Siburan Resources Limited (ASX-listed: SBU) is a West-Australian based exploration company with tungsten and gold projects in Australia, New Zealand and Papua New Guinea. Siburan Resources was established in 2009 with a portfolio of gold and uranium projects whilst in the midst of the global financial crisis. This provided Siburan Resources an early strategic step of assembling, at a reasonable cost, exploration projects offering sound potential. Since the company’s public listing in the Australian stock market on 18 May 2010, Siburan has expanded their portfolio of projects to include the in-demand strategic metal, tungsten.
Of growing interest is Siburan’s Kirwan Tungsten project in New Zealand. Due to tungsten’s versatility in many manufacturing uses, the growing market demand for this strategic metal provides Siburan Resources the impetus for continuous exploration well into the future. The market price for tungsten ore and ferrotungsten have more than doubled between 2004 and late 2010. Historical exploration at Kirwan Hill has resulted in proven mineralisation for this metal. Siburan has completed a maiden diamond drilling programme to define and confirm the grade and continuity of tungsten scheelite mineralisation.
Siburan Resources has signed a share subscription agreement with China-based Nuclear Industry Geological Bureau of Hunan Province (“Hunan”) for Hunan to become a significant shareholder in Siburan. The Hunan strategic relationship also offers technical support and assistance in developing Siburan’s flagship Kirwan Tungsten Project in New Zealand. The company has also entered a strategic joint venture with RH Resources to identify and acquire projects in Papua New Guinea.
Siburan Resources will advance the Kirwan project by working towards developing a JORC-inferred resource. Simultaneously, exploration efforts will be directed towards Siburan’s Canegrass project where past exploration has revealed potential for gold mineralisation.
With a growing pool of capital reserve at hand and over 60 years of combined exploration expertise from directors, geologists, joint venture partners and shareholders, Siburan Resources is undeniably at an advantage to further develop current projects and identify new deposits that will significantly upgrade the value of current and future projects.