JIGALONG - IRON

This Project Summary was last updated 2009-06-23 03:25:03.

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January 31, 2010

2nd Quarter Activities Report

Forrestania Project

  • Helicopter geophysical (VTEM) survey at Stormbreaker
  • Prospect successfully completed with anomalies generated
  • Ground geophysical surveys commenced to follow up VTEM anomalies
  • Settlement completed of additional ground at Stormbreaker Prospect
  • Applications made for large landholding (called Skeleton Rocks) adjoining northern boundary of Stormbreaker
  • Flora and fauna survey completed
  • Next phase of RC drilling planned for current Quarter
  • Subsequent to end of Quarter, experienced nickel consultant joins Forrestania Project exploration team

Lake Johnston Project

  • High grade gold returned from 1 metre intervals confirms prospectivity for narrow high grade gold mineralisation

Queen Victoria Rocks Project

  • Joint venture partner Vale completed six holes (mix of RC and diamond) testing nickel targets

Sunday Project

  • Joint venture partner Triton Gold completed three diamond drill holes testing gold targets

Jigalong Projects

  • Acquisition of aeromagnetic data to assist with gold and base metals exploration
  • Manganese sale process deferred through to current Quarter (i.e. 3rd Quarter)

Corporate

  • Warwick Resources Ltd shares converted into Atlas Iron Ltd shares following completion of Scheme of Arrangement
  • Annual General Meeting completed and all resolutions passed
  • Subsequent to end of Quarter, Mr Jonathan Murray appointed as non-executive director
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December 22, 2009

Hannans becomes Top 10 shareholder of Atlas Iron Ltd

  • Hannans Reward Ltd becomes Top 10 shareholder of Atlas Iron Ltd (“Atlas”)
  • 8,133,334 Atlas shares held by Hannans’ wholly owned subsidiary, HR Equities Pty Ltd
  • Atlas shareholding valued at $14.6 million
  • Hannans believes Atlas well positioned to become a major player in the Pilbara iron ore market  
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November 3, 2009

Hannans Supports Atlas Iron / Warwick Resources Merger

  • Hannans currently the 2nd largest shareholder of Warwick Resources Ltd (ASX:WRK)
  • Independent Expert concludes that merger is in the best interest of Warwick shareholders
  • On completion of merger, Hannans to become 8th largest shareholder of Atlas Iron Ltd (ASX:AGO) holding 8,133,333 shares representing 1.84% of the merged group
  • Hannans shareholding valued at $14 million (based on AGO share price of $1.73)
  • In Hannans’ view, Atlas poised to become increasingly significant iron ore company in the Pilbara region of Western Australia
  • Hannans (through its wholly owned subsidiary HR Equities Pty Ltd) will VOTE FOR APPROVAL OF THE SCHEME OF ARRANGEMENT on 30 November 2009 
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September 22, 2009

$5.5M Capital Raising Completed

  • All recently announced capital raisings ($5.5 million total) now completed
  • Tranche 2 Placement shares tradable from Tuesday, 22 September 2009
  • Drilling for gold at Lake Johnston now completed, assays expected October
  • Drilling for nickel at Forrestania in progress, assays expected October
  • Drilling for nickel at Queen Victoria Rocks by joint venture partner Vale(www.vale.com) scheduled for early October
  • Geophysical survey (VTEM) at Forrestania scheduled for early October
  • Hannans in strong financial position with cash at bank in excess of $6 million and listed equities worth $13 million
     
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September 14, 2009

General Meeting Presentation

General Meeting
14 September 2009

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August 5, 2009

Warwick Expands Iron Projects in Eastern Pilbara

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August 2, 2009

Agreement with Jigalong Community Inc

  • Hannans confirmed as 100% legal and beneficial owner of the Jigalong Project, located 110kms east of Newman in the East Pilbara region of Western Australia
  • Jigalong Community Inc (JCI) strongly supports Hannans’ and future joint venture partners’ exploration activities within the Jigalong lands, including providing timely assistance with land access and heritage related matters
  • Hannans excellent long-term relationship with JCI ensures the Community has exposure to Hannans’ exploration portfolio through the issue of Hannans equity
  • JCI becomes major shareholder of Hannans
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August 2, 2009

Warwick completes successful DD on Jigalong Iron Project

  • Warwick Resources Ltd (ASX:WRK) has advised that the Jigalong iron rights transaction is now unconditional and will settle on Tuesday, 4 August 2009
  • Hannans to receive:
  •         $750,000 cash at settlement
  •         14 million escrowed Warwick shares at settlement
  •         8.3 million Warwick shares in 12 months; and
  •         700,000 tradable Atlas Iron Ltd (ASX: AGO) shares at settlement
  • Hannans supports the Warwick strategy of consolidating iron projects in the East Pilbara region of Western Australia
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June 25, 2009

FerrAus follows Hannans / Warwick merger strategy

The Australian reported today in the Business Section that FerrAus also supports consolidation of East Pilbara iron projects. Click the link to read the article.

