$5m Market Cap $3m in cash and funded for $20m in Indonesia by Anglo American
I wonder what they saw that made them farm in to Indonesia perhaps it was this?
From the Quarterly http://www.arcexploration.com.au/IRM/Company/ShowPage.aspx/PDFs/1604-10601481/QuarterlyActivitiesReportJune2013
"Recent work identified a large high sulphidation epithermal alteration system at Sumber Bening and this was confirmed by TerraSpec analysis of altered outcrops. Other possible high sulphidation systems have since been identified in the project area.
These could be linked to porphyry gold copper targets at depth
The potential of the region for major porphyry copper gold deposits is highlighted by the discovery of Tumpangpitu copper gold deposit by Intrepid Mines Limited at Tujuh Bukit , located some 200 km to the east of Trenggalek. Tumpangpitu is in the same belt of rocks hosting the giant Batu Hijau and Elang porphyry copper gold deposits on Sumbawa within the Sunda Banda magmatic arc. Trenggalek contains a similar package of rocks to those hosting these three major porphyry deposits."
Bit of a stretch for nearology 200kms but does highlight the potential of the region
Should see a nice rerate as drilling nears and if they hit the motherlode who knows whats possible, but for now tiny EV of $2m near 52 week lows makes this a decent spec punt for me
Dont really like the look of the Aussie projects much though
ARX Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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