A few things I have noticed that have gone under the radar which is very interesting - I have been in the iron ore industry for some time and I'm all over the junior market particularly in the Pilbara and have partnership in Pilbara iron ore tenements not far from these acquired tenements by Volta in Newman.
First of all. Volta acquired private (public unlisted) Company Pilbara Commodities Limited. The tenement in Newman E47/2606 is owned by Commodite Resources Pty Ltd which was won in a ballot along with E47/2607, the small single block immediately above the main tenement E47/2606 (refer to Volta announcement map). The other tenements in this area did not win the ballot (came 2nd, 3rd, etc).
According to ASIC register Commodite Resources and Pilbara Commodities are located at the same suburb - which leads me to think, without paying the ASIC fee and checking the share register, Commodite Resources Pty Ltd is a wholly owned subsidiary of Pilbara Commodities Limited. Note: there are no tenements registered directly to Pilbara Commodities in Western Australia.
I have been watching Commodite Resources since they first started to accumulate tenements in the Pilbara, about 3 years after us.
Having said all that, way back on 04 July 2012, Midas Resources (ASX: MDS) announced the execution of a sale of wholly owned subsidiary Mulga Minerals Pty Ltd to Pilbara Commodities Limited (see announcement for terms).
Mulga Minerals (today) has 3 granted tenements in the Pilbara (no pending applications):
E08/1997 -> the lower rectangle in the map in the West Pilbara tenement group.
E47/1893 -> a tenement just north of E08/1997 (not shown on map)
E47/1885 -> a small tenement tucked in the corner of the Karijini National Park, 6.4km SE of Winmar Resources JORC deposit and immediately North of Marandoo. (not shown on map)
You should be able to go back through Midas Resources announcements and find history about these. However, I have one surprise for you on E08/1997.
I was awaiting back in the day for Midas drilling results on E08/1997. To my surprise, in about 6-7 short months after this tenement was granted, Midas resources announced a JORC resource on E08/1997 as follows:
11.5 mt @ 53.1% Fe. The LOI is high @ 9.86% which brings the Calcined grade up to a decent level closer to 60% CaFe.
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