Celamin Holdings (ASX: CNL) has commenced drilling at the Chaketma Phosphate and tailings project in Tunisia which has potential to host 150 to 200 million tonnes of P2O5 at grades of 17 to 22%.
As a result of a $1 million funding injection by the company announced on August 30 2011, drilling, trenching and field work is well under way at Chaketma which is contained within a 56 square kilometre area.
Celamin holds an 80% interest in the 3 year exploration permit, and has already identified multiple exploration targets with an initial focus at the Gasaa El Kebira Prospect.
A positive outcome to a $300,000 Scoping Study planned to be completed during 2011 will trigger Feasibility Studies at a cost of US$2 million, with completion set down for mid 2013.
Development costs have been estimated at US$7.5 million, with a production start planned in 2014.
In addition, Celamin Ltd and JV partner TMS have acquired three additional gazetted exploration permits for base metals which are located in the Northern Tunisian Governates of Bizerte, Beja and Jendouba.
Each of these three permits are highly prospective as they are known to contain lead and zinc from previous workings on the permits.
A Pre Feasibility Study (PFS) targeted on a high grade, low cost Stage 1 mine development at the Bir El Afou Phosphate Project in Northern Tunisia has now been completed and is targeting mine production by the end of 2013.
The PFS will be presented to Celamin, as well as Celamin’s partner in the Project, Tunisian Mining Services (TMS) for review and comment. Once these reviews have been completed, Celamin will announce the results of the study to the market.
The Chaketma project has larger target potential than Bir El Afou. The company's development plan is for a sequential staged development depending on market conditions once Bir El Afou Stage 1 is in production.
Interestingly, a number of investors have been active in Celamin with institutions having already acquired some significant stakes, highlighted by Commonwealth Bank (ASX: CBA) recently boosting its stake to over 6%. While Lion Selection Group (NSX: LGP) now holds 14.6% - after increasing its interest several times in 2011.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20873/celamin-holdings-kicks-off-highly-anticipated-drilling-at-tunisian-phosphate-project-20873.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment