Gee this sell down of stock after the long suspension is way overdone in my view.The sell down was on very small volume and has created huge buying opportunities at these levels given in their recent annual report it states and i quote:
REVIEW OF OPERATIONS OLYMPIC DOMAIN, SOUTH AUSTRALIA
All targets are located within 20km of the Carrapateena copper-gold project. A programme of detailed infill ground gravity surveys has commenced over these targets with the intention of delineating robust drill targets. It is proposed that after detailed modelling of the new data, the highest ranking gravity target/targets will be prioritised for immediate drill testing.
ADELAIDE FOLD BELT, SOUTH AUSTRALIA Drilling of gravity targets at Caltowie (100% Metal Rights) and Gladstone (100% CRJ) during 2010 intersected sulphidic black shale horizons (EL 4268 & 4368; Figure 1). Evaluation of the results of this drilling identified that the host sequence encountered is representative of an environment that could host a Mcarthur River HYC style of deposit. The Company believes that the diamond drillhole has augmented the prospectivity of the Hicks area and has now provided a new base metal sulphide target potential co-incident with the gravity target that requires further exploration. Negotiations are currently in progress with the affected landowner to obtain access to drill the base metal target later this year.
PHOSPHATE, NORTHERN TERRITORY A review of phosphate potential along the Adelaide – Darwin rail line corridor in the Northern Territory identified an area of Cambrian sediments prospective for phosphate under shallow cover. Three exploration licences were lodged to cover the most prospective areas. ELs 28184 & 28185 were granted during the year and work on the tenements has continued. A literature review of the area identified that no prior exploration for phosphate has been conducted on the tenements.Geochemical analysis of drill cuttings from water bores drilled in the tenement areas has been conducted some areas of low level phosphate mineralisation identified. Retrieval and review of the water bore geological logs has identified areas of thicker prospective sediments and the planned drilling program has been modified in order to target these areas. A stratigraphic drill program to test the phosphate potential of the prospective Cambrian sediments in the area is scheduled to commence in the coming months.
This is a Matthew Wood stock and any of these results due out could make this stock run like other Matt wood stocks including AVB VOR. Robbbssttarrrrr
CRJ Price at posting:
1.6¢ Sentiment: LT Buy Disclosure: Held
