MURCHISON UNITED NL
ACN 009 087 852
ASX CODE: MUR, AIM CODE: MUU
Telephone: +618 9322 4071, Fax: +618 9322 4073
Quarterly Report
September 2007
Highlights
- Promising results received from first West African uranium drilling program completed at the
Firawa Prospect, Guinea, including:
- 10m @ 652ppm U3O8 (including 1m @ 1,325ppm U3O8)
- 5m @ 749ppm U3O8 (including 1m @ 1,020ppm U3O8)
- 12m @ 771ppm U3O8 (including 1m @ 995ppm U3O8)
- Results confirm uranium mineralisation over a 2km strike length within a previously identified
5km uranium anomaly at Firawa.
- Expanded 20,000m diamond drilling program planned to commence in early 2008 targeting a JORC
compliant resource estimate for Firawa.
- Planning underway for RC drilling at the Bohoduo Prospect and reconnaissance exploration at the
Sesse Prospect in Guinea during 2008.
- 4,000m RC drilling program scheduled to commence in Bir En Nar Region, Mauritania, during
November 2007.
- First 7 holes of 1,500 metre RC infill drilling program completed at Maroochydore Copper
Project, Western Australia (JV with Aditya Birla Minerals Limited).
- Drilling results in line with expectations with good copper intercepts from all 7 holes,
including 7m @ 2.45% Cu and 26m @ 1.44% Cu.
- A$7.4M share placement completed to sophisticated investor clients of Hartleys Limited and DJ
Carmichael Pty Ltd, increased from A$6.6M due to very strong level of investor demand.
Summary
During the Quarter, Murchison continued to develop its portfolio of uranium exploration projects in
Guinea and Mauritania, West Africa, with encouraging results obtained from its first drilling program
completed at the Firawa Prospect in Guinea. Plans have also been prepared for follow-up drilling at
Firawa and an initial drilling program at Bohoduo in Guinea to be undertaken in early 2008.
Arrangements have been finalised for the Company's second uranium drilling program with a 4,000m RC
drilling program to start in the first half of November 2007 on one of Murchison's exploration licenses
in the Bir En Nar region of Mauritania.
During July, a drilling program commenced at the Company's Maroochydore Copper JV Project in Western
Australia's Pilbara region. Joint venture partner and project operator, Aditya Birla Minerals Ltd, is
undertaking the drilling. All drilling is being carried out within the existing resource boundary of the
JORC resource of 51Mt @ 1% copper and 0.04% cobalt.
In July, the Company also completed the final tranche of its placement announced in May 2007, raising a
total of A$7.4M through sophisticated investor clients of Hartleys Limited and DJ Carmichael Pty Ltd.
Republic of Guinea, West Africa
Fig.1 Location of Murchison United's Guinea Projects
http://www.ccnmatthews.com/docs/MurchisonGuineaProject.jpg
During the quarter, assay results were received from the Company's maiden drilling program at its Firawa
Prospect completed in May this year. This program comprised 29 Reverse Circulation (RC) drill holes for a
total of 1,809 metres of drilling. Results shown below from this initial program confirmed uranium
mineralisation over a highly prospective 2km section of a previously identified 5km long uranium anomaly.
Best Assay Results From Initial Drilling Program at Firawa Project, Guinea
Drill Hole Intersection Length Section U3O8 Maximum 1m Section
RC (m) (m) (ppm) U3O8 (ppm)
FRW03 6 66 - 72 480 716
FRW09 14 20 - 34 555 680
FRW12 10 39 - 49 652 1,325
FRW14 6 39 - 45 715 883
FRW15 8 20 - 28 409 693
FRW24 6 13 - 19 476 573
FRW30 5 30 - 35 749 1,020
FRW31 5 1 - 6 678 983
FRW33 2 48 - 50 630 680
FRW33 20 22 - 42 524 726
FRW34 4 53 - 57 615 840
FRW35 12 13 - 25 771 995
Samples were taken for every metre drilled. The drilling was mostly undertaken in deep laterite weathered
soil profile. The samples, which consisted mostly of clay - in many sections wet - were sent to the ALS
Chemex laboratory in Bamako, Mali for preparation and then forwarded for multi-metal analytical
processing to the ALS Chemex laboratory in Vancouver, Canada. The samples were high temperature dried
before splitting and crushing. Additional samples were collected from sections indicating the highest
radiation in order to further examine the clay minerals and assess optimal methods of uranium extraction.