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June 26, 2009

Drilling Gold and Base Metals at Jigalong

  • Aircore drill testing of gold and base metals targets has commenced
  • Initial assay results anticipated in early August 2009
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June 19, 2009

Iron rights vended into Warwick Resources

  • Jigalong Project Iron Rights transferred to Warwick Resources Ltd (ASX: WRK)for total consideration of $5.25 million payable in cash, Warwick shares and Atlas Iron Ltd (ASX: AGO) shares
  • Strategy is to develop Warwick into a major iron company by consolidating iron projects located in the East Pilbara region of Western Australia
  • Combined Hannans and Warwick iron projects have direct shipping ore (DSO) exploration target of 113 – 221 million tonnes at 56-60% iron
  • Atlas Iron is the largest shareholder of Warwick (moving to 22.37%); Hannans to become the second largest shareholder of Warwick (17.85%)
  • Hannans retains all manganese, gold, base metals & uranium rights (i.e. noniron rights) within Jigalong Project; drilling for manganese and base metals to commence this week.
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April 30, 2009

3rd Quarter Activities Report

Jigalong Project-Manganese, Iron, Base Metals & Uranium

  • Metallurgical test work on bulk surface manganese samples in progress
  • New surface manganese prospect identified – Dead Camel Hill
  • New possible channel iron-style mesa identified – Mesa 607 – assay 60% Fe
  • Additional field reconnaissance of channel iron-style mesa to continue next week

Forrestania Project– Nickel Sulphides & Gold

  • Approvals lodged to RC drill test geophysical targets – Stormbreaker
  • Fixed loop geophysical survey completed – Beautiful Sunday West
  • Auger soil sampling for gold in progress

Lake Johnston Project – Nickel Sulphides & Gold

  • Auger sampling on Lake Johnston testing gold targets to commence in May
  • 32 gold nuggets found on surface of Lake Johnston
  • RC drilling planned for July to test onshore gold targets
  • New tenement application increases strike length of prospective nickel ground

Queen Victoria Rock Project – Nickel Sulphides

  • Vale farming-in to project
  • Vale has reviewed Hannans existing data
  • Field reconnaissance mapping has been completed
  • Preparations made for completion of baseline environmental survey

Sunday Project– Gold

  • AMF farming-in to project
  • AMF to complete RC drill testing of gold targets in July
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April 15, 2009

Shareholder update

  • Takeover Bid
  • Manganese & Iron
  • Nickel
  • Gold
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March 27, 2009

Joint Statement with Jigalong Community Inc

  • Hannans holds unencumbered legal title to 100% of the Jigalong Project (through its wholly owned subsidiaries).
  • Hannans has an excellent relationship with the Jigalong Community Inc.
  • Jigalong Community Inc have indicated they strongly support exploration activities within the Jigalong Lands and look forward to continuing to work with Hannans and future funding partners.
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December 09, 2008

Jigalong Project - High Grade Iron

Additional high grade iron mineralisation intersected at Mijimiji iron prospect

  • 18m @ 59.2% Fe from 68m
  • 18 m @ 54.3% Fe (inc. 4m @ 63.3%) from 98m
  • 28m @ 58.1% Fe from 69m
  • 8m @ 55.6% Fe from 70m

All iron assays now returned and interpreted and the 1st pass reconnaissance drill program is deemed outstanding success.

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September 30, 2008

High Grade Iron Discovered at Jigalong

High grade iron mineralisation has been intersected at the Mijimiji Iron Prospect at Jigalong.

Results include 20m @ 62.8%Fe (incl. 10m @ 65.5%Fe) from 50m depth and 42m @ 59.3%Fe (incl. 10m @ 62.7%Fe) with this drill hole ending in mineralisation.

Iron mineralisation is interpreted to occur over a breadth of ~300m and a strike length of  ~8km.

The latest results are located ~2½ km west of high grade iron assays (incl. 16m @ 59% Fe) reported to ASX on 9 September 2008

Multiple batches of iron assays remain pendin.

