Royal Resources (ROY)

Shares / Stock Code

ROY

Stock Exchange / Sharemarket

Australian Securities Exchange

Royal Resources (ROY) is an exploration company focused on discovering economic mineral deposits and then mining them. Its main project is the Pinyalling iron ore project in Western Australia. It also has other exploration projects for gold, nickel and copper, and platinum and palladium. ROY (then called United Gold Ltd) was incorporated on 23 February 2004. The company officially listed on the Australian stock market (ASX) in April 2006.

ROY's primary objective is to discover an economic mineral deposit through its diversified portfolios of projects. The company's initial focus is on its Pinyalling iron ore project where the potential for hematite and magnetite resources exists which also covers all iron ore prospectives within ROY's tenements in Western Australia. ROY also has exploration interests in eight projects in Western Australia. As an explorer, ROY has no customers at present. ROY faces competition from other mining companies within Australia.

During the fiscal year ended June 30, 2009 (fiscal 2009), the Company completed a drilling campaign of 39 holes for 5,614 meters; sourcing of historic drilling information; testing the first application of a resolution aeromagnetic and radiometric survey in the Uravan, and assessment of all claims as a prelude to claim reduction. The Company operates in a single segment. In February 2009, Royal entered into uranium exploration in the Northern Territory, which includes two blocks in the Pine Creek Orogen and one in the Ngalia Basin.

In the United States, the Company has four joint ventures in the Uravan Belt of the Colorado Plateau and the Arizona Strip. Royal holds exploration tenements in the Pilbara and mid west regions of Western Australia, where the primary focus of exploration is hematite. Its wholly owned subsidiary is Royal USA Inc.

Warriedar Joint Venture Project

The Warriedar Joint Venture Project is situated in the Mid West Region of Western Australia and is a joint venture with Gindalbie Metals Limited . During the 2008 year Gindalbie earned a 60% interest in the project by completing expenditure of $1 million over three years.

In April 2007 Gindalbie the managers and operators of the joint venture located significant hematite mineralisation within the Warriedar Joint Venture tenements. The discoveries were the first prospective hematite locations outside of the Blue Hills / Mungada / Karara areas located in the southern area of the Warriedar Banded Iron Formation (“BIF”) stratigraphy.

In November 2007 broadly spaced drilling on the Shine prospect intersected significant widths of hematite mineralisation along a strike of about 800 metres and that from surface mapping the mineralisation extends to the north and south of the current drilling.

In May 2008 the Warriedar Joint Venture approved expenditure to recommence infill and extended drilling within the Shine prospect area. This reverse circulation (“RC”) and diamond drilling is being undertaken with the objective of extending the known strike of the hematite mineralisation, increasing the resource status so that the mineralisation can be classified under the JORC code, and obtain diamond core from which detailed metallurgical studies can be completed.

Since the commencement of the program in May 2008 a total of 26 RC holes for 2,412 metres and 4 diamond drill holes for 318.9 metres have been completed by operators and managers, Gindalbie within the Warriedar JV ground. The results from the drilling to date are very encouraging with significant intersections of hematite (“Direct Shipping Ore – DSO”) being recorded from the assay results.

For the June 2008 quarter a total of 2,086 samples were assayed by Ultra Trace Laboratories of Perth using the X-Ray Florescence (“XRF”) method and 368 samples submitted to Amdel Laboratories of Perth for assessment using the Davis Tube Recovery (“DTR”) method. Results from the diamond drilling will be received by next quarter. RC infill drilling of the Lister prospect is presently underway and the initial resource modelling of the Shine prospect will commence.

Royal Resources (ROY) Products and Services

  • Focused on discovering economic mineral deposits and then mining them.

Royal Resources (ROY) Locations and Subsidiaries

Royal Resources Head Office
Suite 3 Level 3, IBM Building, 1060 Hay Street,
WEST PERTH, WA, AUSTRALIA, 6005
Phone: (08) 9322 8542
Fax: 08 9322 6577

Royal Resources (ROY) Share Price

Submitted by ASX Listed Company on 28 May, 2010 - 23:19

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