SYDNEY, Jan. 8 /CNW/ - Allegiance Mining (ASX Code: AGM) today announced
it has commenced its major 2008 summer drilling program, targeting nickel,
copper and tungsten opportunities in the more remote parts of its highly
prospective western Tasmanian tenements. A full copy of the report is
available on the AGM's website at
The program is largely helicopter-supported and will run until March
2008, in conjunction with ground-supported drilling programs at Melba Flats
which are designed to follow-up on recent encouraging drilling results.
Principal targets of the summer program are in the Trial Harbour tenement
west of Avebury, the Godkin tenement east of Melba, and the East Renison
tenement north-east of Melba.
Commenting on the summer exploration program, Tony Howland-Rose, Chairman
of Allegiance Mining, said:
"Since the discovery of Avebury in the late 1990s, Allegiance has
vigorously pursued the belief that western Tasmania is highly prospective for
additional discoveries of major base metal deposits similar to Avebury. The
Company has assembled a strong portfolio of exploration tenements over key
areas. The summer program, which is estimated will cost approximately
$2-3 million, is an exciting next step in the exploration of these tenements.
The three areas that are the focus for the summer drilling program -
Trial Harbour, Godkin and East Renison - all have exciting prospects, based on
limited drill results to date. The summer drilling program will give us a
better idea of the exact resources contained in these areas and where best to
focus our attention in order to build long-term shareholder value. "I am
especially encouraged by the prospects of the Godkin drilling program, which
we acquired recently. What is quite ironic is that for the past five years the
prospect was held by Zinifex. We think the Godkin tenement has fantastic
prospects, and we regard it as geologically closely analogous to the Avebury
setting. So when Zinifex relinquished title over the area in August 2007,
Allegiance moved very quickly to acquire the area. I think Allegiance knows
the West Coast well and we know Nickel!
While meticulous exploration takes time, all three tenements have
exciting prospects and I am confident they will contribute to creating value
for Allegiance shareholders into the future," he said.
A full copy of this announcement is available at
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and other reports please visit our website www.allegiance-mining.com.au
For further information:
For further information: Media Ross Thornton, Third Person, +61 418 233
062; Stuart Carson, Third Person, +61 403 527 755; Shareholders Information
line on 1300 135 871, or +61 3 9415 4395 for foreign holders