During 2011 several work programs for tenements in both the Northern Territory and Western Australia were completed along with the commencement of additional field programs.
Three periods of exploration activity were undertaken on the Gardner Range Project during September to November 2010, representing the first phase of on-ground exploration conducted by the Company. Sample results, plus a review of geophysical data and aerial photo-geological mapping work, highlighted a number of areas warranting follow-up for uranium, rare earth mineralisation, with some potential for gold. Exploration in 2011 built on the 2010 results and included a second phase of mobile metal ion and conventional soil geochemical sampling, rock chip sampling, hand held spectrometer surveying and a greater emphasis on geological mapping in order to define hosting stratigraphy and identify potential drilling targets. Work program meetings with the Kimberley Land Council and heritage clearance applications were completed and field work commenced in August 2011. Drill testing of targets defined from the 2010-2011 results may commence in 2012 subject to further review of sample results, relevant approvals, ground access and drill rig availability.
The Company received all approvals needed to begin drilling at Ware Range to investigate the potential of the calcrete channel to host uranium mineralisation. Field visits to plan the drill site location were delayed due to a late and intense wet season. To simplify logistics both Ware Range and Gardner Range will be drilled at the same time in 2012, given their proximity to each other, and as with Gardner range, this work will be undertaken once ground access is confirmed.
The Company continues to hold a single Exploration Licence (E45/2401) for the Telfer Project and in August 2011 it presented a proposed program of work to Western Desert Lands Aboriginal Council (WDLAC). A Heritage Agreement is currently being negotiated by the Company and WDLAC and once the agreement is finalised the licence application can proceed to grant under the Mining Act.
Quantum’s exploration program at the Gardner Range project during 2010 included RadonX surveys and MMI soil sampling to test numerous geological and geophysical targets. Several RadonX anomalies were identified and followed-up with additional MMI sampling. It was also identified that previous explorers reported up to 7% rare earth elements (REE) at the Mt Mansbridge prospect, however were primarily focused on uranium at the time. The increase in price of REE oxides has seen renewed exploration interest in REE, which Quantum has given special exploration focus.
Geological-mineral review resulted in a number of exploration interests being relinquished. Non-renounceable rights issue to raise $2 million - fully underwritten.
Further RAB drilling at Whiteheads identified gold anomalies
Exploration drilling plans were prepared covering a number of the base metal, uranium and gold prospects and Mine Management Plans were approved by the Department of Primary Industries, Fisheries and Mines in the Northern Territory for the drilling. Heritage surveys are being undertaken to allow the commencement of drilling.
During 2006, further reviews of the Company tenement holdings identified Gardner Range in Western Australia and Ware Range, Mt Peake, Barrow Creek and Tanami projects as prospective for base metals, uranium and gold.
Further drilling was undertaken on the Whiteheads gold project.
A further capital raising of $1.6 million was undertaken to fund exploration and for working capital purposes.
In March 2005 the Company placed 19,700,000 ordinary shares at an issue price of 2.5 cents each to raise funds for working capital.
Exploration continued on its gold projects during 2005 and work continued to obtain native title clearance to enable access to landholdings in the Northern Territory.
In the December 2004 quarter, Quantum acquired a further 15,000 square kilometres of tenement holdings in the Tanami in a joint venture arrangement where Quantum is earning an 80% interest.
In August 2003, Quantum entered onto a farm-in agreement to earn an 80% interest in tenements at Whiteheads, near Kalgoorlie in Western Australia. Quantum is to spend $1.2 million over 4 years to earn an 80% interest.
Throughout 2003 and 2004, Quantum consolidated landholdings into several key projects including Whiteheads (where drilling commenced in September 2003), St Ives, Jackson in Western Australia and the Tanami in the Northern Territory. Other tenement holdings were offered to third parties under joint venture or royalty arrangements.
