Diatreme Regains Full Ownership of Eucla Basin and Bellfied Projects

11 August 2009 (Last Updated August 11th, 2009 18:30)

Diversified minerals explorer Diatreme Resources (DRX) has regained full ownership of two projects in Western and Southern Australia after reaching an agreement with Minerals Corporation. DRX has regained a 25% stake in the operator of the Eucla Basin heavy metals project Lost Sands, w

Diversified minerals explorer Diatreme Resources (DRX) has regained full ownership of two projects in Western and Southern Australia after reaching an agreement with Minerals Corporation.

DRX has regained a 25% stake in the operator of the Eucla Basin heavy metals project Lost Sands, which was previously sold to Minerals Corporation subsidiary Zircon Resources.

DRX has sold 4.5 million of its shares to Zircon in exchange for 100% ownership in the 30,000km2 Eucla Basin mineral tenements.

In a separate agreement, Minerals Corporation has agreed to withdraw completely from the Bellfield base metals project, located in north Queensland, giving DRX complete ownership of the project.

In early September 2009 reconnaissance ground exploration is to commence in areas where copper, lead, zinc and silver mineralisation is known to occur, DRX said.