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Strike Resources Limited

Strike Energy Limited (Strike) is an Australian based, independent oil and gas exploration and production company with a portfolio of assets concentrated in two of the world's leading onshore oil and gas plays.

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Strike Resources is refocussing efforts in advancing the ‘world class’ Apurimac and Cusco iron ore projects through its 50% interest in JV company, Apurimac Ferrum S.A. Additional drilling is likely to lead to resource upgrades, further underpinning the feasibility and calibre of the projects.

Strike Resources (ASX: SRK) own at least a 50% interest in iron ore exploration company, Apurimac Ferrum S.A. (AF). Via this interest, the company has exposure to large prospective concessions in the Apurimac and Cusco regions of Peru. To date, only 6 of 72 concessions in Apurimac have been drill tested.

The Apurimac project is the company flagship and hosts a JORC resource of 269Mt @ 57.3% Fe. The mineralisation is predominantly a friable, coarse grained magnetite with the grade almost double that of most magnetite deposits. A 2008 Pre-Feasibility Study (PFS) indicated capex requirements of ~US$ 2.9 billion would be required for production rates of 20Mtpa, with ongoing cash costs estimated at ~US$ 17/t. Land access approvals from local communities and government are once again flowing, paving the way for further drilling campaigns in the short term. AF is targeting at least a 500Mt resource at Apurimac, of similar grade to the current resource.

In the Cusco region, Strike Resources is targeting another standalone operation which involves consolidating AF and Cuervo Resources concessions (Strike has an option to acquire 49% of Cuervo). AF’s Cusco iron ore project has a JORC resource of 104.4Mt at 32.6% Fe. With only 40% of the target area drill tested, infill and extensional drilling would likely add to and upgrade this resource. At the nearby Cuervo concessions, a JORC resource of 179Mt @ 48.2% Fe has been identified at the Orcopura, Huillque and Aurora prospects. Opportunity exists to extend this resource via the imminent drilling of the Bob-1 prospect...

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Markets: Gas, Iron, Oil