The uranium mineralisation follows an East-West tectonic structure, interpreted as a fault zone along a
distance of five kilometres. The RC drilling was conducted over the two-kilometre section regarded as
most prospective, where RC sampling revealed chips of gneiss, pegmatite, quartz veins and mafic rocks,
probably dikes related to the faulting. At this stage the genesis and delineation of the uranium
mineralisation is unclear. It is speculated that uranium dissolved in water along the fault has been
captured in supergene clay minerals but forthcoming mineralogical studies will provide further
clarification.
Fig.2 Drill rig onsite at Guinea
http://www.ccnmatthews.com/docs/DrillRig.jpg
The Company intends to commence further work on the ground at Firawa as soon as possible, which will
include topography, bulldozing and the planned commencement of a substantial 20,000 metre diamond drill
program to follow up the results of the initial successful RC drilling program. It is envisaged that the
diamond drilling program will commence in early 2008.
The Company also plans to commence topography, bulldozing, and an RC drilling program at its Bohoduo
prospect during 2008, as well as undertaking further reconnaissance work at its Sesse project.
As a result of this significant program in Guinea, the Company is in the process of establishing a fully
staffed office at the regional centre of Kissidougou, from which these exploration programs will be
managed.
Republic of Mauritania, West Africa
During this quarter, arrangements were finalised for the Company's second uranium drilling program in
West Africa to be carried out on one of the Company's key Exploration Licences in the Bir En Nar region.
The drilling program at Bir En Nar is scheduled to commence in the first half of November 2007, and will
comprise 40 RC drill holes to an average depth of 100m per hole for a total of 4,000 metres of drilling.
Samples will be taken every metre for multi-element analysis in Canada and the Company will release the
results of the drilling to the market as they become available.
The drilling will focus on one of the Company's southernmost licences in the Bir En Nar region, where
episyenite samples collected during previous field reconnaissance visits have returned assays of up to
9,500ppm U.
The Company's original intention was to conduct a program of diamond drilling at Bir En Nar, however this
was changed due to difficulties in obtaining adequate water supplies.
The Company is also establishing a permanent office in Nouakchott that will be staffed by local
geologists who will provide assistance to the Company's Technical Director.
The Company currently has six "Group 4" uranium exploration licences in Mauritania with a total ground
position of 8,200km2. Two additional applications for exploration permits are currently pending.
Fig.3 Location of Murchison United's exploration permits in Mauritania
http://www.ccnmatthews.com/docs/MauritaniaExplorationPermits.jpg
The permit areas are located in the north of the country near the town of Bir Moghrein and in the Bir En
Nar region. These were originally identified by the Company's Technical Director, Mr Bosse Gustafsson,
from a study commissioned by the World Bank and further refined from aeroradiometric data highlighting
the region's prospectivity for uranium occurrences.
Fig.4 Location of Murchison United's Bir En Nar Project in Mauritania
http://www.ccnmatthews.com/docs/BinEnNar.jpg
Maroochydore Copper Project, Western Australia
The Maroochydore Copper project is a 50:50 Joint Venture between Murchison and its partner Aditya Birla
Minerals Limited, which is also the project operator. The project is strategically located in Western
Australia's Pilbara region, approximately 100km southeast of Aditya Birla's Nifty Copper Mine near
Telfer.
During the quarter, a 13-hole RC drilling program totaling 1,500m commenced. Due to limited availability
of the drill rig, only the first 7 vertical holes have been completed. The remaining 6 holes will be
completed once another drill rig becomes available. Due to problems encountered with water inflow, it is
planned to use a larger RC drill rig to complete this program.
