I was wondering the same thing... From my perspective nothing has changed since the Webinar a few weeks ago (my notes below).
Perhaps day traders expected the Scoping Study to be announced already?Metallica Minerals
ASX: MLM
- The world is running out of high quality Silica Sands.
- Already have interested parties from around the world
- Cape Flattery is renowned for quality exports. The Cape Flattery Silica Sands project is adjacent to the world class Cape Flattery Silica Sands mining and shipping operation owned by Mitsubishi
- 100% interest - 56Km2
- 38Mt - Drilling in June will expand this resource
- $7m recently raised
- MC: ~$15m
- ~500m SOI
- Flannery Family Office on the register.
- Looking for additional projects. Will not do a deal that will take focus away from Cape Flattery.
- Plan to build a jetty. Jetty could be built 800m from mine. Multiple external stakeholders supported their proposed jetty location. MLM have complete access to the beach.
- Drilled on tracks for maiden resource. Further drilling is approved off-track for additional drilling.
- 22 drill holes = 38Mt
- 82 holes have been identified for drilling in June.
- Strict QLD restrictions could prevent other companies from building a jetty. Significant competitive advantage is being located within the designated port boundary.
- The jetty will have a capital cost but will be a tremendous benefit to the project.
- Cultural heritage agreements have been signed.No delays to drilling in June.
- Will negotiate employment opportunities for traditional land owners, perhaps will negotiate a royalty when mining in future
- Next 6 months with plenty of milestones to come: Metallurgical testwork underway to produce premium product, Continue Environmental studies (June), Scoping Study results to be announced (3-4 weeks away), Follow up drilling program in June to further define the resources, Mining Lease Application to be submitted (3-4 weeks), Preliminary discussions with Off-Take Partners (underway), Further investigation of infrastructure options (likely to build own jetty), Pre-Feasibility Study underway (starting mid-year, complete in Q4 2021)
- Hoping to only need to go through an EA process and not a full Environmental Impact Statement. (Timeline dependant on the federal government)
- Undervalued when compared to peers. VRX significant kilometres to travel to get their product on a ship. DRX are in the same region and are located outside the designated port area.
- The next drilling program will have a measured component. Proven and probable resource will come Q3-Q4 this year, for the PFS.
- Cape Flattery Silica is the brand and will be used throughout the project
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Can it rock on..??, page-25
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