Dempsey Minerals Limited is an Australian based mineral exploration company established to generate shareholder wealth by identifying, acquiring and/or developing mineral projects that possess the potential for exploration success. The Company has entered into Farm-in Agreements to earn-in to a 75% interest in the Cooljarloo Heavy Mineral Sands Project and up to a 75% interest in the Dandaragan Phosphate Project (“Projects” or “the Tenements”). The minerals portfolio also includes ground in the Albany-Fraser province of Western Australia. More recently the Company has entered into an Option to purchase to acquire 100% of the issued capital of Petroz Limited. Petroz is an unlisted public Australian oil company, which has secured a 75% interest in a proven, newly awarded, onshore oil licence located in Western Turkey.
The Dempsey minerals portfolio comprises two Exploration Licenses over ground considered prospective for both Heavy Mineral Sands (HMS) and Phosphate, within the Perth Basin. Located only a short drive from Perth, both projects are strategically located, readily accessible and have established civil infrastructure, providing advantages should a mineral discovery be made. Both Projects are located in the northern Perth Basin, approximately 150km north of Perth.
The Dandaragan Project hosts numerous Phosphate occurrences occurring within Cretaceous sediments of the Dandaragan Trough. Phosphate rock is the primary source of phosphorus, an essential nutrient for plants and one of the key ingredients in the production of fertilisers for use in agriculture.
The Cooljarloo Project is immediately adjacent to the Tiwest JV’s Cooljarloo HMS Mine which has been operating since 1989 and produces more than 700,000 tonnes of heavy mineral concentrate a year using a dredging operation and dry mining techniques. The Project has excellent potential to host further mineral sand resources with many of the economic strands being mined at Cooljarloo trending into the project area.
The Petroz Turkish oil assets comprise a recently awarded oil exploration licence called the Alasehir project. The project hosts previously discovered oil in the Alasehir and Sarikiz oil fields but are yet to be developed. The Sarakiz-2 well production test flowed, proved 1,000 bbls over 7 days but was abandoned due to poor management. Substantial un-explored acreage also remains in the project.