LRL 5.26% 2.0¢ labyrinth resources limited

JV with MIM

  1. Carpentaria JV with MIM
    29-May-2002 11:44:39


    HOMEX - Brisbane

    The Directors of Leyshon Resources Limited ("Leyshon") are pleased to
    announce that they have signed the Carpentaria joint venture
    agreement ("JV") with Mount Isa Mines Limited ("MIM"). The JV covers
    tenement interests of approximately 7500 square kilometres in the
    highly prospective Mount Isa region. MIM has agreed to expend up to
    $6,000,000 over eight years on the properties to earn a 70% interest
    with the terms of the JV requiring a minimum expenditure of $600,000
    over two years before withdrawal.

    The Directors consider that this is a significant development for
    Leyshon as it will allow it to rapidly progress exploration in the
    Mount Isa region utilising the expertise of a major Australian mining
    house. Leyshon have already defined nine principal target areas for
    consideration in the exploration program. The JV provides Leyshon
    with an immediate opportunity to increase shareholder value through
    exploration for iron-oxide, copper-gold, and gold deposits in this
    highly prospective region.

    Leyshon recently acquired fifty-six granted tenements and
    applications covering 8959 square kilometres in the Mount Isa region.
    Of this tenement package nine granted Exploration Permits (EPM's) and
    thirty-five Exploration Permit Applications (EPMA'S) covering 1006
    and 6532 square kilometres respectively are included in the JV with
    MIM. The region is recognised as one of the world's most significant
    mineralised provinces for base metal occurrences that include
    stratabound lead-zinc-silver deposits (Mount Isa, Century) and
    intrusion related iron oxide copper gold ("IOCG") deposits (eg,
    Ernest Henry). Other operating mines in the region include
    Cannington, Selwyn and Osborne.

    The JV gives MIM management of the tenement areas under theterms
    described below. Data compilation, target ranking and program
    planning have already been completed. Field exploration has commenced
    and includes mapping, sampling and an extensive IP survey over the
    Turf Club Shear zone on the Mount Avarice and Mount Marathon EPMs,
    located thirty-five kilometres to the southwest of the Ernest Henry
    Mine. The terms of the JV require a minimum expenditure by MIM of
    $600,000 over two years before withdrawal, and the option to spend an
    additional $2,400,000 for a total of $3,000,000 over five years to
    earn 51% of the properties. MIM can then earn a further 19% by
    expending $3,000,000 over three years to advance to 70% of the

    Seven of the nine principal target areas defined by Leyshon are
    focussed on locating IOCG deposits and include the Base and Magazine
    anomaly on the Mount Avarice EPM forty kilometres to the southwest of
    the Ernest Henry Mine. This anomaly includes drill intercepts of up
    to 0.4% copper and 0.26 g/t gold over 22m, significant magnetite,
    biotite and red-rock alteration and prospective structural geological
    setting. Additional targets presented by Leyshon focus on
    multi-element anomalism and similarities to Mount Isa and Century
    type lead-zinc-silver mineralisation and Tick Hill gold

    It is anticipated that drill testing of suitable, geophysical
    anomalies will commence in the September quarter. The Directors are
    pleased that the Agreement was completed on terms favourable to all
    parties and the progress that MIM has already made in its assessment
    and testing of targets within the JV tenements.

    A copy of the Map is available in PDF format on
    Alternatively it is available for purchase from ASX Customer Service
    on 1 300 300 279.
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