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10/10/21

17:57

Post #: 56694059
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Originally posted by Shines2: ↑

I found a good story from the Australian Financial Review, on the discovery of Magnum by BHP in the 90's, and the exploration of the area. A 240m intersection was described as "spectacular". And estimated to have reserves worth $2 billion

BHP looks like scoring in a doubles series
By Tim Treadgold
Sep 28, 1998 – 10.00am
Mineral reserves estimated to have a value of up to $2 billion are being left to mining minnows but the rewards will be shared
Like a huge shark seeking its next big meal, BHP needs a big discovery to satisfy its appetite for new mines. And, like a shark, the company is usually followed by remora, the sucker fish that feeds on leftovers. However, in its unique small-companies program, BHP has turned the process around and sent the remora out to find the next feed.
Rather than doing everything itself, especially on a reduced exploration budget, BHP is writing a series of "farm-out" deals with smaller and hungrier companies keen to work on projects that are not attractive enough to warrant its full attention.
The early results in the six deals so far look good. At the first of the farm-outs - the Anketell project, about 100 kilometres north of the Telfer gold mine in Western Australia's Great Sandy Desert - a spectacular 240-metre section of mineralised core has been pulled from one of the first exploration
holes. Copper in the core grades up to 1.4%, with gold assays as high as 4.2 grams a tonne. It is deep, with the top of the mineralisation 200 metres from the surface, but it is thick and potentially very rich.
The discovery hole at Anketell, at what is known as the Magnum prospect, was pinpointed by early BHP work using airborne and ground electromagnetics. Good as they were, the results did not indicate potential for a big discovery. Anketell was the first farm-out, to a syndicate of mining minnows Gindalbie Gold and Croesus Mining. They are now running the program and can earn 70% of the project. If they find something really big, say, more than two million ounces of gold, BHP can "claw back" to 70% by reimbursing Gindalbie and Croesus with a payment of 300% of their exploration costs.
It is a great deal for both sides. BHP had been exploring in the area for several years looking for copper-bearing structures similar to those found in Zambia, or gold like that at Telfer. It had used the best exploration tools, especially its own electromagnetic technology, to pinpoint "conductors" deep in the ground that indicate the potential for sulphide ore bodies. But the potential did not seem great enough to justify an expensive drilling program at a time when BHP's exploration budget was being cut from $130 million a year to $100 million.
Enter Gindalbie, which had been talking to BHP about its own nickel prospect in the Kimberley region, and Croesus, which is better known as a Kalgoorlie-based gold miner. Gindalbie's managing director, David McSweeney, says: "BHP had pinpointed the location and virtually gave us the drilling co-ordinates." The first hole has excited the smaller joint-venture partners and pleased BHP, but it is long way from being a mine. Croesus and Gindalbie must commit even more of their scarce resources to additional drilling at Magnum, where each 470-metre hole costs about $100,000.

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Rampers should be moderated

AZY Price at posting: 5.1¢ Sentiment: Buy Disclosure: Held
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