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September 9, 2008

Iron Mineralisation Confirmed At Jigalong

Iron mineralisation (including 16m @ 59% Fe) has been intersected in the first three holes submitted for assay from first pass drilling at the Jigalong Iron Project.

Mineralisation is interpreted to occur over a strike length of 8km and is located between two iron resources owned by Ferraus Ltd.

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August 4, 2008

Iron Mineralisation Discovered At Jigalong

Iron mineralisation has been intersected in drilling at the Jigalong Project, 165km east of Newman in the East Pilbara region of Western Australia. Three holes, 100 metres apart, are believed to contain iron mineralisation in varying thickness from 20 metres to 40 metres.

Assay results are expected in approximately four to six weeks.

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July 16, 2008

Fourth Quarter Activities Report

Preparations to test Jigalong iron targets have been completed and drilling is expected to commence in the next week.

New gravity surveys in progress to generate additional iron targets.

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June 29, 2008

Iron exploration drilling to begin in July

Drill testing of iron targets at the Jigalong project will commence in July.

 The targets are located between FerrAus's iron resources at Davidson Creek and Robertson range and extend over a distance of more than 9km.

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April 22, 2008

Quarterly Report

Drill testing of iron targets scheduled for this Quarter

Final gravity interpretation identifying iron targets over 9km strike length completed

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January 31, 2008

Quarterly Report

Gravity survey over the north-eastern section of the Project completed; preliminary results identified RC drill targets over strike length of 9km targeting iron mineralisation – refer attached location plan

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January 1, 2008

Jigalong Iron Targets

Recent gravity survey identifies possible Iron Ore mineralisation

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November 21, 2007

Jigalong Iron Potential To Be Tested With Gravity Survey

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October 31, 2007

Quarterly Report

A 3rd MMI soil sampling programme was completed during the 1st Quarter with an interpretation of the results to be released during November 2007

A detailed magnetic interpretation of the northern portion of the project was progressed during the 1st Quarter by Bruce Craven from Southern Geoscience, with the report anticipated to be received during November 2007

Discussions with the advisers to the Jigalong Community Inc continued during the Quarter and are ongoing

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October 16, 2007

Exploration Plan

An interpretation of the 3rd soil sampling programme is anticipated to be made available during the Quarter

A detailed magnetic interpretation of the northern portion of the project area is also anticipated to be made available during the Quarter

Discussions with the Jigalong Community Inc’s advisers will continue during the Quarter with a view to finalising legal agreements as soon as practicable

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August 28, 2007

Exploration Update

A third soil sampling programme has just been completed following receipt of encouraging early stage uranium, iron and lead anomalies

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July 25, 2007

Base Metal Anomalism at Jigalong Project

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May 16, 2007

Exploration Update

Heritage clearances are currently being sort to allow drill testing of the projected strike extent of the Marra Mamba Formation (MMF) which is interpreted to extend into the northwestern margin of the project area. The MMF hosts an iron ore deposit of 24.3 million tonnes at 58.7% iron immediately to the west of the Company’s project.

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April 16, 2007

Quarterly Report

Anomalous iron and uranium values returned from soil sampling

Aeromagnetics identify possible extensions of the Marra Mamba formation within project area

Anomalous niobium values returned from soil sampling may indicate the presence of kimberlites

Exploration to continue this Quarter

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January 15, 2007

Quarterly Report

Interpretation of soil, stream sediment and rock chip assays, satellite imagery, aeromagnetics and radiometrics planned for this Quarter

Field mapping planned for this Quarter

Acquisition of aeromagnetics and radiometrics planned for this Quarter

Soil, stream sediment and rock chip sampling completed 2nd Quarter

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October 11, 2006

Quarterly Report

Field sampling in progress, results anticipated 2nd Quarter

Aeromagnetics & radiometrics to be flown 2nd Quarter

First drill programme scheduled for next field season

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July 11, 2006

Quarterly Report

Tenements granted; field mapping commenced following recent site visit

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June 9, 2006

Jigalong Iron Ore Tenements Granted

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April 20, 2006

3rd Quarter Activities Report

Jigalong Project (near Newman, WA): tenements confirmed for grant early May

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January 30, 2004

Quartlerly Report

Memorandum of Understanding announced with Jigalong Community Incorporated on 5 December 2003 to form a joint venture to explore within the Jigalong Lands, approximately 160 km east of Newman.

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