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Company Information for Eleckra Mines Ltd
Company stock charts - 12 Month chart
 ASX; EKM
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Company Statement
Eleckra Mines Limited ("Eleckra", "Company") is an Australian public listed company based in Perth.
The company was formed in May 2004 and conducts business as an exploration company. On 04 July 2006 it listed on the ASX under the code EKM. Eleckra has two exploration projects in Western Australia, the Yamarna project in the Eastern Goldfields and the Darkan Project in the South East of Perth.
Yamarna is an advanced gold exploration project with resources totalling 12.6 mt at 1.8 g/t for 740,000 oz gold. Eleckra's tenement package at Yamarna comprises approximately 3,000 km2, covering a strike length of approximately 180 km of the Yamarna Greenstone Belt. Eleckra considers the Yamarna Greenstone Belt to be one of the least explored greenstone belts within the Yilgarn Craton, an area rich with minerals that currently supplies more than half of Australia's 8 moz of annual gold production.
The Board of Eleckra considers there is potential for finding new gold deposits within the Yamarna Greenstone Belt given that the fault system at the Yamarna Projects is part of a deep crustal suture, similar to the fault systems at the adjacent Laverton belt and Leonora belt to the west, which both host world class gold mines.
Eleckra has a three-part exploration strategy. Eleckra's primary focus will be to explore the tenements with a view to discovering gold deposits that can be developed. At present, in the order of 15 promising structural and geochemical targets warrant early drill testing.
Eleckra also seeks to build on the resource base on its acquired tenements to a sufficient size and grade to justify mine development. Given current favourable market conditions the Company intends to conduct revised scoping studies to target and determine the size and grade of potential reserves at the Yamarna North Project that may provide an adequate financial return to enable a decision to commence mining activities.
Eleckra seeks to increase shareholder wealth by increasing the size of existing gold resources via a series of exploration programs. At the outset it is anticipated the exploration program will concentrate on infill and extensional drilling of high grade positions within the Attila / Alaric resource area and the Khan North and Breelya prospects.
As some of the Yamarna Project tenements are also considered prospective for uranium, nickel, copper chromite and platinum group elements (PGE's) the Company plans to maximize portfolio development by farming out the rights to the non-gold commodities to parties with greater expertise in these commodities.
This will form the third phase of the exploration strategy and potentially provide additional expenditure on the Company's tenements to accelerate and improve the chances of exploration success. By way of example, a section of the Thatcher Soak uranium prospect and sections of the anomalous calcrete drainage channel extend onto the Yamarna Project tenements. Eleckra holds some 1,440 km2 of granted tenements and applications prospective for Uranium. The Company is investigating opportunities to maximize the value of its Uranium exploration properties.
Current Operations
Eleckra's Key Asset
Yamarna Projects
· Measured, Indicated and Inferred Mineral Resources of 740,000 oz (12.6 mt at 1.8 g/t Au)
· 3000 km2 area of tenements comprising 54 granted tenements and 24 tenement applications
· Yamarna pastoral lease covering 1438 km2
· Uranium Prospective tenements totaling 1,440 km2
· Portion of the Thatcher Soak Calcrete Uranium deposit
Darkan Project
· 190 km2 granted exploration licence.
Overview
Eleckra has two exploration projects in Western Australia, the Yamarna Project in the Eastern Goldfields and the Darkan Project to the South East of Perth. The Yamarna Project is situated on the eastern margin of the Archaean Yilgarn Craton in Western Australia, some 140 km east of Laverton and 900 km north east of Perth.
The Archaean Yilgarn Craton hosts numerous world class orebodies and accounts for over half of Australia's 8 moz annual gold production. Eleckra's tenements cover most of the Yamarna Greenstone Belt and portions of the adjacent Dorothy Hills and Mount Venn greenstone belts within Western Australia's Eastern Goldfields.
The Yamarna Project has Measured, Indicated and Inferred Mineral Resources totalling 740,000 oz of gold (12.6 mt at 1.8 g/t Au) and is also prospective for copper, nickel, chrome, platinum group elements and uranium. The project tenements are approximately 3000 km2 in area. Yamarna is one of the last greenstone belts in WA that has not received the intensive exploration commonly seen in other similar belts.
