The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
OVR: ASX
Managing Director: Hugh A. Bresser
Chairman: Michael Haynes
Chief Financial Officer: Beverley Nichols
Overland Resources Ltd. is aggressively advancing the Yukon Base Metal Project and in particular the high-grade Andrew and Darcy zinc deposits towards production.
The Yukon Base Metal Project contains a JORC Code (Australia) compliant resource of 11 million metric tons at 5.8 percent zinc and 1.0 percent lead with a 2 percent zinc cut-off applied.
The company also seeks to consolidate its position in Canada by securing additional base metal projects to add to the company's strong portfolio of exploration and development projects.
Over the past 12 months Overland realized significant milestones during the past year including an upgrade in mineral resources, an increase in land position and advancement of work toward mine permitting.
The company considerably expanded its ground position in the Yukon Territory by staking new claim blocks surrounding the Andrew and Darcy zinc deposits and two new areas, the Junction Project to the west and the Riddell Project to the east.
Overland now has interests in some 1,200 quartz mining claims covering more than 260 square kilometers (161 square miles) of highly prospective terrain in the underexplored Selwyn Basin of Yukon Territory.
The company successfully completed 36 diamond drill holes for approximately 3,600 meters by the end of 2010.
This drilling included the installation of 11 water monitoring wells and the completion of 25 exploration holes focused on resource expansion at the Darcy Zinc Deposit and Darin Prospect.
Highlights of the drilling include 19.0 meters averaging 8.4 percent zinc and 8.0 meters averaging 19.4 percent zinc.
Drilling doubled the strike extent of the Darcy Zinc Deposit was doubled to over 400 meters and the full extent of the deposit remains to be defined.
At the Darin Prospect, 1,500 meters southeast of the Darcy Zinc Deposit, the company also intersected thick zones of mineralization including 20.5 meters at 3.6 percent zinc, 10.5 meters at 3.6 percent zinc, and 21.2 meters at 4.8 percent zinc.
Overland said these results provide evidence of an extensive mineralized system at the Darin Prospect.
A new resource estimate incorporating the 2010 drilling results doubled for the Darcy deposit and provided an inaugural resource for the Darin deposit.
Total resources for the project climbed to 11.05 million metric tons averaging 5.8 percent zinc and 1 percent lead.
Mineralization at all three deposits remains open along strike and at depth.
Overland said it expects the Yukon Base Metal Project's resource base to continue to increase with additional drilling.
During April 2011 the company mobilized field crews and upgraded the camp facilities to accommodate 50 persons in preparation for a 10,000-meter diamond drilling program.
Two drill rigs commenced work at the project in May and by Sept. 15, completed 32 diamond drill holes covering more than 7,000 meters have been completed.
Assays have been returned from the first six of these holes, including 16.0 meters at 8.0 percent zinc; 13.0 meters at 4.7 percent zinc, and 6.3 meters at 9.1 percent zinc.
To fund the accelerated exploration program, environmental baseline data collection, completion of the pre-production and mine permitting submission documentation, Overland undertook a private placement of 47.5 million shares in the spring of 2011 that generated C$11.875 million.
Cash and short-term deposits: C$9.85 million (June 30, 2011)
Working Capital: C$11.9 million (April 15, 2011)
Market Capitalization: $35 million (January 2011)
Suite 9 - 5 Centro Ave.
Subiaco, WA
6008 Australia
Ph: +61 8 9226 5566 Fax: +61 8 9226 2027
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