Callabonna Resources Limited
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.
- On 6 May 2014 the Company announced an agreement to acquire an initial equivalent indirect interest of up to 12.1% in the Mali Manganese Project (through an investment in shares in Ansongo Limited). 2.1% of the project was immediately acquired in settlement of debt and another 10% is being acquired by spending on exploration of AUD $3.5 million envisaged to be over 3 years.
- An important milestone was Ministerial approval to re-start the Ansong operation (August) followed up by a site visit to plan drilling and complete mapping (September).
- 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).
- A 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. A recent offer by the NSW govermernt of the right to apply for a Group 11 (U, Th) exploration licence is being reviewed.
- Georgetown gold properties in far north queensland are being divested by sale.
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