Approximately half of the 180 km Attila regional fault strike length covered by the company's tenements is not drill tested and there are numerous coincident structural and geochemical targets to follow up. Eleckra considers there is excellent potential for finding significant gold mineralization within the Yamarna greenstone belt given its proximity to the Laverton (25 moz Au), Yandal (19 moz Au) and Leonora (12 moz Au) greenstone belts which host world class mines.
The prospectivity of the Yamarna Greenstone Belt is further supported by the results of a deep seismic reflection survey carried out in 2001 which indicated that the Yamarna Greenstone Belt has a similar structural architecture to the highly productive multi million ounce Laverton and Leonora belts to the west. The presence of a major deep-crustal shear zone and associated complex structural corridor is considered to have positive implications for the formation of major gold deposits.
The Company's objective at Yamarna is to locate additional higher grade gold resources, which when combined with the existing identified resources, may facilitate a viable mining operation. To date several deposits have been located within a 14 km strike length of the Attila-Alaric line of mineralisation. The Yamarna tenements are also prospective for uranium, nickel, copper, chromite and PGE's.
Eleckra plans to maximize, the development of its tenement portfolio by farming out non gold commodities to other parties with greater expertise in these commodities. The company intends to further investigate the potential for a commercial gold mining operation at Yamarna as the economics of the Yamarna project are highly dependant on movements in the gold price and the discovery of additional higher grade resources.
The Company believes there is scope to discover more gold mineralisation at Yamarna given the lack of intensive historical exploration activity. Eleckra also holds one granted exploration license covering 190 km2 of the southern extension of the Darkan Fault. The Darkan project is centred 60 km to the southeast of the Boddington gold-copper deposit, a large gold deposit with current reserves of 11 moz of gold that is currently under development. Eleckra has built up an extensive portfolio of tenements prospective for Uranium totaling 1,440 km2 and some including portions of Thatcher Soak.
Geographical Spread
Board of Directors and Key Management
| Richard Harris | Executive Chairman |
| Russell Davis | Executive Director |
| Kevin Hart | Non-Executive Director & Company Secretary |
Company Address6 Altona Street
|
Additional Address/Key ContactPO Box 1157 |
Annual General MeetingNovember, Perth | Year End30 June |
Nominated BrokersHartleys Limited |
Broker/Analyst Reports
27/09/07 - Resource Capital Research
17/11/06 - 15 September 2006, Hartleys Limited - First Drilling Program Yields Positive Results
Major Shareholders
| Ordinary Shares | ||
| Asarco Exploration Company Inc | 5,000,000 | 8.61% |
| Yamarna Goldfields Limited | 4,650,000 | 8.00% |
| Terra Gold Mining Ltd | 3,000,000 | 5.16% |
| Russell Davis | 2,500,000 | 4.30% |
| Richard Harris | 2,010,000 | 3.46% |
| Australian Executor Trustees Limited | 1,731,000 | 2.98% |
| Perth Select Seafoods Pty Ltd | 1,400,000 | 2.41% |
| Lisa Revelins | 1,000,000 | 1.72% |
| Zenix Nominees Pty Ltd | 1,000,000 | 1.72% |
| Matthew Bartell | 1,000,000 | 1.72% |
| Donald Norman Coultas | 770,000 | 1.33% |
| Weasel Securities Pty Ltd | 600,000 | 1.03% |
| Brian John Faithfull | 550,000 | 0.95% |
| Donald & Jeanette Allen | 500,000 | 0.86% |
| Jillian Elizabeth Harris | 500,000 | 0.86% |
| Jemaya Pty Ltd | 500,000 | 0.86% |
| Susan Davis | 500,000 | 0.86% |
| Cribbenvest Pty Ltd | 500,000 | 0.86% |
| SDC Pty Ltd | 500,000 | 0.86% |
| Eiroz Investment Corporation Pty Ltd | 500,000 | 0.86% |
| TOTAL | 28,711,000 | 49.42% |
Related News
25/02/08 - Eleckra Mines Starts 2008 With New Management And A New Sense Of Purpose19/07/07 - Eleckra Mines Gets A Boost From Thatcher Soak
Most Recent Statement
29/04/08 - Quarterly Activities Report29/04/08 - Quarterly Cashflow Report
18/02/08 - Letter to Shareholders
30/01/08 - Quarterly Activities Report - December 2007
30/01/08 - Quarterly Cashflow Report - December 2007
23/01/08 - Extensive Uranium Mineralisation Intersected -Thatcher Soak