I don't know if anyone is following MAG (I've been in it for a while because of their porphyry copper story in Central NSW), they just received a large JV from FMG. MAG's current resource is 110Mt @ 0.33% CuEq, however, I believe they'll find higher grade but its a porphyry so by higher grade I'm talking an average of 0.8% CuEq and the project will start to look economic for bulk tonnage mining.
What's my point? There's money out there with the big boys for large lower grade copper stories in Australia.
Typically, IOCG deposits are similar size to porphyries (they're really big), I'd say IOCG's on average are better grade too and predominantly found in Australia. BHP's Carrapateena copper mine in South Australia bought from Oz Minerals has a total resource of 950Mt @ 0.57% Cu, 0.25g/t Au and ore reserve at 220Mt @ 1.1% Cu, 0.45g/t Au starting from 500m depth from surface (it's deep).
RCR's Pokali (below RC drill from 2010 near the second gravity target in the east) have already hit wide intersections of copper, grade is uneconomic but typical of distal mineralisation, is the gravity target rich like Carrapateena? That's my bet and why I'm here in a company with only a $7m market cap, the upside is clear on any whiff of a large copper discovery and the big boys will come knocking just like they have with MAG.
PS note the DD visuals from Carrapateena with chalcopyrite (copper) in grey hematite, someone mentioned it needs to be red in colour which is not always the case ;-)
Carrapatenna...
RCR Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
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