CMY : Are they really Mining?

Hmmm - so, a new thread - now that, according to the Half Yearly Financials to 31-Dec-2015, we are back to mining;

"During the period, the Company undertook limited exploration work while it focused on recapitalising the Company."

"The Company has now planned exploration at its two project areas."

MAYFIELD EL6358 (NSW) – 51%
The Company maintains a 51% interest in the Mayfield gold-copper-base metals joint venture project near Braidwood, NSW.
The main focus of the work programme is to delineate a gold resource at the Mayfield gold-copper prospect and to explore the surrounding terrain for similar occurrences.


A drilling program is being considered for this tenement for RC drill holes. The objective of the drilling is designed to test the down‐dip and along strike extensions of the known mineralisation. Prior to the completion of the above drilling at the Mayfield Prospect, it is intended to revisit past geophysical surveys in order to determine whether the known mineralisation had any response. Should that be the case, further magnetic and EM surveys may be conducted to elicit responses from the proposed target zones. Concurrently, environmental and landowner approvals for the program will be sought.
The Mayfield Exploration Licence is current until 23 December 2016.

CHAKOLA EL5697, MLA 269 (NSW) 100%
Exploration at Chakola is for gold, silver, copper and other base metals.
The Company has 100% interest in the gold and base metals project at Chakola NSW.
Ongoing exploration at Chakola will be directed towards the evaluation of a series of promising gold and base metal mineral occurrences of volcanic hosted massive sulphide, intrusive related and carbonate replacement style."

Source - p2 & 3.

Sounds very exciting, doesn't it?

So:

Now we are forgetting about Cannabis. No other comments were made. Interesting, cos there was a lot of ramping going on back then. I mean - struth - I was VERY excited.

Now - we have $ in the bank. Given some of it off as loans, at 8%....

Now : it is all about Gold, Silver, Copper, and other base metals. So says Peter Dykes. P3.

Let's take a sneaky look at the 2013 reported grades, shall we?

Mayfield
Gold-copper dominant mineralization
4.0 million tonnes at a grade of 0.4% copper, 0.7 g/t gold, 8.8g/t silver
0.2% zinc and 25.4% iron; and

Zinc dominant mineralization:
0.9 million tonnes at a grade of 2.36% zinc, 5.9 g/t silver and 0.1% copper.

Hmmm - now I am no geologist, and I have not checked any other Annual reports post 2013, but those grades are ridiculous IMHO. Ridiculously poor. This is all my opinion. 0.1% copper? Why even mention it? 0.7% g/t of GOLD.
Give me a break.

So what of Chakola (GOLD and base metals) in NSW near Cooma?

p3. "The sulphide and oxide JORC resources at Harnett deposit were estimated at: 1.22 Mt @ 3.1g/t gold equivalent".... "and 201,000 tonnes @ 1.5 g/t gold"....

Has that got any of us excited? It seems better that Mayfield. Wouldn't be hard.

OK, so - I have only checked the 2013 Annual Report. Thing is - I really do not think that we are mining.

Do you?

All the best to shareholders, cos we are going to need it!

Gracie