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Matilda to explore new ground Cape York, Nth QLD

Posted: 18 Apr 2007

An access agreement was signed between Matilda Minerals and the trustees of the Mapoon area to allow the company to search for mineral sand deposits on the Cape York coastline near Weipa in north Queensland.

The agreement approves the grant of two exploration permits and will allow exploration for valuable zircon and rutile to commence within weeks.

The Mapoon area is located 960 kilometres north west of Cairns and 86 kilometres from Weipa and the permits cover some 262.4 square kilometres of highly prospective grounds, including 40 kilometres of coastal plains.

It is expected that the Queensland Department of Mines and Energy will grant the permits, which Matilda applied for just over a year ago, in the next four to six weeks.

Matilda Minerals’ Managing Director Bruce Maluish, in Cairns for the formal signing of the agreement said he expected exploration to start as soon the tenements are granted.

“The application for these tenements will now be progressed under the expedited process,” he said.  “We have been negotiating exploration access for most of 2006 and have been thorough in explaining the exploration and mining process to all Traditional Owners of the area.”

Mr Maluish said he appreciated the strong support from everyone involved in the negotiations.

“This signing is very significant for Matilda as it gives us a foothold in a region which we feel is highly prospective for large strandlines in an area covering our targeted coastal plains,” he said.

There has been no systematic exploration for zircon-rutile deposits in the area to date despite previous high grade results in the region and the existence of the very high grade Urquhart Point deposit near Weipa.

Last year Matilda signed a farm-in and joint venture agreement with Oresome Australia (a wholly owned subsidiary of listed company Metallica Minerals) allowing the company to earn up to 70 per cent interest in an exploration permit at Urquhart Point.

Previous sampling of the coastal plains north of Weipa has indicated an impressive heavy mineral suite, which has the potential to host deposits considerably larger than those on the company’s flagship mining project on the Tiwi Islands, 50 kilometres north of Darwin.



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Horizon Oil

Saudi FAL