Significant intercepts were returned from all holes as shown below:
Hole ID Easting Northing From (m) To (m) Width (m) Cu Co
(%) (ppm)
MRC0084 9499.8 49550 64 86 22* 0.90 493
MRC0085 9800 49448.5 43 98 55* 0.42 198
MRC0086 9500 49448.5 59 86 27* 1.24 436
MRC0087 9550 49448.5 69 95 26* 1.44 614
MRC0088 9700 49448.5 45 49 4 1.80 157
MRC0088 67 70 3* 0.89 110
MRC0089 9600 49548.5 63 68 5* 0.63 629
MRC0089 77 84 7* 2.45 99
MRC0090 9650 49550 62 75 13* 0.84 484
Notes: Intersections reported above a nominal 0.4%Cu cutoff.
* denotes wet samples contained within interval
All drilling is being carried out within the existing boundary of the JORC resource. The results of this
infill drilling demonstrate continuity of mineralisation within the small area drilled with copper grades
in line with expectations.
A six-hole diamond drilling program has also been planned for further infill drilling and to obtain
samples for metallurgical test work. The timing of this program is also dependent upon rig availability.
http://www.ccnmatthews.com/docs/DrillingProgram.jpg
Maroochydore has a JORC compliant Indicated and Inferred Mineral Resource of 51 million tonnes at a grade
of 1% copper and 0.04% cobalt for 0.51 million tonnes of contained copper and 20,000 tonnes contained
cobalt (at a 0.5% Cu cut-off). The Company's net attributable interest in this Mineral Resource is 25.5Mt
at 1% copper and 0.04% cobalt for 0.25Mt contained copper and 10,000 tonnes contained cobalt.
The Company is currently meeting its commitments pursuant to the joint venture agreement.
Millenium Leases, Cloncurry - Queensland Australia.
The "Millenium" mining leases (ML's 3512, 2761, 2762, 7506 and 7507) are located some 35 kilometres north-
west of Cloncurry in north-west Queensland, Australia. The five adjacent leases include the historical
"Federal" copper mine and cover an area approximately 3.5 kilometres long and 500 metres wide extending
in a northerly direction.
The Company has prepared a drilling program for the Millenium leases, which will be implemented as soon
as practicable now that funding has been secured through the Company's recent share placement.
Corporate
The share placement announced on 7 May 2007 was completed on 17 July 2007 with a total of 67,671,531
shares allotted in two tranches at A$0.11 per share. A total of A$7.4 million was raised, placing the
Company in a strong position to aggressively pursue its exploration activities.
Other
Consistent with its core focus on energy assets, Murchison continues to consider other energy-related
resource opportunities, both in Australia and overseas. Discussions to date are preliminary and non-
binding. If and when any proposals become binding, relevant announcements will be released.
Mark Reilly
Managing Director
30 October 2007
Murchison's Nominated Advisor for the AIM market is RFC Corporate Finance Ltd.
Contact: Stuart Laing, Ph: +618 9480 2506
The information in this report that relates to exploration results in West Africa is based on information
compiled by Mr. Bosse Gustafsson, who is a member of the European Federation of Geologists a Recognised
Overseas Professional Organisation ("ROPO"). Mr Bosse Gustafsson is a full time Technical Director of
Murchison United NL and is responsible for exploration activities in Mauritania and Guinea. Mr Gustafsson
has sufficient experience, which is relevant to the style of mineralisation and the type of deposit under
consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in
the 2004 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserve'. Mr Gustafsson consents to the inclusion in this report of the matters based on their
information in the form and context in which it appears.
The information on Mineral Resources for the Maroochydore project has been reproduced from the public
reporting on the project's Mineral Resource's by the project operator, Aditya Birla Minerals Ltd. This
reported Mineral Resource was signed off for Aditya Birla Minerals Ltd by Mr Ian Glacken of Snowden
Mining Industry Consultants.
