CMR 0.00% 15.0¢ compass resources limited

mining news article

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    Compass points to good hits at Browns East
    Kate Hayc$ck
    Monday, 16 July 2007

    COMPASS Resources has reported healthy copper and uranium drilling intercepts at its Browns East prospect in the Northern Territory.

    Better intercepts included 10 metres at 6.61% copper, 0.46% cobalt, 0.33% nickel, 165 grams per tonne silver and 3.8 pounds per tonne uranium from 138m, and 3m at 2.25% copper, 0.10% cobalt, 0.09% nickel and 10.9lb/t uranium from 132m.

    The company also reported a wider but uranium-free intersection of 15m at 5.79% copper, 0.17% cobalt, 0.21% nickel and 205gpt silver from 141m.

    Compass said these initial drill results demonstrate the presence of "good grades" of uranium and copper at Browns East between the historic Intermediate copper mine and Whites uranium-copper mine, plus significant cobalt and silver credits.

    The company is working to confirm continuity of the existing inferred resource of 35 million tonnes at 1.29% copper, 1.28% lead, 0.13% cobalt, 0.13% nickel and 11gpt gold, and to investigate its uranium potential.

    Compass has four drill rigs working in the Rum Jungle region, where the Browns project is located.

    It is developing a 4 million tonne per annum base metals operation there.

    Shares in Compass gained some 52c this morning, a 10.7% boost, to $5.40.
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