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Callabonna Resources Limited

Jeff Williams spoke at the RRS Gold Coast conference in October and was well received. Barry Fitzgerald writing in the Australian on 14 October followed up with a story about Callabonna's involvement in manganese ... "World is to be girt by steel"

Callabonna Resources is an ASX listed mineral explorer.

The Company's focus is on the development of the Ansongo Manganese Deposit in Eastern Mali, a potentially  low cost manganese oxide lump production asset. 

The Company's directors are experienced in mining, project finance and development, exploration geology and geophysics.

Current Highlights:
  • Under the variation to the development agreement announced by the Company on 21 October 2014, Callabonna may earn (subject to conditions) a 51% controlling interest in Ansongo Limited. This move increases the original earn in from 17.2% to 51% and also gives the Company a pre-emptive right over the remaining 49% of Ansongo Limited. Ansongo Limited is the majority (70.4%) indirect owner of Mali Manganese SA which owns the mining lease PE2011/15 (the “Project”).
  • During the September quarter 2014 Mali Manganese working closely with the Company achieved some important milestones. The Mali Minister of Mines approved in writing a re-start of the operation on the mining lease and reviewed proposed development plans. Geologists have re-mapped the area and tendered a drilling program for commencement late November 2014. This is anticipated to lead into a mine scoping study during 2015.
  • The Project was presented for the first time in Australia at the Resource Rising Star Conference on the Gold Coast on 2 October and was very well recieved (see above).
  • The Company has kept the market informed with material announcements about a successful bulk sample shipment (ASX 28 July), the release of an Exploration Target (ASX 15 September) and an investor presentation on the Gold Coast (ASX 1 October).
  • Eastern Frome Embayment north of Broken Hill NSW - The Company has fully rehabilitated it’s drill sites and intends to withdraw from further exploration in this area so it can focus on Ansongo.
  • Georgetown Gold Projects QLD - these are being divested.

Ansongo was high on the list of the Company's investment criteria: being low cost operations with preferred commodities including manganese and copper; potential for direct shipping, low capital expenditure, able to repay significant capital in two years and therefore may be financed with minimal dilution to existing share-holders.

For exploration, where there is more risk, this will be managed by clear and affordable steps leading to a proof of the concept.

The board is committed to running on very low overheads and to remain focused on the main development.

Callabonna derives its name from the Callabonna Sub-basin home to several profitable uranium mines in the Frome Embayment area in South Australia. The basin straddles the South Australia-NSW border near Broken Hill.


The Company was listed on the ASX in September 2009 via a merger with MKY. In 2012 the Company changed its name from Callabonna Uranium to Callabonna Resources, relocated the office to Melbourne and Mr Jeff Williams, a mining engineer, joined the board.

 

Location of Ansongo Manganese Project

 


 

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Australian Projects