VANCOUVER, Sept. 4, 2012 /CNW/ - Flinders Resources Limited ("Flinders") (TSXV: FDR). Mr. Martin McFarlane, President & CEO, is pleased to announce that
exploration claim applications covering 3,456 hectares have been
submitted to the Swedish Mining Inspectorate. The claims secure
approximately 60km of the prospective graphite trend between and along
strike from Flinders' four graphite mining leases in Sweden.
Mr McFarlane states: "Flinders' principal focus is the restart of the
Kringel graphite mine in 2013, and so be amongst the first flake
graphite projects to be in production. The excellent exploration
opportunity the Kringel area presents cannot, however, be ignored, so
in parallel we are advancing our understanding of the considerable
graphite potential of the region."
"Our recent regional geological work has identified a 60km graphite
trend in between and along strike from our mining leases which has now
been secured with exploration claims. This 60km trend, with numerous
graphite occurrences and drill intersections, reinforces the Kringel
area to be a flake graphite province as extensive as any of the early
stage graphite projects being explored around the world today.
Importantly, all of Flinders graphite claims are within economic
transport range of Flinders existing graphite processing plant and
The areas were targeted by identifying the same electromagnetic and
magnetic geophysical signatures that were used to discover Flinders' 4
graphite deposits containing the historic graphite resources. Limited
systematic exploration been conducted outside the known mining leases.
Flinders plans to explore the area over the next 3 years. Based on
historic drilling, historic resources and the extent of geophysical
signatures along strike from known graphite occurrences a conceptual
exploration target size is estimated between 20 to 40 million tonnes
with a grade range of 6-12% graphite within 100m of surface within the
Kringel trend. The potential quantity and grade is conceptual in
nature, as there has not been sufficient exploration to define the
target at this time; and it is uncertain that further exploration would
result in the definition of a resource.
Of the 3,456 hectares applied for, a total of 697 hectares of claims
have already been granted. The remaining claims are applications and
Flinders has been confirmed by the Mining Inspectorate of Sweden to
hold priority. The claims are expected to be granted before the year's
end. Figure 1 shows the new claim areas.
On behalf of the Board
Martin McFarlane, President and CEO
Figure1 Map of Flinders claims near Edsbyn, Sweden
The Kringel Graphite Project was the subject of substantial drilling by
previous owners, and has an historic resource estimate of 6.9 million
tonnes containing 8.8% graphite in 4 separate deposits. Historic
resources at the Kringel mine site are 1.3 million tonnes @ 11.3%
graphite. The historical resource estimates quoted are based on a
NI43-101 report prepared by Albert Thamm of Coffey Mining in November
2011 which is available on SEDAR. The historic resource was calculated
using a polygonal method and is broadly similar to CIM definitions
"Indicated" and "Inferred". Data is historical in nature and was
compiled prior to the implementation of NI 43-101 reporting standards.
Flinders has not completed sufficient exploration to verify the
estimates. Flinders is not treating them as National Instrument defined
resources or reserves verified by a Qualified Person, and the
historical estimate should not be relied upon. The Company does not
have, and is not aware of, any more recent resource estimates that
conform to the standards set out in National Instrument 43-101.
The qualified person for the Kringel project is Mr. Michael Hudson, a
director of Flinders Resources Limited and Fellow of the Australasian
Institute of Mining and Metallurgy , has reviewed and verified the
contents of this release.
Certain information set out in this news release may constitute
forward-looking information. Forward-looking statements are based upon
the opinions and expectations of management of the Company as at the
effective date of such statements and, in certain cases, information
provided or disseminated by third parties. Although the Company
believes that the expectations reflected in the forward-looking
statements contained in this document, and the assumptions on which
such forward-looking statements are made, are reasonable, there can be
no assurance that such expectations will prove to be correct. Readers
are cautioned not to place undue reliance on forward-looking statements
included in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking statements
are based will occur. These statements are made as at the date hereof
and unless otherwise required by law, the Company does not intend, or
assume any obligation, to update these forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(as that term is defined in the policies of the TSX Venture Exchange)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
PDF available at: http://stream1.newswire.ca/media/2012/09/04/20120904_C3388_DOC_EN_17448.pdf
SOURCE: Flinders Resources Limited
For further information:
Jim Powell +1 647-478-5806