I had a brief 30 minute meeting with George today. Discussed Eucla Basin among other items. The drilling program has been extended, but I forgot to ask by how much. Based on Diatremes findings, he know believes the width of the deposit could be up to 2.5 kms wide, 20 metres thickness. Should be completed by next week. They are averaging 600 metres per day. It is obvious George thinks this could be a massive, high value deposit.
Gin Gin: Awaiting final go ahead from department of mines, expected next week. Drilling will start almost immediately.
Corporate: MOU people still active, all four of them. In fact, he had a meeting with one of the groups today.
IMA own large stakes in both MEI and MAU, 12% and 18% respectively. MEI is looking at a significant gold anamoly in Simpson desert, and MAU has a good looking uranium anamoly and a very good looking iron deposit in SW WA. The magnetite iron appears to be very coarse grained, good for seperation/benfaction, and very close to rail lines. Should be drilled shortly as the loose ends are being tied up at present.
IMA also still hold a 3% interst in EMU nickel, JV on some with Mincor and some with Xstrata. Both being drilled now. Plus have the acreage next door to Silver Swan and looks as if structure continues into their property. Will be drilled soon. EMU cashed up.
None of these share holdings are represented in their share price, yet they are assets.
Share price weakness: The underwriter for the cap raising has been selling and taking profit. George blieves they are almost out of stock so selling pressure will relent. He keeps close eye on share registry and sales.
So, I remain upbeat and have to consider purchasing more at these price before drill result from Eucla are released.
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