As part of the Mining Royalty Business, the Company continued to make application for tenements throughout Australia and concluded a number of deals with other mining exploration companies for either a cash consideration or by farming out tenements and retaining a free carried interest.
A prospectus was issued to raise capital for exploration, working capital and to retire debt, and raised a net $492,000.
In January 2001, the Company announced their Mining Royalties Business Model, a new opportunity in minerals exploration whereby the Company plans to build a portfolio of minerals tenements with the view to generating returns through a royalty structure or farm-out opportunities.
In June 2001, the Company and BHPM relinquished the tenements covering the King George prospect as exploration results did not warrant further work.
During 2000, the QAJV's diamond exploration activities in China were critically reviewed on a technical basis and the decision was made to surrender interests in a number of these projects in order to focus on other opportunities in Australia.
As part of Quantum's ongoing search for new exploration opportunities, Quantum entered into two new projects following its withdrawal from its diamond exploration in China, namely:
King George Project
A joint venture with BHP Minerals Pty Ltd ("BHPM") over BHPM's King George Prospect in the Spencer Gulf of South Australia in search of an Olympic Dam style copper-gold deposit.
Torrington Topaz Project
Quantum purchased Topalite Resources Pty Ltd ("Topalite") from Autogen Limited. Topalite holds the Torrington Topaz Project and plans to become a leader in the manufacture of hi-tech strengthening materials for the ceramics industry utilising its innovative processing technology.
During 1997/1998, the QAJV continued to explore for new diamondiferous diamond pipes in China. Small new diamond-bearing kimberlite occurrences were found in Liaoning and exploration results in Shandong confirmed the good prospectivity for the discovery of new diamondiferous kimberlites. In 1999, the QAJV entered into an arrangement over the province of Inner Mongolia held by the BGMR.
In November 1996, the Company took a decision to undertake exploration for diamonds in China. The Hon R J Hawke AC joined the Board of Quantum to assist with the entry into China. A capital raising of $18 million was completed in December 1996 which provided working capital for exploration purposes and allowed the Company to retire its remaining debt.
Quantum entered into a joint venture with Astro Mining NL to conduct the activities in China, known as the Quantum-Astro Joint Venture ("QAJV"), and Quantum held a 72.9 percent interest in the QAJV.
The QAJV commenced diamond exploration in the Xinjiang Autonomous Region of Western China in December 1996. Its activities commenced in Liaoning Province which was a highly prospective diamond bearing region then expanded into Shandong, Jiangsu and Anhui Provinces.
Quantum also signed an agreement with the Bureau of Geology and Mineral Resources ("BGMR") of the Hunan Province, which granted the Company the right to enter into a joint venture with the BGMR of Hunan. Following a due diligence period the QAJV withdrew from this agreement.
On 26 August 1988, Quantum made a Part A takeover for all of the issued shares of Johnson's Well Mining NL ("Johnson's Well"). As a result of the takeover offer, Quantum held 54.9 percent of the issued shares of Johnson's Well.
Quantum Resources Limited ("Quantum") was incorporated as Helm Resources Limited and listed on Australian Stock Exchange Limited in 1987. At that time it held strategic interests in Mt Carrington Mines Limited and Ando Minerals NL. On 17 December 1987 the Company changed its name to Quantum Resources Limited.
30 April 2013 QUR Quarterly Mar 2013 with PL comments > Read more
7 March 2013 Report for the Half-Year ended 31 December 2012 > Read more
31 January 2013 Quarterly Activity Statement December 2012 > Read more
30 October 2012 Annual Report to Shareholder 2012 > Read more
19 October 2012 Notice of Annual General Meeting 2012 > Read more
31 July 2012 Quarterly Report - June 2012 > Read more
1 May 2012 Appendix 3Z - Final Director > Read more
1 May 2012 Appendix 3X - Initial Director > Read more
1 May 2012 Appointment and Resignation of Directors - April 2012 > Read more
1 May 2012 QUR Quarterly Report - March 2012 > Read more