Mt Isa Project
The Australian Projects are located in the southern portion of the Mount Isa Eastern Succession.
Cerro Resources commenced exploration in 2005 in under-explored areas of the Mount Isa Mineral Province. Exploration was targeted towards structurally controlled deposits within altered Corella Formation metasediments.
The Company discovered the Kalman Molybdenum-Rhenium Deposit in October 2005 whilst deep drilling a known copper occurrence. Extensive drilling from 2005 to 2008 delineated an Inferred Resource of 26 million tonnes grading 0.11% molybdenum and 2.8g/t rhenium, within a larger copper gold system that contains 61 million tonnes grading 0.32% copper and 0.15g/t gold.
In 2010, Cerro Resources pursued the Mount Philp Iron Ore Project with a program of regional mapping, rock-chip geochemistry and drilling. The Resource is composed of 19 million tonnes of Indicated material grading 41% iron and a further 11 million tonnes of Inferred material grading 34% iron.
Cerro Resources holds extensive tenements over known outcrop of Corella Formation adjacent to the Pilgrim Fault. Except for the Mt Philp project the tenements form part of the Kalman Joint Venture with Syndicated Metals Limited.