deposits have been discovered over time. This clustered nature is characteristic of komatiite hosted nickel sulphide deposits, suggesting that the deposits discovered to date in Finland are a compelling indicator of the high potential for discovery of further mineralisation.

Altona Mining (AOH) Products and Services

  • Exploration company primarily searching for gold, copper and base metals

Altona Mining (AOH) Locations and Subsidiaries

Altona Mining Head Office
LEVEL 2, RESERVE BANK BUILDING,
45 ST GEORGES TERRACE,
PERTH, WA, AUSTRALIA, 6000
Phone: (08) 9485 2929
Fax: (08) 9486 4933

Altona Mining (AOH) Share Price

Submitted by ASX Listed Company on 23 January, 2011 - 17:54