2011 04 29 Quarterly Activities Report Mar Qtr 2011 FINAL Circ

8/3/2019 2011 04 29 Quarterly Activities Report Mar Qtr 2011 FINAL Circ

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]

29 April 2011

QUARTERLYACTIVITIES

REPORT

March2011

HighlightsIronOreFurtherdrillingunderwaytotargetMineralResourceandOreReserveupgradeforMt

Webber

CoalRevised

Coal

Resource

Estimate

(JORC

compliant)

of

13.4

million

tonnes

of

high

grade

thermalcoalatTabalongCoalProject

MiningapprovalsprocesscontinuesatTabalongCoalProjecttotargetproductioninlate

2011

LithiumDrillholeassaysfromthePilgangooraLithiumprojectintersectedfurtherwidezonesof

nearsurfacemineralisedspodumenepegmatite.

DrillingprogramcommencedinJanuary2011toestablishtheextentandtheresource

potentialofthishighlymineralisedspodumenepegmatite.

AlturaMiningLimited AustralianProjectLocations


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AlturaMiningLimitedQuarterlyActivitiesReportMarch2011

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IRONOREMTWEBBER(PilbaraWesternAustralia)30%AlturaMiningLimited,70%AtlasIronLimitedTheMtWebberIronOreProjectislocated150kilometressouthsoutheastofPortHedlandinthe

worlds

premier

iron

ore

province,

the

Pilbara.

It

is

approximately

40

kilometres

east

of

the

FortescueMetalsGrouprailway lineand immediatelynorthofWoodstockRoad,whichconnects

MarbleBartotheGreatNorthernHighway(seeFigure1).

Altura has a 30% interest in the Mt Webber Iron Ore DSO project (and five other Pilbara

tenementsthatformpartofthejointventureagreement)inthePilbara. AtlasIronisAlturasjoint

venturepartnerforthisproject. Underthetermsoftheagreement,Alturaremainstheownerof

theMtWebberandothertenements,totalling333squarekilometres.

Figure1MtWebberDSOProjectLocation


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Page3of14

During the quarter drilling recommenced on the Fender and Gibson deposits under the

supervisionofjointventuremanagingpartnerAtlas Iron.Mobilisationof therigwasdelayedby

weather and mechanical problems which were exacerbated by the bad weather interrupting

supplyofspareparts.DrillingwastheninterruptedinmidMarchbyfurthermechanicalproblems,

andareplacementrighassincebeenmobilisedtositetocontinuetheprogram.

Prior to mid March a total of 822 metres of Reverse Circulation (RC) was completed. The

remainingprogramconsistsof40holes totallingapproximately2,000metres.The remaining40

drillholeswillcomplete the40metreby40metre infilldrillingatFenderandGibsonandbring

thosetwodepositstothesamelevelofresourceconfidenceasIbanez.

Provisionremainsforathirdroundofinfilldrillingatallthreeareas(Ibanez,FenderandGibson

seeFigure2)toclosethedrillspacingto40metresby20metresbutthatprogramisexpectedto

becompletedinthenextfinancialyear.Currentplansalsoincludecompletionofpitoptimisation

alternatives to feed into the overall development strategy including Atlas Turner River Hub

feasibilityprocess.

The results from thisprogramwillbecompiledand reviewedbyAtlasand reportedas soonas

practicableuponcompletionofthedrilling,assayingandtesting. Theprogramisalsoexpectedto

deliverahighrateofresourcetoreserveconversionaspertheearlierdrillprogramcompletedin

mid2010.

Figure2Reserve,ResourceandProspectLocation,MtWebberDSOProject


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COALTABALONG(SouthKalimantanIndonesia)ThermalCoal(100%AJM)The Tabalong Coal Project consists of two (2) Mining Licences (IUPs) in the province of South

Kalimantan

on

the

island

of

Borneo

(see

Figure

3).

Currently

both

IUPs

are

granted

for

exploration

purposes and Altura is seeking the necessary approvals to have them granted for operation

productionstatus.

