BHP Billiton Withdraws from Altia Joint Venture in Australia's Queensland -Shanghai Metals Market

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BHP Billiton Withdraws from Altia Joint Venture in Australia's Queensland

Industry News 10:44:16AM May 18, 2012 Source:SMM

SYDNEY, May 17 (Xinhua) -- BHP Billiton has withdrawn from the Altia silver-lead-zinc joint venture in North Western Queensland following a commercial and technical review, Australian exploration company Breakaway Resources said on Thursday.

Breakaway said BHP's decision was based on the results of a commercial and technical review undertaken by the resources giant following drilling at the Altia silver deposit.

"While the drilling has demonstrated that the Altia deposit lies within a broad mineralized system with silver-lead-zinc mineralization now drilled over 1,200 meters strike length and to a vertical depth of 800 meters, BHP Billiton believes there is limited potential for the discovery of mineable widths of high- grade silver mineralization at depth that meets their commercial criteria," Breakaway said in a statement.

Breakaway said BHP's withdrawal from the project created a major exploration opportunity for Breakaway as it had given the company unrestricted access to three advanced exploration targets that lie within the former joint venture area.
 

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BHP Billiton Withdraws from Altia Joint Venture in Australia's Queensland

Industry News 10:44:16AM May 18, 2012 Source:SMM

SYDNEY, May 17 (Xinhua) -- BHP Billiton has withdrawn from the Altia silver-lead-zinc joint venture in North Western Queensland following a commercial and technical review, Australian exploration company Breakaway Resources said on Thursday.

Breakaway said BHP's decision was based on the results of a commercial and technical review undertaken by the resources giant following drilling at the Altia silver deposit.

"While the drilling has demonstrated that the Altia deposit lies within a broad mineralized system with silver-lead-zinc mineralization now drilled over 1,200 meters strike length and to a vertical depth of 800 meters, BHP Billiton believes there is limited potential for the discovery of mineable widths of high- grade silver mineralization at depth that meets their commercial criteria," Breakaway said in a statement.

Breakaway said BHP's withdrawal from the project created a major exploration opportunity for Breakaway as it had given the company unrestricted access to three advanced exploration targets that lie within the former joint venture area.