Queensland Industrial Minerals Ltd (“QIM”) is a public company established on 31st October 2002 for the purpose of developing a mineralised area known as ‘Wateranga’ under Exploration Permit Minerals (“EPM”) 13278.
The Wateranga area contains significant quantities of high quality Ilmenite, Feldspar, Apatite and Zircon in an eluvial style deposit (unconsolidated) surrounding the ‘Wateranga Gabbro’. The Gabbro is approximately 5km wide by 6km long and is characterised by an outcrop some 1.6km long, 600m wide and 120m high.
The areas immediately surrounding the Gabbro contain large magnetic anomalies and limited drilling to date has indicated high grade magnetite mineralisation. Areas less than 15km to the north east include Mt Perry which had a long history of copper mining dating back to the 1870’s and the currently operating Mt. Rawdon Gold mine.
The “QIM” project area lies 80km south west of the city of Bundaberg in Queensland and comprises a ‘Central’, ‘South’ and ‘North’ area with the main focus of current development in the ‘Central’ area. The ‘Central’ area lies immediately adjacent to the Burnett River, within 8km of major power lines and only 40km from the Bruce Highway A1, the State's main north-south highway.
A Mineral Development Licence (“MDL”) has already been granted over the Central project area for the purpose of taking a 50,000 tonne bulk ore sample and establishing a pilot plant for the development of processing parameters.
Whilst the feasibility development phase of the Central unconsolidated area is underway, definition drilling will commence on the ‘hard rock’ areas to better define magnetite mineralisation.