During thequarterareviewoftheTabalongCoalProjectwasconductedaspartof internaldue

diligenceandmineplanningprocesses.ThereviewestimatedarevisedtotalJORCcompliantCoal

Resourceof13.4milliontonnesofhighgradethermalcoal.Thepreviousresourceassessmentwas

completed inMay2008and containedanestimated total resourceof11.3million tonnes.The

resultantvarianceisduetoupdatedseamcorrelationswithinthegeologicalmodelandtreatment

ofcoalpartingswithinthecoalseams.

Figure3TabalongCoalProjectLocation


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ApprovalsProcessThe IndonesianCentralGovernment introduced anewMining Law inDecember2008. Existing

mining permit holders such asAlturawere required to continue themining approvals process

under the new law. The new law was not invoked until a specific set of regulations were

introducedtoapplythelaw,andthisprocesswascompletedinmid2010.

AlturahassuccessfullyconvertedtheoriginalTabalongExplorationPermits intothenewformof

tenure(IUPexploration)andcontinuedtoseekapprovalofthe2xIUPstoOperationProduction

status. The prerequisite documentation required for approval, consists of an Environmental

ImpactStatementandtheGovernmentFeasibilityStudy.BothhavebeenacceptedbytheRegency

Councillorand theMinesDepartment.Currently theMineRehabilitationandReclamationplans

awaitapprovalinordertoprocesstheapplicationfurther,andthisisexpectedearlyinQ22011.

Subsequent toOperationProductionapproval theCompanywillbe required toobtainaPinjam

Pakai(Permittouseforestryland)fromtheMinisterofForestrypriortocommencementhowever

theproject

does

not

cover

any

protected

forestry

areas.

The

issue

of

these

permits

has

been

quite

slowandassuchnocompletiontimelinecanbeconfirmed.

UnderthenewMiningLawnonewminingpermitscanbeappliedfor,astheyaretobeofferedon

atenderbasisfromthegovernment,andtodatenonehavebeenissued.Alturahascontinuedto

seek out and review further coal opportunities to support the existing tenement holding in

Indonesia.

CoalResourcesThe

Tabalong

Project

is

comprised

of

2xIUPs

held

by

Suryaraya

Permata

Khatulistiwa

(SPK)

the

northernmost tenement and Suryaraya Cahaya Cemerlang (SCC) the southernmost tenement

whichissplitintoBlocks1and2(seeFigure4).BothIUPswereissuedon31December2009and

arevalid foraperiodof6years(exploration).SCCBlock1hasnotbeen fullyexplored,although

coal isknown toexist in thisblock.Currentlyanexplorationprogram isbeingplanned forSCC

Block1andexpectedtobecompletedinQ42011.

ExplorationtodatehasbeenconductedinhousebyPTAlturaIndonesia(whollyownedsubsidiary

ofAlturaMiningLimited).ThefollowingtabledetailsthecompleteddrillingattheTabalongCoal

Project.

Table 1 - Completed Drill Holes & Metres

No.ofHoles Totalm's No.ofHoles Totalm's No.ofHoles Totalm's

SPK 205 10,550.00 26 800.00 231 11,350.00

SCC 90 4,228.00 12 316.50 102 4,544.50

TOTAL 295 14,778.00 38 1,116.50 333 15,894.50

*PARTLYCOREDHOLES theseincludebothopenholeandcoremetres;seebelowforabreakdownonthesemetres

SPK

SCC

TOTAL

TOTALm's

11,246.27

4,511.41

15,757.68

103.73 11,350.00

33.09 4,544.50

136.82 15,894.50

OPENHOLES PARTLYCOREDHOLES* ALLHOLESLEASEAREA

LEASEAREA OPENHOLEm's COREm's


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Page6of14

Figure4TabalongCoalProjectIUPBlockLocations


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The JORC compliant Coal Resource estimate of 13.4 million tonnes comprises a Measured

Resource of 4.0 million tonnes, an Indicated Resource of 5.8 million tonnes and a further 3.6

milliontonnesof InferredResources.Thedepositcontainsa lowash(4.8%), lowsulphur(0.98%;

measured resource),highenergy (6,349kcal/kg; as receivedbasis) subbituminous coal. Table2

belowdetailsthebreakdownoftheCoalResourceestimatesandrelevantcategories.

