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Syndicated Metals Substantial Shareholder Bumps Up Holding

Syndicated Metals (ASX: SMD) substantial shareholder National Health Recovery Agents has increased its stake in the company to 7.18%.

National Health has taken up 2.7 million new Syndicated shares between December 14, 2011 and March 7, 2012, taking its total holding to 8.8 million shares from 6.1 million.

The shares were purchased at an average price of $0.081 each.

Last month Syndicated Metals had success at the Kalman molybdenum-rhenium and copper-gold deposit, discovering high grade copper-gold at the deposit and uncovering high grade manganese nearby.

The Kalman deposit covers 700 square kilometres in Queensland's mineral-rich Mt Isa region.

Results from a ten hole reverse circulation drilling program intersected clusters of high grade copper-gold mineralisation close to the surface at Kalman.

Peak assays from the program included 22 metres at 0.84% copper and 1.31 grams per tonne (g/t) gold from 37 metres (1.65% copper equivalent), including 9 metres at 1.3% copper and 2.87g/t gold (2.9% copper equivalent).

The latest intersections, situated in the southern end of the deposit, lie above deep high grade intersections from previous drilling.

Meanwhile, high grade manganese of up to 45 metres at 23% has been identified from rock chip sampling at the Manganese Ridge prospect, 400 metres from Kalman.

Another highlight from the rock chip sampling program was 10 metres at 34% manganese.