Syrah Resources (SYR)

Shares / Stock Code

SYR

Stock Exchange / Sharemarket

ax

Syrah Resources (SYR) is an Australian resource company conducting mineral exploration in Australia and Saudi Arabia. The Company’s vision is to become a long term and sustainable mining company through the successful discovery or acquisition of mineral deposits, and the development of mining projects into production. The primary commodities of interest to Syrah are precious and base metals. SYR is an Australian public company listed on the Aussie stock market.

In a new strategic shift for the Company, in 2009 Syrah made applications for Exploration Licences in the Kingdom of Saudi Arabia. Syrah has made applications for Exploration Licences covering known mineral occurrences as well as exploration targets driven by greenfields exploration concepts. A number of these applications are now being processed by the Deputy Ministry for Mineral Resources. The company was listed on Australian Stock Exchange (ASX) on 11 September, 2007.

In South Australia, the Lyndhurst project area comprises two tenements that contain many historical workings located on occurrences of copper mineralisation. Drilling by Syrah in 2008 returned encouraging, wide intercepts of oxide copper at the White Lead Prospect. In 2009 Syrah reached agreement with Zurich Resources Pty Ltd to joint venture the Lyndhurst tenements. Zurich intends to utilise geophysics to explore for copper sulphide mineralisation as well as continuing to explore the oxide copper occurrences.

The Company continues to pursuing the acquisition or joint venture of an advanced resource asset within Australia and overseas, following a strong corporate objective of moving towards being a developer and operator of mining operations.

As of June 30, 2009, Syrah was exploring its project areas in Queensland and South Australia. In the Mt Isa Block of NW Queensland, Syrah has three project areas: Levuka, Archie- Mackenzie and Norfolk. The Archie-Mackenzie Project comprises Archie EPM 15073 and Mackenzie EPM 15071, covering a total area of 491 kilometers. The Levuka Project comprises two EPM’s located approximately 65 kilometers southeast of Cloncurry and 15 kilometers south of the Eloise mine in the Mt Isa Eastern succession. The Mt Lyndhurst Project comprises two Exploration Licenses. The Norfolk Project comprises three EPM applications.

Mt Lyndhurst Project

The Mt Lyndhurst Project comprises two Exploration Licences located approximately 50km northeast of Leigh Creek in the northern Flinders Ranges. The licences, Mt Lyndhurst (EL 3522) and Mt Lyndhurst South (EL 3550), cover a total area of 842km2. The tenure of both tenements was renewed for a further 2 years in March/April 2009.

After receiving promising drilling results at the White Lead prospect in a 7 hole RC drilling program in April 2008, Syrah completed a follow-up wide spaced RAB drilling program to test additional areas along the strike of the prospective horizon. The drill program occurred in September 2008, with 60 RAB holes completed for a total of 2,237m. The RAB holes were drilled on 100m-spaced grid lines along a 3km strike length of the east-west trend of the host stratigraphy. The RAB program provided further encouraging copper intercepts that suggest economic potential may exist at the project.

The RAB program successfully identified five areas where the copper oxide mineralisation exhibits continuity. There are numerous locations where the copper mineralisation has not been fully closed off by the drilling and remain open, either along the strike of the prospective horizon, or to the north and south where anomalous copper grades exist in the adjacent sandstone unit. It is significant that the fence lines drilled were on a wide spacing at 100 metre intervals, therefore the continuity of the mineralisation remains to be confirmed with further in-fill drilling.