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Metallic taste
Tuesday, October 2, 2007
Emboldened by our highly lucrative technology play, we're dabbling in a couple of busy prospectors with attractive entry fees.
A Spectacular run in the share price of our punt on technology developer TZ has pushed the portfolio's gain for the first nine months of calendar 2007 to almost 140%. This week we've made some modest investments in a couple of minerals prospectors - Meteoric Resources and Western Desert Resources.
Meteoric has 10 active exploration projects for gold, nickel and base metals in Western Australia, and two near Tennant Creek in the Northern Territory prospective for gold, copper or uranium. All are aeromagnetic targets packaged together for the float of Meteoric a few years ago as a spin-off from heavy minerals sands developer Image Resources.

Results from various drilling programs will emerge over coming weeks. Although the company has remaining cash of less than $1.3m, any promising results from its many targets, together with its corporate connections, will ensure it access to further funding when necessary. Meteoric has traded down from a 12-month high of 32c to a recent low of 16c and at a current 17.5c carries a lowly market capitalisation of $7.73m.

Western Desert Resources (WDR) is a similar-sized company spun out of the former Tennant Creek Gold which, now under the name TNG Ltd (ASX code: TNG), is focused on a zinc-lead-silver project in the north-west corner of the NT. WDR listed in late July following a successful float to acquire nine gold, uranium and polymetallic prospects from TNG. TNG then distributed to those shareholders who were registered on September 6 free shares on the basis of one WDR for every 20 TNG held.

Readers who follow this column would have benefited, since we bought 4000 TNG at 56c on June 7 and sold them "ex" entitlement on September 6. Thus we were delivered 200 free shares in WDR, which we topped up on market to a holding of 10,000 last week.

WDR is well cashed up, having raised $7.5 million in its float, but the shares have drifted down from a high of 28c to a recent low of 16c. At 17.5c last week the company's 63.5 million issued shares carry a market capitalisation of just $10.8 million. WDR has some 5000 sq km of tenements, mostly spread from Alice Springs to the surrounds of historically gold/copper-rich Tennant Creek, including one project with an indicated gold resource of 267,000oz.

Meanwhile, our portfolio stock Navigator Resources firmed nearly 20c over last week, after the company reported a string of shallow, high-grade gold intersections after completing 12,394m of aircore drilling on its Leonora gold project in WA, where a resource of 870,000oz has been so far delineated. Best intersections included 8m of 9.3g/t from a depth of 17m and 10m of 7.8g/t from 12m.

To find out the complete Portfolio go to
http://bulletin.ninemsn.com.au/article.aspx?id=301663

Should be getting some more news next week or the week after
Picked up some more shares at .32 the other day Im waiting for Christmas watch this baby fly