RNX 8.33% 1.1¢ renegade exploration limited

not invest at your own peril, page-29

  1. 3,351 Posts.
    Investors,
    i had just realised another interesting connection after sifting further into the deposits that OVR keeps.

    The Andrew deposit was discovered by Noranda in 2001, who is by the way was the Canadian equivalent of BHP Billiton. Their drilling hit intersections of 18.4m at 14.89% zinc, 10.25m at 10.98% zinc and 27.5m at 12.84% zinc. Just to give you an idea..the industry average for a deposit is at 3.5% zinc.

    OVR have an ore body that is now amenable to open pit mining [i.e. reduce costs of a combination of underground and open pit is eliminated due to DMS]. They have 10 million tonnes and all of their deposits [being the Andrew, Darcy and Darin] are open at strike and depth. Being only 2km apart, this is shaping up to be a major deposit. I foresee the resource being upgraded after their current drilling to a much higher reserve base.

    Also, the kicker is that Noranda bought over their rival company Falconbridge in 2005 after China minmetals were rumoured to make a purchase for it. Noranda then changed its name to Falconbridge. Any guesses on who owns the merged company now...

    That's right...one of the major stakeholders in the deposit via OVR....

    Xstrata.

    Comments; I am now certain that Xstrata are quite familiar with the management but more importantly the size of the deposit. The economics and relationships are starting to fit.
 
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