mt peake - this could be exciting

I read the quarterly report with interest. They seem to be concentrating on Mt Peake, though also drilling the large MVT prospect at Browns (Manbarrum).

On the subject of Mt Peake. I gleaned the following from the report...Results of initial metallurgical testwork demonstrated the amenability of the host rock to produce a high grade vanadium concentrate over 1% V2O5. The initial resource of 100mt could seemingly be greatly enhanced as only 1.3km of a 9km long anomaly has been drilled. Further drilling is to commence this month.

Now here's the exciting bit...

2 deep (500m) diamond holes will be drilled this month to prove the existence of a large layered mafic intrusion and potential suphide mineralisation. The target is nickel-copper and platinum. Interestingly they make analogy to the Bushveld Intrusion of South Africa, which contains some of the richest ore bodies on Earth.

I have been doing some reading. The Bushveld Igneous Complex was formed about 2billion years ago. Vast quantities of molten rock were brought to surface through large vertical cracks in the earth's crust creating the intrusion. The effects of these injections of molten rock over time combined with the crystallisation of different minerals at different temperatures, resulted in the formation of a structure rather like a layered cake.

The orebodies within the bushveld complex include the UG2 reef containing up to 43.5% chromite and the Merensky Platinum reef which varies from 30cm to 90cm in thickness. The Merensky and UG2 reefs contain 90% of the world's known PGE reserves. About 80% of the world's platinum and 20% of the world's palladium is mined from these horizons/reefs.

Interesting analogy boys.....hope you are on the money!!