Breakaway Resources (ASX: BRW) is an Australian exploration company focussed on the discovery and development of high-quality standalone mineral deposits within two of Australia’s premier mineral districts.
The Company’s ongoing exploration activities are focussed on our priority Eloise Exploration Project (copper – gold and silver – lead - zinc) located within the Cloncurry District of North West Queensland and the Wildara and Miranda Projects (nickel) located within the Leinster District of Western Australia’s North Eastern Goldfields.
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Breakaway has a quality portfolio of exploration projects strategically located in several highly endowed mineral districts in Western Australia and Queensland. Prospective for nickel sulphides, gold and base metals, a large number of priority targets have been identified on all of the projects.
Exploration activities undertaken in Western Australia during the last 12-18 months have focussed on refining nickel targets on the Wildara Project Group, estimation of a JORC Code compliant Inferred Resource for extensions to the previously mined portions of the 1A Nickel Deposit (Kambalda West Project) and diamond drilling to further test the Saints Nickel Target (Scotia Project). At the Saints, drilling has reinforced the struturally complex nature and sporadic distribution of nickel sulphides on the target's Western Contact. Despite this, the mineralisation remains open in a vertical direction and suggests that potential exists for further nickel mineralisation at depth beneath the area drilled.
At Wildara, five broad nickel priority areas have been identified. Of these, the presence of both high tenor sulphides within multiple geological settings and the Horn Deposit (JORC Code compliant Inferred Resource of 600,000t @ 1.39% Ni (8,300t Ni metal) makes the Revolution-Horn Trend the highest priority target.
Drilling to further test these priority targets commenced in early February 2010.
At Kambalda West, a JORC Code complain Inferred Resources of 142,000 tonnes @ 2.0% Ni (2,900t Ni metal) was calculated for extensions to the mining depleted portions of the 1A Nickel Deposit based on the results of the successful diamond drilling undertaken by Breakaway during 2008. The resource possesses considerable upside both in terms of size and grade.
At the Eloise Project in Queensland, diamond drilling undertaken by the Company south along strike from the Eloise Copper Mine intersected widespread favourable evidence for copper mineralisation including 1 metre @ 1.96% Cu from 173 metres in 08BERD0043.
Breakaway announced on 11 November 2009 that it had entered into a farmin and joint venture with BHP Billiton Minerals Pty Ltd, termed the Altia Joint Venture Project, which covers an area of approximately 8km2 within the Eloise Regional Exploration Project and hosts the Altia Silver-Lead-Zinc Deposit, where Breakaway has previously announced a JORC Code compliant Resource of 5.78Mt @ 3.96% Pb, 40.3g/t Ag, and 0.49% Zn (7.5Moz of contained silver and 229Kt of contained lead).
BHP Billiton is expected to commence an aggressive diamond drilling programme at Altia in early 2010 following the end of the northern Wet Season.
In addition to the nickel and base metal activities, Breakaway also embarked upon a gold exploration initiative which was focused on short-term opportunities to drive shareholder value.
An initial drilling programme at the Spargos Reward Gold Target (Kambalda West Project) returned encouraging near-surface intercepts immediately adjacent to the historical open pit and underground mine workings - where approximately 30,000 ounces was extracted.
Our primary corporate objective remains the discovery of stand alone nickel sulphide deposit of not less than 30Kt nickel metal @ 3% Ni (in Reserve).
To find out more about project details, please click each project name below:
John Atkins is Chairman, ANZ Western Australia. Before joining ANZ, John was Head of the Perth office of National Law Firm, Freehills. John's background is as a commercial lawyer. He was admitted as a lawyer in 1978 and practiced full time until 1996 when he moved into management. In addition to his role at Breakaway, John is also a Non-Executive Director of financial services company Australian Finance Group Ltd, Director of strategy consulting firm Barrington Consulting Pty Ltd, Chairman of Lotterywest, Director and Vice President of the Chamber of Commerce and Industry, and Deputy Chairman and former Chairman of Committee for Perth Ltd. John joined the Board as Non-Executive Chairman on 24 November 2006.
David Hutton graduated with Honours from Monash University in 1989 and has spent the last 19 years working in both exploration and mining throughout Australia and overseas in Argentina. After graduation, he spent 7 years with the MIM Group both in underground mining and exploration roles before joining Forrestania Gold NL / LionOre Australia, where he was involved principally in gold exploration throughout the WA Goldfields. He worked at Western Metals as Chief Geologist of the Lennard Shelf Operations prior to rejoining LionOre Australia where he was responsible for management of the East Kimberley Joint Venture. David commenced with Breakaway in the position of Exploration Manager in August 2006, before becoming CEO in February 2009. He joined the Board as Managing Director on 1 May 2010.
Jon Young graduated from UWA with a Bachelor of Commerce Degree. He qualified as a Chartered Accountant with Price Waterhouse in 1981 spending 7 years in their Perth, Melbourne and Sydney offices. The following 23 years have been spent in the Finance and Stockbroking industry and Jon is currently Director Private Clients with leading Perth based stockbroking firm Paterson Securities Limited. For the past 11 years and until the sale of the contracting business in August 2007, Jon served as Non- Executive Chairman of the Barminco Group of companies, including Barminco Limited, one of Australia's largest privately owned underground mining contractors. Jon continues as the Non-Executive Chairman of FMR Investments Pty Ltd (formerly Barminco Investments Pty Ltd), a major shareholder of Breakaway Resources Limited.
Jeff Gresham has over 40 years experience in exploration, mining and the corporate functions both in Australia and overseas. During a career spanning 19 years with WMC he held a number of senior corporate and technical positions, most notably Chief Geologist of the Kambalda Nickel Operations (1981 - 1985), and Executive Vice President Exploration for WMC's Canadian subsidiary Westminster Canada Ltd (1988 - 1993). From 1993 to 1997 he was Managing Director of Wiluna Mines Ltd, General Manager Exploration at Homestake Gold of Australia Ltd (1998 - 2001) and Managing Director of Titan Resources Limited (2004-2006). In addition to his role at Breakaway, Jeff is the Chairman of Rox Resources Limited. Jeff was appointed as a Non-Executive Director to the Board of Breakaway Resources on 1 October 2006.
Company Secretary & Financial Controller
Simon Storm is a Chartered Accountant with over 20 years of Australian and International experience in the accounting profession and commerce. He has held various senior finance and/or company secretary roles with listed and unlisted entities in the resources, banking, construction, telecommunications and property development industries. In the last 7 years he has provided consulting services covering accounting, financial and company secretarial matters to various companies in these sectors. Simon's appointment as Company Secretary/CFO of Breakaway Resources Limited is effective from 21 September 2009.
Registered and Principal Office
Office: Level 2, 23 Ventnor Avenue, West Perth WA 6005
Postal Address: Locked Bag 109, West Perth WA 6872
Phone: +61 8 9278 6444
Facsimile: +61 8 9278 6449
Contact: David Hutton, Managing Director