Drilling will start very soon, next 2 weeks I am told. Am holding 200k and will increase my holdings once drilling begins or just prior, this is fantastic ground especially when you consider the companies all around who have hit significant targets in the last month or two.
Great management, fully cashed up to the tune of around 10 mill I beleive with the market cap only around 14 mill.
Am told initial planning for IP geophysical surveys and RC drilling at Ilgarari is underway and work is expected to commence in January 2012.
Historic drilling has intersected high grade copper oxides between surface and 80 metres with no drilling below this depth. Exploration and development at Ilgarari has been confined to approximately one kilometre of the seven kilometre strike.
The Company’s second project to located 45 kilometres east of Leonora in the North Eastern goldfields and is centred over the historic Murrin Murrin mining centre. The project produced 120,000 ounces of gold and is littered with old workings. The Company has applied for drilling permits to test targeted structures below existing open pits and underground workings where previous drilling has identified economic mineralisation.
Whilst gold will be targeted at Murrin Murrin, the company will also be focused on exploring for VMS copper zinc mineralisation under the Nangaroo Copper workings. Previous drilling results within massive sulphides which have intersected high grade copper /zinc mineralisation will be followed up with geophysical surveys and deep drilling. This work is expected to commence early in the new year.
KMR Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
