The most likely scenario is that there were no takers for the tenements being offered for a JV. The country is difficult, the old mines have been worked out down to the water table in most cases and the ground has been pretty well prospected over the last 150 years. One of the better prospects is the Loch Fyne which lies within the Melbourne Water Catchment and MCO managed to secure a trial mining permit after much effort only for it to be allowed to lapse by Mantle Mining. It’s unlikely that that could be revisited given the tightening of environmental requirements. I find AuStar reports to be very floury with a lot of verbiage but very little substance. The drill release for the Age of Progress was most underwhelming.
AUL Price at posting:
33.0¢ Sentiment: None Disclosure: Not Held
