For those who followed Joe Gunick in the 80's + 90's would know that he made many millionaires from his Group of companies - some might have lost it back but some wise-ones might have kept their created wealth
Joe had been fore-told by his Rabbi (from New York, USA)in the late 90's (I think) that he would discover diamond. Based on this Rabbi's blessing, he went on to pursue his dream in diamond (whilst he had great success in many gold discoveries, but not in diamond as yet), spent huge sum of monies in diamond explorations with no success.
Now the come-back of "Diamond Joe" - he now has a second chance in his life-time through NAD (controlloing over 50%+ of this company) to achieve his diamond discovery dream - I like this mine as it produces average carats of 0.50 being a good size stone (I think - stand to be corrected, pls)
NAD's Merlin Diamond Project is located some 100km south of the settlement of Borroloola and comprises 14 kimberlite pipes of which 9 have been subject to open-pit mining over a 5 year period commencing 1998. Previous mining operations produced 507,000 carats of diamonds including Australia’s largest diamond at 104.73cts which was valued at in excess of US$500,000 in 2002. NAD acquired the project from the Rio Tinto parties in 2004. INFERRED AND INDICATED RESOURCES - the combined resource for all diamond pipes at Merlin is 22.46Mt for a grade of 18.2cpht representing a total contained 4.0Mcts (in-situ value of $500m @ AUD$125 per carat)
With Merlin Mine going into production - it will generate cashflow for NAD to fund Joe's exploration
NAD also has Uranium explorations interest through TEU (ASX listed)
With the litigation case of AFN confirmed by the High Court as final & dismissed with no future avenue to be pursued by AFN against NAD - the liability claim of $2m+ by AFN is no longer an issue whilst the balance of $1m+ owing by AFN to NAD will no longer recoverable as AFN (in liquadation - I think NAD may have a case against the directors/shareholders for this balance of $1m+ that's if they want to pursue it !). Whichever way you looked at it, Joe now can concentrate on exploring diamond.
Question now ::
1. Will Joe's magic to continue creating millionaires (of shareholders in NAD) ? 2. Will he make a huge diamond discovery in Lancelot, NT ?(The Lancelot project is located some 40km south of Merlin. Several anomalous soil geochemical responses have been identified associated with areas of abundant indicator minerals and micro diamonds. The Lancelot project is rated highly by management and the Board of the Company)
I (for one) still believe in this incredible man that he can do it as Merlin Project is already "half discovered" as compared to his previous green-field exploartions - now he just has to locate those kimberlite pipes, which I strongly believe it is somewhere there !!!
NAD still has approx. $3m on hand
DYOR - IMO
Best of Luck to all holders
AoA
NAD Price at posting:
5.2¢ Sentiment: None Disclosure: Held
