If not already done so, make sure you take the time to watch this market presentation as an interim update to where FRS are presently at, and note some of the key takeaways of what to potentially expect in the short/med future of the company.
ROBERTSON RANGE Current flagship deposit; Current JORC of just under 40Mt @58.8, near surface, low strip ratio, DSO ore. 8km strike length between Main Zone and SWZone with a current potential of another 80-100Mt with another 40,000 metres of planning drilling this year. (This was all before the Robbo Range resource increase last week as well)
The gravity images would suggest there are many great looking ore deposits still to drill as well.
This is already a commercial deposit, and its getting bigger by the Qtr, and the mining proposal is due for approval anytime soon.
DAVIDSON CREEK Initial resource at Taipan of 7.4Mt - targeted to expand up to 20Mt in 2008. Initial drilling has been done at T42500E which is their highest priority target at present (the gravity images look very impressive here) and assays are pending (check out target T51500E as well).
The new discovery of Gwardar (named after a snake) which has 'initial' potential of 25-30Mt so far.
RAIL HAULAGE This is the preferred & logical option and FRS appear to be confident that a feasible and commercially viable solution will be reached sometime in the near future.
Export will be via Port Hedland's new Utah Berth due for operation in late 2009.
ENACHEDONG - Manganese 5,000 Metres of drilling to has commenced this month with exploration targets of up to 4 Mt. (FRS are in a hot part of the world for Manganese)
KEY SHAREHOLDERS 50% of the shareholders are of just 6 players including Western Mining China and the Penfold Group. Nice tightly held register...
These are just some of the salient points I took from the presentation, however there is a lot more in this than meets the eye.
I also understand that more announcement/s will be coming out next week - lets hope they are the awaited assays on Davidson that will also make this deposit a commercial one at that as well?
As always, DYOR....
Cheers, Kooyong
FRS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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(20min delay)