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AXL sale Yamarna Gold Project

  1. why dont they just keep it, they might actually make some money out of it.


    AUCXIS LIMITED 2002-07-03 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    * Aucxis a successful bidder to acquire from Dolomatrix Australia Ltd
    50% of its interest in the Yamarna Gold Project

    * The Yamarna Project covers a total area of more than 2000 sqkm of
    an under explored greenstone belt, that shows all the features of
    typical well endowed gold districts in the Yilgarn including:

    * Extensive geochemical anomalies with one grade gold Intercept.

    * Complexity deformed greenstones.

    * Major shears with gold mineralisation (eg Attila-Alaric)

    * Exploration to date by WMC has outlined a number of high ranking
    targets ready for infill drilling including result of 8m @8.0g/t
    Au(Including 2m @ 31.9 g/t Au).

    * The project covers a large ground holding over gold prospective
    Archean greenstone with nearby gold resources totalling 0.7 mill oz
    @1.52 g/t Au.

    * A good dataset exists from WMC's recent exploration effort
    including detailed aeromagnetics.

    * Many prospects already outlined, some of which have had limited
    drill testing and others remaining to be drill tested.

    * The Yamarna Project represents a unique opportunity to locate
    several large scale gold deposits within the 90km of strike.

    Aucxis, jointly with unlisted public company Excor Resources Ltd, has
    been advised that it is the successful bidder to acquire a 90-100%
    interest in the Yamarna Gold Project from Dolomatrix Australia
    Limited (formerly Kilkenny Gold NL). The successful bid is subject to
    formal documentation, third party pre-emptive rights and necessary
    ASX/Shareholder approvals. Aucxis will acquire 50% of the available
    interests (which are 90-100% of the tenement holdings), at a total
    acquisition price to Aucxis of $325,000 in a mixture of cash and
    shares.

    Further information on the Project will be released as the proposed
    acquisition progresses.

    MORE TO FOLLOW




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