BCIron when they first listed on the ASX had the same thing.
200 mt to 600 mt exploration target of CID! That is direct shipping ore. Any companies who throw out exploration targets can be interpreted incorrectly. How long would it take to drill out and its only a magnetite resource. The money is with DSO resources. Targets mean nothing and comparing to BMN is okay I guess but its better to compare to other ironore juniors who also have large magnetite resources. BMN's resource is established and not every company out there can say they have a 100 million pound uranium resource that is economical to mine unlike the amount of companies sitting on magnetite resources. How many companies out there have large Magnetite resources and large targets?
Anyway Haematite is the way to go IMO. Just my opinion. Look at AGO/BCI/BRM/FDL. AGO and BCI are probably the better of the two as they already have rail agreements established with FMG.
see information posted from Alkanes ASX ANNOUNCEMENT on the 31 October 2006 when BCI was first to list. Announcement was titled
"ALKANE AND CONSOLIDATED MINERALS TO COMBINE IRON ORE ASSETS IN NEW EAST PILBARA IPO"
"Based on the detailed mapping, the drilling intersections and a standard specific gravity of 2.6 tonnes per cubic metre, a potential for 40Mt per vertical metre of iron rich pisolitic material may exist within the pBC. This provides an exploration target of between 200Mt (5m thick) and 600Mt (15m thick) of iron rich channel deposit within the pBC. <-- Drilling has confirmed DSO is from surface. Zero or very low strip ratio. This means low opex and capex costs.
The detailed mapping of the pNR system has identified pisolitic channel outcrops over a length of 20km and a combined surface area of 2.16 km2. The pNR has been largely eroded by present day drainage and outcrops as small discontinuous mesas. No drilling or surface sampling has been undertaken within the pNR. Using similar parameters to those described for the pBC an exploration target of about 5.6Mt per vertical metre of iron rich pisolitic material may occur within the pNR."
