massive future

  1. 2,273 Posts.
    People can bag this all they like. I am in for the LONG haul and mark my words, one day this company will be MASSIVE- read below letter from chairman

    Dear Investors


    I am pleased to introduce this Prospectus, required to enable ADV Group to formally to complete the acquisition of Vertex Group (Middle East) WLL and begin its new life as Citadel Resource Group Limited. Once completed, Citadel will be repositioned as an Australian-listed international mining company with a suite of potentially world-class assets
    hosted in the Arabian Shield in Saudi Arabia.

    Due diligence on the acquisition of Vertex has now been completed and I think it is fair to say that what we have found has exceeded our expectations particularly in relation to
    the exploration results. Our first drill intersection was over 100 metres of mineralisation at a grade of almost double our initial estimates. Subsequent drilling results have continued to
    be extremely impressive.

    A full description of the projects which form part of our portfolio is given in this Prospectus.

    We are currently best recognised for the Jabal Sayid copper-gold project, which is a world-class project that will support a long life low cost copper mine. However, Citadel is much more than a single project company: we have 4-5 other projects, all of which have the hallmarks of becoming significant gold and nickel operations.

    We aim to start drilling at Jabal Shayban next month and I, personally, can not wait until we are in a position to drill prospects such as Muraijib-Bil’iwy and Wadi Kamal – neither of
    which have seen any exploration in over 30 years.

    We knew that Muraijib-Bil’iwy was potentially a major mineralised system but until our technical team’s first field visits we had not comprehended the potential scale of the system. Muraijib is over 5 km long with some of the high grade gold cores – up to 10 metres wide. Importantly, extensive quartz veining and alteration can be seen 50 metres either
    side of some of these zones.

    Wadi Kamal is a sulphide nickel and platinum group project covering the entire southern half of a virtually unexplored layered ultramafic complex. It has strong genetic similarities
    to recent new discoveries in Africa such as the Stella complex in South Africa/Botswana and the Kabanga discovery in Tanzania. The only hole, drilled in the 1970’s, below a surface gossan intersected 17m that averaged 0.53% Ni and 0.23% Cu. Two grab samples from the hole assayed 0.36 and 1.13 g/t PGE while two areas of gossan around drill hole KMS1 analysed 7.2 g/t Pt and 0.8 g/t Pd and 6.2 g/t Au.

    While the completion of the Vertex acquisition has appeared to have been a somewhat drawn-out process for shareholders – it required extensive technical due diligence, legal, compliance, and regulatory work – we are confident that it will deliver significant benefits for ADV shareholders.

    There have been many substantial achievements over the last twelve months and while a considerable body of work lies ahead for the Citadel team our time and effort can now be focussed solely on;
    – developing a world class copper mine at Jabal Sayid;
    – developing profitable gold mines at both Jabal Shayban and Lahuf;
    – drilling Jabal Shayban at depth to test if current gold resource is the oxide cap of a
    Jabal Sayid type VMS;
    – getting a drill rig on Wadi Kamal to find out if the only hole in the region, which intersected 17m 0.53% Ni and 0.23% Cu in sulphides, tagged a nickel sulphide body of mineralisation; and
    – developing our other substantial gold and base metal projects through exploration to the study stage.

    We expect the development of the Company to be both exciting and highly rewarding work for shareholders.

    We are confident that this suite of assets can propel your company from its current position into a multiple operation, mid-tier Australian resource company.

    I commend both this Prospectus and Citadel Resource Group to you.

    Yours sincerely

    Fletcher Quinn
    Chairman
 
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