CYM cyprium metals limited

Encouraging Rock Chip Results

  1. 226 Posts.
    These are encouraging results given the proximity to the Mt Garnet Mill controlled by CSD, and the fact that  the Stockies soil anomaly has not been drilled. Pity a little bit of geophysics has not been carried out.

    Arc  are in an interesting position given that they have not yet earned any interest in these leases. When you add up the reported expenditures in the quartely activities reports (up till Dec '14), they still have to spend around $50 by May to exercise their option and then a further $500k over two years to earn 51%

    The key commercial terms are:


    Subject to a 90 day exclusive due diligence period ARX may enter a 2 year option period for a payment
    of $50,000 to Snowmist and minimum expenditure of A$150,000 during the option period;


    ARX may then earn a 51% interest by sole funding A$500,000 within two years;

    ARX may then earn up to an 80% interest by sole funding a further A$580,000 within a further one year.

    So, where to put your meagre resources to get the best bang for the bucks? It will be interesting to see the amount of expenditure in the current quarter and whether it is enough to earn their option. I would still like to see some RC drilling into the guts of the Stockies geochem anomaly. Good results could enable a modest CR to cover the exploration expenditure required to earn the 80% and if all went well they could have something to bargain the CSD over.

    MG
 
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Last
2.9¢
Change
-0.001(3.33%)
Mkt cap ! $59.84M
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