ADMIRALTY RESOURCES NL 2002-04-23 ASX-SIGNAL-G
HOMEX - Brisbane
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1. EXPLORATION ACTIVITIES:
RINCON SALAR PROJECT, NORTH WEST ARGENTINA:
Survey work continued during the quarter to finalise tenement
locations for the Register of the Mines Department in Argentina. The
company's consultants have been working to refine the tenement
package held by the group to take into account the location of
technical requirements such as: water resources, access to the Salar,
roads and potential plant sites.
NANSA PROJECT MINERAL CLAIM, NORTH WEST ARGENTINA:
As outlined in our ASX announcement of 25 March 2002, three
significant target areas have been located in the Nansa Project Area
in the Puna Region, Salta Province, Argentina. The three areas of
alteration and anomalous rock sample geochemistry are located on a
major fault system - the Archibarca Lineament, a regional NW - SE
trending zone hosting several economic mineral deposits including the
Escondida, Escondida Norte, Zaldivar and Chimborazo porphyry copper
deposits.
The three areas, Agua de La Vicuna, Volcan Cerro Rosado West and
Minus Viejas, are considered high-level alteration systems and are
anomalous in pathfinder elements associated with epithermal gold
deposits.
The company's consultants in Argentina consider these systems to be
highly prospective for high sulphidation bonanza-style gold - silver
materialization.
BROWNS REEF - EL 5374:
A micro-gravity survey on 100m centers was completed over the Browns
Reef materialization and strike extensions by Haines Surveys during
February 2002. Processing of the Browns Reef gravity data was
undertaken by the GeoDiscovery Group in Brisbane. The data processing
indicates two gravity anomalies of similar tenor to the known Browns
Reef lead - zinc (plus copper & gold) materialization to the north
and south along strike within Admiralty's tenement. These bodies are
of the order of 500m in strike length and represent priority
exploration targets.
A detailed airborne magnetic survey will be undertaken by UTS over
the Browns Reef anomalies in April to assist further drill targeting.
The information in this section of the report is based on information
provided by Messrs G Duncan and J Marinelli who are both members of
the Australasian Institute of Mining and Metallurgy and have in
excess of 5 years experience in the field of activity being reported
on. This report accurately reflects the information compiled by those
members.
OTHER TENEMENTS
No field activity was undertaken at the company's other exploration
tenements, although some compilation and desktop reviews were carried
out.
2. CORPORATE:
During the period, the company was advised that Equity-1 Limited
would complete its commitment to the previously announced share
placement. The placement was finalised on 21 March 2002.
The company was also advised that Equity-1 Limited would be serving
an offer statement in relation to the previously announced 51%
off-market take over.
3. CASH AND INVESTMENTS:
As at 31 March 2002, Admiralty Resources had approximately $1,193,129
in cash, deposits on call and share market investments.
4. ISSUED CAPITAL:
The issued capital of the company as at 31 March 2002 was:
Unlisted Options: 175,860,000
Ordinary Shares: 276,983,115.
6. SIGNIFICANT EVENTS PAST QUARTER:
On 5 April 2002, Admiralty Resources' Board announced it had called
an Extraordinary General Meeting to be held on 8 May 2002.
On 18 April 2002 Admiralty Resources received a Bidder's Statement in
relation to the 51% takeover proposed by Equity-1 Limited.
F B Edge
CHAIRMAN
8 MAI 2002 ??? *ggg*
