What exactly is BNP Paribas Nominees Pty Ltd intentions if after requesting
ABU share holders vote Yes to all 5 resolutions inclusive of the removal of
Mr Brett Lambert as Managing Director from ABU's- BOD.
The above allowing as Requesting Shareholder whom holds a majority of its Shares
as nominee for APAC Resources Limited & Mr Andrew Ferguson being a director of
APAC Resources Limited with if elected two more of its own nominees to the ABM
board therefore becoming appointed Directors to take full control of ABU's -BOD &
thus dictate ABU's future.?
"ABU's Positives post Old Pirate"-There is a much larger picture imo yet to
unfold regarding ABU's future-see below!
"Do we think the following reported ASX-discovery dates &
Old Pirate decision to stop mining is coincidental"?
Hyperion east new discovery: ASX -Release date-26th August 2015-being some 300-600 mts out along strike from Hyperion's core 200,000 OZ Deposit,
& only 17kms from NST/TAM Central gold processing plants significant tonnage
throughput expansion.
Buccaneer: ASX-Release date- 9th September 2015-extensional discovery current
drill results define a trend of mineralization over 700 metres of strike length.
Bumblebee; ASX-Release date-06 October 2015 Gold – Copper – Silver – Lead – Zinc – Cobalt Multi element Discovery.
Prior to these extensional & exploration discoveries having been made (last being 06/10/15 )
there had been no indication of Old Pirate's pending demise.
IMO once Directors & the larger shareholders became aware that ABU was potentially sitting on
three deposits that were already significant - ABU's-share price sold off
only 9 day's later- 16/10/15.
Coincidence?-Nada don't think so.
As only three day's later ABU implemented Key Management & board changes & on the 19/10/15
-Darren Holden stepped down as M.D.
Therefore imo it was well known by some that the decision to shut down processing & mining
operations at Old Pirate had been made.
The above taking into account the latest known info & imo corresponds virtually
exactly with known time frames of events & ASX-Releases .
Bumblebee considerations & observations.
IMO- Bumblebee's potential is big there is a few things to consider regarding my
comment, with regard to the last announcement & the first pass drill results.
1) First pass air core drill results were shallow & only 25, 30 & 48 mtsdepth,
the anomaly size and the sulphides intersected were outstanding & contained
significant multi-element & precious metal values, drill core intercepted only
preliminary mineralization at 25-48mts & is well above the large electromagnetic
conductor target at 200-400mts- this is strong indication of what can lie directly beneath
the first pass results.
2) Directors in IGO brought up a significant amount of there own stock just day's after
the bumblebee discovery was announced-
see ASX-IGO. -Announcement release dated-12th October 2015,
coincidence ?
3) Bumblebee is situated close to the northern boundary of EL24915, a tenement
wholly owned by ABM however the mineralization and the EM conductor have
been interpreted to dip south towards the center of the tenement
- exploration license application EL29748 held by Castile Resources Pty Ltd a
subsidiary of Metals X Limited & is situated immediately north of EL24915.
ABM and IGO have entered into a joint venture and farm-in agreement with Castile whereby
they have the right to earn an interest up to 76.925%
(pro-rata IGO 70% and ABM 30%) in EL29748.-this agreement was extended
in late 2015 (ASX release of 7 December 2015).
So both ABU & IGO thought first round results significant enough to enact a
plan to earn an interest of approx. 77% in the adjoining tenement.
4) IGO based on first round drill core's believed results were significant
enough to justify allocation of a further 6million au as potential
exploration funding.
(that's substantial especially given IGO is scaling back exploration expenditure- Bumblebee
being a recently quoted exception)
5) In IGO's second round exploration it is planned to drill a series of diamond holes-
GOING DEEP to test the electromagnetic conductor target, in an attempt to confirm the three contiguous plates along a strike length of 500mts length,
the middle plate centered on easting 588,300mE, starts at 110 mts below surface and
has an unconstrained depth extent of between 200 and 400 mts , if this EM
target contains continual multi element mineralisation through-out then the deposit
would encompass and therefore contain a very large volume of mineralisation.
6) Taking into account Independence Group NL (IGO) is a mineral exploration
company focusing on nickel, copper and zinc mining in Australia, & that IGO has
two key mining operations being Long and Jaguar/Bentley in Western Australia,
& that IGO's current focuses is on development of its Tropicana Gold project as
well as there Stock man copper-zinc-silver-gold project, i would say its fairly
safe to presume IGO know exactly what they are doing regarding the
planning & intention to drill a series of deep diamond holes & are
intent on advancing the future development of the
ABU -IGO Bumblebee Discovery!
After reviewing the latest Bumblebee ASX release-the electromagnetic conductor
gives a strong indication of the targets potential huge volume, combined with
Hyperion & Buccaneer its therefore fairly obvious imo that ABU has larger more
significant deposits to peruse than Old Pirate.
(especially given O/P's now known issues ore dilution haulage costings etc).
This would also give strong indication as to PCR & APAC 's recent actions in there
in-devour to both be trying different tactics, either control the ABU BOD & thus
ABU's future, or end up with a significant total percentage increase in there share
of ABU'S total holdings.
After the intended R.I. funding, ABU can very likely imo add significant value to
the s/p through perusing the above significant extensional discoveries & further
pursue through exploration other known targets.
ABU's share price can be driven up through its already known significate extensional
exploration potential- as outlined in the known summary above.
PCR are providing the capital that ABU requires, Brett Lambert has stated what
his intentions are & given the above summary, we can envisage it driving the ABU
share price, it would be beneficial if the yet to be appointed BOD chairman was
clarified as being an independent Director!
What is APAC's intention with regard to ABU's future & how will ABU
receive its needed capital, clearly PCR will not continue as underwriter
if APAC gain control of the ABU -BOD?
(see clause in underwriting agreement below) 7.1. Underwriting Agreement
• any of the Underwriter or Sub-Underwriter being unable to rely on the
exception in item 10 of section 611 of the Corporations Act, which is required
to permit the Sub-Underwriter to increase its relevant interest in the
Company above 20%
Unless there is clarification from APAC, I don't see how I could wish to hand
them over full control of ABU's -BOD & via them controlling the ABU -BOD
ABU's future?
Still many unanswered questions although its quiet obvious imo that ABU's
share price given- the above has mind blowing upside & is therefore imo significantly
oversold & its oversold position is entirely directly related to the Old Pirate debacle?
ironically Old Pirate only represents but a fraction of ABU's future potential!
imo-gltah
salt
ABU Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
(20min delay)