Table2TabalongResourceEstimates

Note: TM=TotalMoisture%,IM=InherentMoisture%,VM=VolatileMatter%,FC=FixedCarbon%,TS=Total

Sulphur%,CV=CalorificValueinkilocaloriesperkilogram,RD=RelativeDensity.

ar=as

received

basis,

adb

=air

dried

basis,

daf

=dry

ash

free

basis

weightedaveragesnotprovidedforInferredResourcecategoryduetodatalimitations.

Table 3 (over) details the breakdown of the Measured Resources currently estimated for the

Tabalong Coal Project. Mining is planned to commence in the northernmost tenement (SPK)

wherethethicker(upto18metres)andhigherqualitycoalexistsmainlyconfinedtotheBseam

group.TheMeasuredResourcesofBseamseriescoals isestimatedat2.78milliontonnes.The

Bseriescoalshavesuperiorcoalqualityparameters (2.5%Ash,0.66%TotalSulphurand7,203

kilocalories/kilogramairdriedbasis).

TabalongCoal

Resources

indicate

ahighly

marketable

product

with

high

energy,

low

ash

and

low

tomedium sulphur characteristics. The larger proportion of theMeasured Resources (B series

seams)iscategorisedasIndonesianCoalIndex(ICI)Type1coal.Indexpricingforthiscoalasat15

April2011isUS$124.01pertonneFOBvesselwhichprovidesapromisingoutlookforTabalongas

itmovestoproduction.

Altura aims to develop Tabalong as a standalone operation initially at a planned annual

production rateof300,000 to400,000 tonnesperannumofpremium thermalgradecoal. The

locationoftheTabalongprojectalsolendsitselftosatellitedevelopmentofotherminingpermits.

The area consists of numerous other smaller resource areas that have the potential to be

operated

simultaneously

to

provide

increased

tonnages

and

blended

coal

products.

Altura

is

considering a number of potential adjacent projects that could be amalgamated into the

development.

COALIndonesiaandotherSouthEastAsiaDuring the quarter, Altura continued to source and review a number of other potential coal

acquisitions in Indonesia and other South East Asian targets. The Company will inform

shareholders and themarket if an agreement(s) can be reached and remains confident that a

suitablecoalproject(s)canbedeliveredin2011.

RESOURCE TONNES TM IM Ash VM FC TS CV_ar CV_adb CV_daf RD

MEASURED 3,989,000 16.4 7.7 4.0 40.7 47.4 0.98 6432 7097 8018 1.29

INDICATED 5,796,000 16.6 8.2 5.4 40.2 46.3 1.34 6292 6924 7979 1.31

9,785,000 16.5 8.0 4.8 40.4 46.7 1.19 6349 6994 7995 1.30

INFERRED 3,600,000

TOTAL 13,385,000


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SEAM TONNES TM IM Ash VM FC TS CV_ar CV_adb CV_daf RD

