Company Announcement:Exploration Update, Altia Joint Venture, North Queensland
Breakaway Resources Limited is pleased to provide an update on recent and upcoming exploration activities at the Broader Altia Project, located 70km south-east of Cloncurry in north-west Queensland. The Company’s joint venture partner, Sandfire Resources NL, has received results from the maiden reconnaissance diamond drilling program completed before Christmas. The program, which was completed on 15 December 2012, comprised five diamond drill holes for 3,013m. Three holes were completed at the Altia Deposit and two at the Boralis Prospect.
The objective of this maiden drilling was to scope out the potential for large-scale Broken Hill Type (BHT) lead-zinc-silver discoveries within the joint venture area similar to the nearby Cannington deposit. Under the Joint Venture agreement signed on 4 September 2012, Sandfire can earn an initial 60% interest in the Broader Altia Project by spending A$4 million on exploration over a three-year period, and can then elect to increase its stake to 80% by spending a further A$4 million over the subsequent three years. Sandfire can withdraw after spending a minimum of A$1 million within the first year of the Joint Venture. Drilling conducted prior to the Sandfire JV by Breakaway during 2010 and 2011 has demonstrated that the Altia Deposit (Inferred Resource of 5.8Mt grading 4% Pb, 40g/t Ag and 0.5% Zn for 229,000 tonnes of contained lead, 7.5 million ounces of silver and 29,000 tonnes of contained zinc) lies within a broad mineralised system with silver-lead-zinc mineralisation drill-defined over a strike length of 1.2km and to a vertical depth of 800 metres.
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