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    Found this article on the Mineweb, sounds pretty good to me.

    ZINIFEX RIGHT
    Trafford pursuing base metals and iron ore
    A joint venture with leading global lead-zinc producer Zinifex may be a stepping stone to a new base metals project on South Australia's Eyre Peninsula.

    Author: Ross Louthean
    Posted: Monday , 18 Feb 2008

    PERTH -

    The base metals areas of the Wilcherry Hill tenements owned by Trafford Resources Ltd (ASX: TRF) may hold the key to Zinifex quenching its thirst for new mines in Australia, as the project abuts the Menninnie Dam project where there is an established resource.

    Zinifex has the right to earn 75% in Wilcherry Hill's lead-zinc-silver targets, while at the same time it is advancing the Menninnie Dam project where it is earning 76% from Terramin Australia Ltd.

    The strengthening position for a lead-zinc development in this area of the north central Eyre Peninsula gained an airing at last week's RIIU Explorers Conference when Trafford's managing director Ian Finch outlined the progress being made on several of its South Australian projects.

    Menninnie Dam was a discovery that dates back to the 1980s activity of Aberfoyle Ltd before it was taken over, and for more than a decade the property was a corporate ping-pong game until it settled into Terramin's hands, which is now focused on advanced projects elsewhere.

    Zinifex has tied up potential control of Menninnie Dam (which Intierra's Minmet service says now has an inferred 3.8 million tonnes grading 4% zinc, 3.4% lead and 34 grams/tonne silver) and the potential for a new mine may now hinge on producing a similar or better reserve on Wilcherry Hill.

    The two projects are about 130 kilometres from Zinifex's smelter at Port Pirie on the other side of Spencer Gulf.

    Under the joint venture with Trafford, Zinifex can earn the 75% stake by outlaying the first $A8.5 million ($US7.74 M) on exploration-development and Trafford is to manage the first $A4.5 M ($US4.09 M) of the work. The Weednana licence on the WIlcherry Hill licences immediately south of Menninnie Dam is the focus of the joint venture.

    Ian Finch told conference delegates that the Stuart prospect was a prime focus on this project, and early drilling has given wide intercepts of low grade mineralisation as well as high grade hits including 4m @ 15.2% Pb, including 1m @ 21.3% Pb and 7m @ 4.4% Pb and 0.6% Zn.

    A group of licences held by Trafford to the West and immediately north of the town of Kyancutta were recently joint ventured with precious and base metals explorer Minotaur Resources Ltd (ASX: MEP), with Trafford having the right to earn 75%.

    Finch, a veteran of the resources sector with more than 38 years operating mainly in Africa and Australia, said other licences at Wilcherry Hill held 100% by the company had potential for copper, gold and uranium.

    Another asset of the company was the iron ore deposits in the Wilcherry Hill area, now controlled by IronClad Mining Ltd (ASX: IFE) in which Trafford, through sponsoring it as an IPO, holds 50% and retains a 20% carried interest in the project areas.

    IronClad has a JORC Code resource of 45 Mt and potential to prove up between 300-600 Mt. Exploration to date has shown up some of the "highest quality magnetite in Australia."

 
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