F1

F2

E1 29,000 16.3 4.9 6.6 39.3 48.7 1.29 6324 7174 8075 1.33

E2 19,000 14.0 4.4 3.2 42.0 50.5 1.31 6809 7569 8187 1.28

48,000 15.4 4.7 5.2 40.4 49.4 1.30 6516 7331 8119 1.31

D11

D1

D12

D21

D2 2,000 14.5 7.6 7.4 40.5 44.5 1.99 6230 6735 7920 1.33

D22 149,000 13.6 6.5 4.3 41.7 47.5 2.01 6585 7132 7990 1.31

151,000 13.6 6.5 4.3 41.7 47.5 2.01 6581 7128 7990 1.31

C11 119,000 15.2 7.4 3.9 41.6 47.2 1.55 6581 7184 8094 1.29

C1 45,000 16.4 10.2 4.4 40.9 44.5 0.95 6300 6763 7908 1.30

C12 375,000 13.1 7.5 11.5 38.0 41.4 1.41 6106 6488 7877 1.38

539,000 13.9 7.7 9.1 39.0 43.0 1.40 6232 6672 7929 1.35

C21

C2 467,000 15.4 6.1 6.9 40.3 46.5 2.01 6231 6917 7953 1.33

C22

467,000 15.4 6.1 6.9 40.3 46.5 2.01 6231 6917 7953 1.33

C3

C41

C4

C42

B11 55,000 14.4 6.7 1.5 41.6 50.2 0.56 6822 7439 8105 1.26

B1 907,000 18.1 8.7 2.5 40.8 48.1 0.81 6412 7147 8034 1.28

B12 133,000 13.9 7.3 1.6 41.3 49.8 0.50 6867 7393 8114 1.27

B 354,000 15.4 6.1 3.4 41.1 49.5 0.48 6589 7314 8076 1.27

B21 95,000 17.0 7.7 2.1 41.5 48.7 0.62 6553 7282 8067 1.27

B2 1,101,000 17.7 8.6 2.4 41.0 48.0 0.64 6459 7162 8030 1.27

B22 139,000 17.0 7.7 2.1 41.5 48.7 0.62 6553 7282 8067 1.27

2,784,000 17.2 8.1 2.5 41.0 48.4 0.66 6495 7203 8046 1.27

A1

A2

A3

AA

BB

3,989,000 16.4 7.7 4.0 40.7 47.4 0.98 6432 7097 8018 1.29

Subtotal

Subtotal

Subtotal

Subtotal

GrandTotal

Subtotal

Subtotal

Subtotal

Subtotal

Subtotal

Subtotal

Subtotal

Subtotal

Table3TabalongCoalProjectMeasuredResources

Note:TM

=Total

Moisture

%,

IM

=Inherent

Moisture

%,

VM

=Volatile

Matter

%,

FC

=Fixed

Carbon

%,

TS

=Total

Sulphur%,CV=CalorificValueinkilocaloriesperkilogram,RD=RelativeDensity.

ar=asreceivedbasis,adb=airdriedbasis,daf=dryashfreebasis

MeasuredResourceslimitedto150metredepthcutoff

AboutThermalCoalThermal coalforms the backbone ofworldwide energy supplieswith Indonesia now theworlds largest

exporterofthermalcoalproducts. Recentinnovationsincoalbeneficiationandcleancoaltechnologypoint

towardastrongfutureforcoaltoremainareliableenergygenerationcommodity.


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LITHIUMPILGANGOORA(WesternAustralia)Lithium,Tantalum(100%AJM)Drillingon thePilgangoora tenementsrecommenced in January2011withAlturausing itsown

Maxdrill

2000

drill

rig

and

in

house

crew

to

undertake

the

work.

Despite

wet

ground

conditions

in

Februaryduetorainassociatedwithcyclonicweather,Alturahasbeenabletocompleteeighteen

(18)ReverseCirculation(RC)holesfor1,286metresbytheendoftheMarchquarter.

Figure5DrillholeandCrossSectionLocations

Theresultsforthirteen(13)oftheseholeshavebeenpreviouslyreported(seeASXreleasesdated

2March 2011 and 15March 2011) and the significant results from these holes and the initial

drillingprogramaresetoutinTable4overleaf.

The thickness of the mineralised pegmatites and the attractive grades being returned at such

shallowdepthsisverypromising.Potentiallytheprojectcoulddeliververylowwastetooreratios

should a resource of sufficient size be identified. The favourable result from the initial

metallurgicaltestworkcertainlyranksthisprojecthighly incomparisontocurrentandemerging

hardrocklithiumproducers.

AlturawillcontinueitsexplorationdrillingprogramthroughQ22011utilisingtheinhouseAltura

drillandcrew.Oncethebroadoutlineandgeometryofthepegmatiteshavebeenidentifiedinfill

drillingwillbeundertakentoincreasethelevelofconfidenceinbothinthepotentialresourceand

thelithium

grades.


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Table4PilgangooraDrillingResultstoDateAssaysgreaterthan0.3%Li2OHoleNo. EastGDA94

(m)North

GDA94(m)

Dip/Az(Deg.) From(m) To(m) Thickness(m) Li2O%

PRC026 697,368 7,668,677 60/340 0 5 5 1.17%6

23

17 1.45%[email protected]%(6mto13m)

PRC027 697,380 7,668,675 60/042 0 60 60 1.65%[email protected]%(11mto25m)

[email protected]%(43mto54m)PRC028 697,401 7,668,679 60/360 5 56 51 1.77%

[email protected]%(5mto9m)[email protected]%(29mto34m)[email protected]%(43mto52m)



[email protected]%(7mto11m)[email protected]%(25mto32m)

