Excellent info there SWC.....high grade iron ore drill results for Lara Exploration.
Lara Exploration leases are some distance from the big Vale mines in the Carajas, but still achieved these outstanding iron ore drills....AVB tenements all but ADJOIN the big Vale "North" and "South" mines/deposits.
Lara share price was strongly up recently...however they have "given away" almost all their equity in this JV lease, to a consortium of Brazil iron ore groups... (called Verical).
These are the type of people who AVB may be talking to now...re their iron ore deposits.
Hopefully AVB can achieve better terms than Lara....its just a bit hard to cut a deal, when the whole company is only worth $11m. A potential JV partner may question why the need to share profits...(normally with iron ore mining-talking tens or hundreds of millions of dollars profit).
Maybe AVB could sell off their iron ore prospects.
Anyway we will see what AVB come up with....suggest however some exciting upside with these currently 100% owned Carajas iron ore properties next to Vale mines.
Self explanatory, of interest reading here...company called United Minerals recently taken over by BHP for $204 m...note similarity of UMC drills to Lara....and relevance of location of UMC- next to a big BHP mine in the Pilbara.
----- AVB say they have discovered iron ore formations on their Trindale North property. -----
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Friday, April 17, 2009
United Minerals logs huge 147 metre intersection 61% Fe - adjacent to BHP Billiton mining lease
United Minerals (ASX:UMC) has advised that highly significant assay results have just been received for vertical diamond drill hole UI767. The drill hole is located approximately 200 metres west of the UMC tenement boundary shared with the BHP Billiton (ASX:BHP) Area C Mining Lease.
Assay results show that significant mineralisation has been recorded between 41.5 metres and 189.28 metres with an intersection width of 147.8 metres of continuous high grade Fe mineralisation.
The intersection between 67m and 189.28m represent the thickest intersection of bedded Marra Mamba mineralisation intersected at Railway to date. This 122.28 metre intersection also shows very low levels of impurities.
Drilling in this exciting area continues and is designed to further test mineralisation adjacent to the BHP Billiton boundary.
United Minerals Corporation NL (UMC) shareholders have overwhelmingly agreed to a scheme of arrangement relating to the company's takeover by BHP Billiton Ltd.
Under the proposed scheme, BHP Billiton will offer UMC shareholders $1.30 cash for each UMC share, which values UMC at about $204 million.
AVB Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
