19th Mar 2014 10:29
LONDON (Alliance News) - CEB Resources PLC Wednesday said it has found positive preliminary indications from electromagnetic and aeromagnetic studies of its Peelwood Project in Australia.
The resource development company, a former sugar and ethanol sector investment company called Clean Energy Brazil, said it completed the studies, comprising 695 line kilometres designed to identify targets for future testing, as part of a new exploration programme.
The company said the survey is aimed at increasing the overall mineral resource at the project, laying the foundations for potential additions to the mineable ore reserves.
CEB Resources said some initial processing of data was conducted on site and preliminary indications from the survey are positive, as the main known mineralisation gave a response and several similar responses have been identified at areas that are not associated with known mineralisation.
The company said that, following final modelling expected in around one month, follow-up work including possible ground geophysics and geochemistry may be conducted to identify targets for drilling.
CEB Resources shares were down 3.7% to 0.650 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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