PRC031 697,405 7,668,791 60/358 7 16 9 1.23%PRC032* 697,394 7,668,676 60/357 0 55 55 1.63%


[email protected]%(43mto54m)PRC033 697,440 7,668,758 60/358 28 54 26 1.65%



PRC038 697,479 7,668,684 60/360 4 12 8 1.06%31 34 3 0.69%

PRC039 697,520 7,668,764 60/360 22 31 9 1.20%42 44 2 0.89%

PRC040 697,516 7,668,714 60/360 30 35 5 1.07%PRC041 697,523 7,668,683 60/360 2 13 11 0.69%

31

51

20 1.19%[email protected]%(32mto38m)


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Page11of14

*Note:HolePRC032islocatedabout8mtothesouthandwestofPRC028andwasdrilledasatwinholetoverifyand

validate the assay data recorded in PRC028 inparticular the lithium values. The variance over the 55metre

intersectionforLi2Owas


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FINNISSRANGE(NorthernTerritory)Lithium,Tantalum(100%AJM)As previously reported, Altura has undertaken regional and prospect geochemical evaluation

studies and a number of areas have been identified formore detailed follow upwith drilling.

AlturahasinaMineManagementPlan(MMP)approvedbytheNorthernTerritoryDepartmentof

Resourcesfortheproposeddrillingofthe7Upprospect,anditisplannedthatthisdrillingwillbe

undertakenaspartofthe2011fieldseason.

AboutLithiumLithium (Li) is recoveredfrom themineral spodumene and lithiumrich brines. It is used in a range of

productssuchasceramics,glass,batteriesandpharmaceuticals.Lithiumusehasexpandedsignificantly in

recentyearsdueto increasinguse inrechargeablebatteries inportableelectronicdevicesand inbatteries

andelectricmotorsforhybridandelectriccars.

GARNETBALLINE(WesternAustralia)AlluvialGarnetMineralSands(100%AJM)DuringtheMarchquartertheCompanyreceivedstatutoryapprovalsfortheMiningProposalfrom

theDepartmentofMinesandPetroleum(DMP)andthe5Clicenseapplicationforwaterextraction

fromtheDepartmentofWater.

Furthercapitalandoperatingexpenditure studieswerecompletedduring thequarter,however

the ongoing appreciation of theAustralian dollar continues to have an adverse impact on the

economicsoftheproject,andnodecisiontoproceedwiththeminehasbeenmadeatthisstage.

AboutGarnetGarnetisanaturallyoccurringmaterialthatisminedinasimilarmethodtomineralsands. Garnetsandisa

goodabrasiveandacommonreplacementforsilicasand insandblasting.Mixedwithveryhighpressure

water,garnetisusedtocutsteelandothermaterialsinwaterjets.

URANIUMLONGISLAND(MtShoobridgeNorthernTerritory)Uranium(100%AJM)Due

to

the

wet

season

no

field

work

has

been

undertaken,

however

further

desktop

studies

have

beenconducted. Subjecttothereceiptofstatutoryapproval,drillingwillresumelaterinQ22011.

BASEANDPRECIOUSMETALSSHOOBRIDGE(MtShoobridgeNorthernTerritory)Lead,Copper,Zinc,Silver,Gold(AJM100%)Asnotedabove,nofurtherfieldworkhasbeenundertakenbecauseofthewetseason. Desktop

studieshavebeenconductedandsubjecttothereceiptofstatutoryapproval,drillingwillresume

laterintheJunequarter.


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MININGSERVICESINDONESIA(PTAsiadrillBaraUtama)(100%AJM)TheminingservicegroupofAsiadrillBaraUtama (Asiadrill)andVelseis Indonesia (Velseis50%

Altura)

continued

exploration

support

services

during

the

quarter.

The

drilling

operations

were

confinedtoIndonesiawithaprimaryfocusincoalexplorationanddevelopment.

Drill rig deployment remained steady during the quarter. Asiadrill operated up to twenty (20)

individual drill units consisting of track and skid mounted and man portable units during the

quarter.

Asiadrill has equipment deployed in South and East Kalimantan on the island of Borneo with

officesinJakarta(WestJava),Balikpapan(EastKalimantan)andTanjung(SouthKalimantan).