The information in this announcement that relates to exploration results at Maroochydore Copper JV
Project is based on information supplied by the project operator, Aditya Birla Minerals Ltd (ASX: ABY)
through their Group Exploration Manager, Steve Oxenburgh MAusIMM, who is a full time employee of ABML and
is a Competent Person as defined in the 2004 Edition of the 'Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserve'. Mr Oxenburgh consents to the inclusion in this report of the
matters based on their information in the form and context in which it appears.
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
MURCHISON UNITED NL
ABN Quarter ended ("current
quarter")
59 009 087 852 30 SEPTEMBER 07
Current quarter Year to date
Cash flows related to operating activities A$'000 (3 months)
A$'000
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration and evaluation (143) (143)
(b) development - -
(c) production - -
(d) administration (357) (357)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 92 92
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Operating Cash Flows (408) (408)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (4) (4)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows (4) (4)
1.13 Total operating and investing cash flows (412) (412)
(carried forward)
Consolidated statement of cash flows
1.13 Total operating and investing cash flows (412) (412)
(brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 2,722 2,722
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - Settlement of Guarantee
Net financing cash flows 2,722 2,722
Net increase (decrease) in cash held 2,310 2,310
1.20 Cash at beginning of quarter/year to date 3,863 3,863
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 6,173 6,173
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$A'000
Aggregate amount of payments to the parties included in item 141
1.2
Aggregate amount of loans to the parties included in item 1.10 0
Explanation necessary for an understanding of the transactions
Salaries and rental of office premises
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on
consolidated assets and liabilities but did not involve cash flows
Nil
2.2 Details of outlays made by other entities to establish or increase their share in
projects in which the reporting entity has an interest
Nil
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities Nil N/A
3.2 Credit standby arrangements Nil N/A
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 448
4.2 Development 0
Total 448
Reconciliation of cash
Reconciliation of cash at the end of the quarter Current quarter Previous quarter
(as shown in the consolidated statement of cash $A'000 $A'000
flows) to the related items in the accounts is as
follows.
5.1 Cash on hand and at bank 6,173 3,863
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 6,173 3,863
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning of end of
quarter quarter
6.1 Interests in mining
tenements
relinquished,
reduced or lapsed
6.2 Interests in mining
tenements acquired
or increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and
dates.
Total number Number quoted Issue price Amount
per security paid up
(see note 3) per
(cents) security
(see note
3) (cents)
7.1 Preference +securities
(description)
7.2 Changes during quarter
(a) Increases through
issues
(b) Decreases through
returns of capital, buy-
backs, redemptions
7.3 +Ordinary securities 380,182,617 380,182,617
2,250,000 - 25 1
7.4 Changes during quarter
(a) Increases through
issues
Issue for cash 26,852,366 26,852,366 11 cents 11 cents
(b) Decreases through
returns of capital, buy-
backs
7.5 +Convertible debt
securities (description)
7.6 Changes during quarter
(a) Increases through
issues
(b) Decreases through
securities matured,
converted
7.7 Options (description and Exercise Expiry
conversion factor) price date
(cents)
7,500,000 - 5.5 19/5/10
2,500,000 - 5.5 30/6/10
2,000,000 - 5.5 29/11/10
6,000,000 - 7.5 3/05/10
7.8 Issued during quarter
7.9 Exercised during quarter
7.10 Expired during quarter 350,000 46.0 1/7/07
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting policies, which comply with accounting standards
as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 30 October
2007.
Managing Director
Print name: .............Mark Reilly......................
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have
been financed for the past quarter and the effect on its cash position. An entity wanting to
disclose additional information is encouraged to do so, in a note or notes attached to this
report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining
tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in
a joint venture agreement and there are conditions precedent, which will change its percentage
interest in a mining tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and
7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB
1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards
for foreign entities. If the standards used do not address a topic, the Australian standard on
that topic (if any) must be complied with.
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