$4m ev ($10m cap $6m cash) 5% copper near sfr

This is a new listing which looks like a good play to get into as drilling is about to start.

Fundamentals look good. This listed only a week or two ago. 50 Million shares, so at 20c, market cap is only $10m and they have $6m in cash, so EV is only $4m.

They have several projects, but the biggest fish slapper is the WA Copper project along from Sandfire in the Doolgunna district (SFR is 40kms to the West).





They are drilling under some old high grade shallow copper open pits. The two pits are called Thaduna and Green Dragon.





The March drilling is to follow up from two holes drilled by the state government in

"1974 one each under the two pits were plus 5% Copper"

The March drilling is following up these two drill holes to find the extent of the mineralisation under both pits.

Both pits were high grade shallow pits, Thaduna with a 8.7% copper production, and Green Dragon with a 5.1% production.

Historic drilling under Thaduna has already returned 9m @ 5.22% Cu.

Green Dragon was also a very high pit (but only 15m deep). This is an interesting part from the prospectus:

"Proposed exploration will target copper sulphides below the existing pit and follow up on high-grade intercepts from previous drilling including 10 m at 5.4% Cu from 97 m. The target is a 300 m x 5 m lode at +4% Cu. Green Dragon is a relatively advanced exploration prospect with priority drill-ready targets in proximity to Thaduna.
Futhermore, the Ricci (Lee) copper mine, 3 km south-southwest of the Thaduna Mine, was worked from 1942 to 1970 for a production of 2,912 tonnes of ore and concentrates containing 287 tonnes of copper. The Rooney Mine, 5 km north-northwest of Thaduna, produced a small tonnage of cupreous ore, approximately 110 tonnes @ 7.7% Cu from small underground workings and a 3 m-deep pit."

All this points to somewhat of a no brainer IMHO. We have drilling targeting the known high grade regions, so I would expect to see some good drill results released. Drilling is not expected to start for another few weeks, so results could be 2 months away, but one to accumulate between now and then IMHO. Could be a repeat of HOR.... 20c to 80c in two days on drilling results.

Worth a listen to...

BRR Presentation about the listing.

http://www.brr.com.au/event/76224/ventnor-resources-a-base-metals-focused-explorer-lists-on-the-asx-bruce-maluish-managing-director

Prospectus

http://imagesignal.comsec.com.au/asxdata/20101210/pdf/01131
278.pdf

Take your time, no rush.... I'm not fully loaded yet.