AboutPTAsiadrillBaraUtamaAsiadrilloperatesavariedfleetoftruckandtrackmounteddrills;supplementedbyafleetofheliliftand

manportableunitsforenvironmentallysensitiveareas. Thecurrentfleettotalssixteen(16)largerunitsand

fifteen(15)manportabledrills. AsiadrillspredominantlyIndonesianworkforcetotals48permanentandup

to150contractstaff.

INDONESIA(PTVelseisIndonesia)(50%AJM)Velseis Indonesia (Velseis 50% Altura) operated up to eleven (11) wireline units during the

quartercomprisingtheentirefleetofunits,withafurthertwo(2)unitsplannedforpurchaseinQ2

2011.Velseis

has

operated

primarily

in

East

and

South

Kalimantan

provinces

on

the

island

of

Borneo. VelseiscontinuestopartnerAsiadrillonanumberofprojectstoprovideclientswithboth

drillingandgeophysicalservicesontheircoalexplorationprojects.

AboutPTVelseisIndonesiaVelseisIndonesiaisjointventurecompanybetweenAlturaandVelseisPtyLtd(Brisbanebasedwirelineand

seismic serviceprovider). Velseis operates afleet of eleven (11)portable and vehiclemountedwireline

loggingunitsinIndonesia. TheVelseisIndonesianworkforcetotals24permanentstaff.

AUSTRALIA(AlturaDrillingPtyLtd)(100%AJM)TheCompanysMaxdrill2000multipurposedrillrighasbeenutilisedat thePilgangooraLithium

Prospect inWesternAustraliasPilbararegionduringtheMarchquarter,andwillcontinueinthis

roleduringtheJunequarter.


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AboutAlturaMiningLimited(ASX:AJM)Alturahasadiversemineralportfolio inAustraliaand Indonesia coupledwith cashflowpositivemining

servicesunits in Indonesia. The company aims to systematicallyevaluateanddevelop the key resource

projectscommencingwithTabalongCoalandMtWebberIronOreJV(30%Altura/70%AtlasIronLimited).

KeyProjectsandProspects: IronOre:MtWebberDSOJointVenture(30%Altura). Coal:TabalongCoalProjectSouthKalimantan,Indonesiaminingapprovalprocesscommenced. Lithium: PilgangooraProjectWA,FinnissRangeProspectNTexplorationstage.

Garnet: BallineMineralSandsProjectWA,miningapprovalsprocess.

Uranium:MtShoobridgeNT,explorationstagewithkeyuraniumtargetsinHayesCreekregion. Base/PreciousMetals: MtShoobridgeNT, lead,copper,zinc,goldandsilverprospectatexploration

stage.ForadditionalinformationaboutAltura,pleasevisittheCompanyswebsitewww.alturamining.com

COMPETENTPERSONSSTATEMENTSTabalongCoalProject(Indonesia)

The information in this report that relates to theTabalongCoalResources isbasedon informationcompiledbyMr

StephenBarber,whoisamemberoftheMemberoftheAustralasianInstituteofMiningandMetallurgyandafulltime

employee ofAlturaMining Limited. Stephen Barber has sufficient experience, which is relevant to the style of

mineralisationandtypeofdepositunderconsiderationandtotheactivityheisundertaking,toqualifyasaCompetent

Person intermsofthe AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves

(JORCCode

2004

Edition).

Stephen

Barber

consents

to

the

inclusion

of

such

information

in

this

Report

in

the

form

and

contextinwhichitappears.

Pilgangoora(WA)

TheinformationinthisreportthatrelatestothePilgangooraexplorationresultsisbasedoninformationcompiledby

MrBryanBourke,who isamemberof theAustralian InstituteofGeoscientistsandafulltime employeeofAltura

MiningLimited. BryanBourkehassufficientexperience,which isrelevant to thestyleofmineralisationand typeof

depositunderconsiderationand to theactivityhe isundertaking, toqualifyasaCompetentPerson in termsof the

Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves (JORC Code 2004

Edition). BryanBourkeconsentstotheinclusionofsuchinformationinthisReportintheformandcontextinwhichit

appears.

Forfurtherinformation,pleasecontact:

JamesBrown,ManagingDirector Ph:+61738146900

PaulMantell,ExecutiveDirector Ph:+61738146900

Documents

2011 04 29 Quarterly Activities Report Mar Qtr 2011 FINAL Circ