Big sellers just out and sp being sold down to 3c which is a strong support....
Formed a Hammer on last Thursday following a green bar on last Friday indicating a possible trend reversal....
FA is good with 230m Soi and 2.2m cash....
here is a another Mlm poster original post:
Well Victoria Ferries look to be the guys capping the stock. As per the notice they are all out. They had 7.2% according to the last preso which equate to around 15m shares. The notice says they sold 15m. Good riddance.
At 3c MLM mc =$6.8m
cash = $3m
EV =$3.8m
For a $3.8m ev MLM have a low temperature, high aluminium (highest on ASX), DSO bauxite project planning to commence production early next year, from Weipa right on China's door step. Low temperature Bauxite market expected to be under supplied in the medium to long term. Aluminium spot price is also looking bullish.
The Urquhart Bauxite project has a JORC of (MLM own 50%)
Scandium from SCONI is 1.7kt Scandium or 2.5kt Sc oxide using a higher 299ppm cut off
Here are some other Scandium developers with their ev's and size of deposits
CLQ ($160m ev) = 11.8kt Sc or 18kt Sc oxide (high grade 419ppm)
PGM ($20m ev) = 9.1kt Sc or 14kt Sc oxide (300ppm cutoff)
JRV ($6.5m ev) = 1.3mtSc or 1.95Sc oxide (also high grade 434ppm)
And the elephant in the room is the Esmeralda Hydro thermal Volcanic Graphite deposit. One of only two known Hydro thermal graphite deposits in the world. From the Quarterly
'Igneous or hydrothermal-style graphite deposits, such as Esmeralda, are rare. The more
common metamorphic-style graphite deposits make up about 95% of the world’s known
graphite deposits. Hydrothermal-style graphite deposits are typically of high purity graphite in
either flake or crystalline form. Examples of this style of mineralisation include the high-grade,
narrow-vein Sri Lankan deposits and the granite hosted Albany graphite deposit in Canada
The Company completed its maiden graphite exploration program in December 2015. The
assay results confirm thick graphite (Cg) mineralised intervals in the first two exploration holes.
The core was assayed for graphite content and total carbon. In summary, both drill holes (in a
vertical two-hole drilling program) intersected significant broad graphite mineralisation with
continuous intercepts of:
WD001 – 95.0 m @ 6.5%2 Cg from 71 m
WD002 – 29.1 m @ 7.8%2 Cg from 72 m
An independent petrology study has also been completed on six representative samples from
the mineralised zones.
The petrology study identified the same distinctive alteration and mineralisation style present in
both holes which is associated with consistent grades indicating that the graphite mineralisation
may be continuous for 1.2 km or more.
These results add strong support to the Company’s belief that the Esmeralda deposit is very
large and would be uniquely amenable to large-scale bulk mining. WD001 ended in significant
graphite mineralisation (4.1% Cg), with mineralisation...
