Fraser Range rush fades

Fraser Range rush fades
Jarrod Lucas
February 10, 2016, 7:20 am
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Fraser Range rush fades - The West Australian


The boxcut at the Nova project in the Fraser Range.

It is stinking hot in Perth but the heat has well and truly come out of the Fraser Range, once Australia’s hottest exploration province.


In July it will be four years since Sirius Resources’ Nova nickel-copper discovery, which sparked a modern-day rush to the edge of the Nullarbor.


Now the Fraser Range is turning into a graveyard for cash-strapped explorers. More than 40 companies have sunk millions into the ground without delivering another discovery of note and Independence Group, which last year took over Sirius and charge of Sirius’ mine construction, has slashed $20 million from its exploration budget.


The rivers of cash that flowed through explorers during the heady days of the Nova boom have also dried up, with metals prices collapsing and buoyant investor sentiment evaporated.


Analysis byWestBusiness has found only 10 out of 28 ASX-listed explorers with interests in the Fraser Range have more than $1 million in their bank accounts. Eight have less than $315,000.


Sources estimate the annual cost of staying listed is about $100,000 for a corporate shell, which pays out only listing fees, insurance, company secretarial, share registry and minimal audit fees. The difference between the rich — Sheffield Resources leads the Fraser Range hopefuls with $7.9 million — and the poor — Thor Mining’s cash was down to $4000 at December 31 — could not be more black and white.


Ram Resources, Rumble Resources, Orion Gold and Segue Resources hold a combined 14,000sqkm in the region but the quartet now have less than $1 million in the bank.


https://au.news.yahoo.com/thewest/wa/a/30781076/fraser-range-rush-fades/

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All things considered I am content that we entered into the JV with MMG - just need them to spend their $1.5 million by 31 December 16!
That would be some solid exploration dollars when considering the article above. Patiently holding and hoping to hear of further exploration activities executed - if MMG see something they like they certainly have resources to rapidly progress towards success. GLTA.