As far as I can see, there are two mining leases on Cockatoo Island
CIM (Cockatoo Island Mine) have mining lease M04/448 (expires 2032), which is for the area within the currently flooded seawall pit, which has been mined to 40 metres below sea level. A drill hole has shown ore down to around 200 metres below sea level.
Pelican Gull, PLG ASX, have mining lease M04/235 which covers areas else where on Cockatoo Island. PLG has a market cap of $6.9 million.
The Cockatoo seawall is porous and built on a soft foudation, thus dewatering of the pit must be done slowly otherwise may risk the integrity of the Cockatoo seawall. It is estimated that dewatering could take up to 18 months at a cost of $1 million per month, and may well be an ongoing cost.
The strike zone in the flooded pit is 40 metres wide and runs for about 2km (as compared to Koolan that is 30 metres wide and runs for 2km)
CIM also have mining leases on 2 other nearby islands that have large iron ore deposits, one of which has an indicated resource of several hundred million tonnes and is said to be feasible to mine.
MGX Price at posting:
55.0¢ Sentiment: Buy Disclosure: Held
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