Callabonna Resources Limited
Callabonna Resources is an ASX listed mineral explorer.
The Company's focus is on discovery or acquisition of a low cost mineral production asset.
The Company's directors are experienced in mining, project finance and development, exploration geology and geophysics.
- Ansongo is an exciting, potentially high grade manganese project in Mali ("the Project"). The Company presently has an equivalent interest of 2.1% in the Project and is earning another 10% by spending on exploration. The Company has been appointed to manage all exploration, and presently anticipates September 2014 commencement of a drilling program aimed at producing a mineable resource.
- A recent 280 tonne bulk sample from Ansongo exported to India averaged 36% Mn untreated (ASX 28 July 2014).
- Eastern Frome Embayment north of Broken Hill NSW - exploration for all metals that includes potential for low operating cost uranium deposits. An expression of interest in Group 11 (U, Th) metal exploration was submitted in January 2014.
- Georgetown gold properties in far north queensland are being divested by sale.
The Company aims to grow by acquisition and exploration. Acquisitions are being targeted at low cost operations with preferred commodities including manganese, and copper. The preferred investment criteria will be low capital expenditure projects (preferably direct shipping) that are 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