carmichael report here it is

Transit Holdings (TRH)
1st Results from Johnston Range
The first batch of results from Johnston Range have been returned. A Program of 37 holes
for 2740m targeted sub-surface extensions of the assays received from a broad rock-chip
program in late 2007. Drilling was confined to Muldoon, Bolger and Lange prospects.
Best assays results were received from the projects:

Muldoon: TRC004 15m @ 55% Fe, TRC007 8m @ 57% Fe, TRC009 7m @ 60.6% Fe
Bolger: TRC0028 10m @ 57.76% Fe
Lange: TRC0035 2m @ 55.58% Fe, TRC0036 4m @ 51.86% Fe

Reconnaissance Drilling
The initial results aren t as large as we would have expected, however it has confirmed
the continuation of structures at depth and the program is a first pass reconnaissance
program with single drillholes on each drill section (ie no drillholes stepping back to
confirm depth potential). Muldoon in particular has shown some promise in the north of the
prospect with zones in excess of 15m width with reasonable grades. Realistically however
the drilling program has determined the sub-surface extent of mineralisation seen in
rockchips.

Not all samples taken from the current drilling program were sent for assay, mainly
because the company believed they should submit what they believe to be the higher
grade samples initially for a faster lab-turnaround and to make the initial program less
costly. The company will now go back to the original samples and determine if any of the
non-assayed holes should be submitted for analysis.

Where to now?
The company plans to get back on the ground at Johnston Range over the next few
weeks as weather permits, to undertake more mapping and to determine what samples
need to be submitted for additional sampling as well as further planning for going forward.
It should also be noted that a large proportion of the project area is under colluvial and
alluvial cover, with an additional 8km of strike extent still to be tested within Johnston
Range.

The company still has ~$2.4m in the bank, with a market capitalisation fully diluted of
~$10m and still makes this one of the cheaper iron ore exploration plays around in a hot
iron ore sector. Whilst the market has reacted unfavourably to the news of the first round
of drilling, the TRH projects still hold considerable potential and shouldn t be discounted at
this very early stage.
We recommend TRH has a Speculative Buy to risk tolerant investors looking for exposure
into the junior iron ore sector. Risks come in the form of exploration/development and
infrastructure.