AGM Resolution #8 - Approval to issue up to 20 million new shares. According to the Notice - mentioned the Company intends to use the funds raised from the issue to assist in (mainly) funding exploration and development of their Graphite, Magnesite and Barite projects. I wondered why they mentioned the BARITE project, as I don't recall it being mentioned as a prime focus before, unless I missed it.
Barite is primarily used in oil and gas well drilling (see link below for other uses/production figures, etc)
AXE of course holds the Mount James Barite Project is located approximately 25km southwest Leigh Creek, where they have their Leigh Creek Magnesite Project.
I noticed on the SA Mining Tenements site AXE also recently (8/9/2016) applied for ELA 2016/00134 in the Flinders Ranges, under it's subsidiary Archer Energy and Resources Pty Ltd, that contains the Yanyarrie Barite deposit, discovered in 1971 but not worked. Additional findings/prospects on this tenement are - Rhonda-cobalt/copper, Kenny & Healey-silver/manganese, Silver Spray -silver and Tina - copper. The Barite seems to have the most potential. Yanyarrie (and Mount James) get a mention here.....http://www.minerals.statedevelopment.sa.gov.au/invest/mineral_commodities/barite
extract from the above link.....
Other deposits
Other smaller barite deposits which have been worked in the Flinders Ranges include those at Appealinna, Artipena, Carey Hill, Martin's Well and Mount John in the Blinman area, Mount Coffin (10 km east of Leigh Creek) and Mount James (30 km northwest of Beltana).
Yanyarrie Prospect
Potential significant resources exist at the Yanyarrie Prospect ~40 km due east of Quorn. A non-JORC resource estimate based on geological reconnaissance mapping only (no drilling) was >500 000 tonne at 70% BaSO4.
A deposit of high-grade barite crops out adjacent to the manganese deposits on the floor of Pernatty Lagoon near the western shore. It forms a rise elevated 0.3 m above the general lake level over an area 6–12 m wide and is traceable for 500 m as a succession of patches forming a long, narrow lode. A rough resource esteimate of 160 000 tonne at 98% BaSO4 was made in 1971.
http://www.publish.csiro.au/EX/pdf/ASEGSpec12_20
I think this tenement was previously held by Flinders - FMS
Not sure if this Barite focus is good or bad, so DYOR.
Note - this is just some information I came across - it's not implied to mean anything other than just sharing my research.
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