I go back to your post about being attracted to AUR because of the tenement rationalisation.
Imo, the rationalisation bears closer scrutiny.
Below are the tenement maps for pre-rationalisation and post-rationalisation.
I am not surprised about dropping Cashman and Cheroona. NST must have consented re Cheroona.
I am a bit about dropping Feather Cap given that it adjoins the western end of Morck Well. Maybe it is because that even there is gold there, it is not enough to inspire keeping. If that is the case, then the western end of the Morck Well Project (MWP) which contains Durack East and adjoins Feather Cap, and appears to have the same, or similar geology, may not be wanted either but CuFe won't go along with it
CuFe holds 20% of the MWP. Also, it is free-caried until a decision to mine. The holding and right existed when AUR acquired the large quantity of holdings from Blue Crest many moons ago.
I do not think that AUR would have wanted to relinquish the tenements where the gold and manganese have been found, so keep them - and while at it, also keep the western tenement because of CuFe's share so as to keep them all together.
Re the Forrest Project (FP), AUR holds some tenements by itself, 2 with WGX as having a 20% interest and also with WGX holding all of the gold (so, only base metals etc to AUR) and 1 small one with CuFe (same basis as those at MWP). CuFe used to have the gold rights and the 20% but sold to WGX several years ago.
FP is therefore a bit of a mish-mash.
AUR probably needed the consent of WGX/CuFe to relinquish those tenements if it was keen to relinquish all of the tenements held, but its intent is not known. Anyway, all of FP has been retained.
Doolgunna is 100% held by AUR, and yet appears to have been thoroughly explored without finding anything of real interest. If I am correct in saying that, then why has it kept it? The only reason that I can come up with is that it would be a tenement that a buyer from SFR would also want to own as it is surrounded, sort of, by DeGrussa and Monty.
I think that MWP is perhaps in the same boat, but whereas Doolgunna seems to be barren, MWP has the potential to produce both gold and manganese, the former to supplement the gold at Old Highway if a buyer from SFR wants to develop that resource and process the gold at the DeGrussa plant.
If Doolgunna and MWP are potentially on the market, then what's the position with FP? Imo, it depends on what Westgold would like to do. Would it like to expand Fortnum? Dunno!
I was hoping that in scrutinising the rationalisation I would come up with a strong view as to why it has kept what it has, but I now find that I am really none the wiser except perhaps with Doolgunna. The interests of CuFE and WGX in many of the holdings cloud the thinking.
What do you think Minoil?
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