a long time ago

I have found one of my old posting (27 August 2010) and somehow it is still very up to date somehow....and the conclusion in front of the recent developments is stil valid. At least in my view. At that time the SP was at 63 cents.

The problem is, that....

IOCG type deposits are typically large, iron rich systems that carry variable amounts of copper, silver and gold and locally significant amounts of uranium. The largest known deposit of this type is the mid- Proterozoic Olympic Dam deposit in South Australia, which has a total resource of 3.8 billion tonnes with an average grade of 1.1% copper, 339 ppm uranium, 3.0 g/t silver and 0.50 g/t gold. Olympic Dam is the world's largest uranium deposit and one of the world's largest copper deposits.

Even with its immense size, Olympic Dam is very complex, with alteration and mineralization largely structurally controlled and highly variable. In fact, published data show that of nine holes drilled within 1 kilometre of the core of the deposit in 1975 and 1976, four were barren and were shown by later drilling to lie less than 400 metres from ore (Figure 1). The center of the Olympic Dam deposit is actually barren, and directly underlies the core of a corresponding gravity anomaly with most of the ore located in irregular bodies of hematite breccia flanking the core, but locally extending outwards along narrow structures for several kilometres (Figure 2). The matrix of the ore breccias are hematite rich with fragments of intensely altered host rock, locally the texture of the breccia is described as a "streamed texture" related to fluid flow. The breccia bodies also pinch and swell over short distances and vary greatly in strength of mineralization. The ore is rarely massive, mainly occurring as disseminated to locally vein type mineralization within hematite rich breccias. The dominant copper bearing sulphide is chalcopyrite.

....and therefore, the decisive discovery at Mumbwa could just lay around the next corner respectively the next drilling.