Hi all
As many of you are aware this is from the half yearly report and is quite detailed in current prospects. You will notice words like "anomoly 2km's by 4 km's" and also words like URANIUM and GOLD. Thow in another acquisition and the question one must ask is Will this be under 2cps for very long???
Operations
The board continues to seek out additional opportunities that are complementary to the
Companys existing asset base and that will add shareholder value which has resulted in the
Company acquiring 100% ownership in Macphee Resources Pty Ltd on 23 November 2009
(Macphee Creek) and entering into the MOU to acquire 100% interest in North Doolgunna
Metals Pty Ltd on 3 February 2010 (North Doolgunna).
Macphee Creek
The Macphee Creek Exploration licence (E80/3243), situated in the East Kimberly region of
Western Australia, is centred on a belt of Proterozoic granite. It contains five documented
uranium occurrences, as well as a number of significant but untested radiometric anomalies.
The exploration work previously undertaken included rock chip sampling which had returned
assay values of up to 0.85% U308, and numerous areas of anomalous high uranium
scintillometer readings. The nature of the primary uranium mineralisation, recorded by previous
experts and geological structural setting indicates that the area has the potential for both a large
tonnage and high grade uranium resource.
In October, the Company identified in the northern section of the tenement, values between 260
and 1,830 ppm and produced significant values up to 350 ppm at a new, previously unknown
locality.
In November 2009, the Company commissioned Thomson Aviation to carry out an expansive,
high resolution, low-level aerial radiometric and magnetic survey over the project area. Weather
conditions have prevented completion until May 2010.
Primary of these newly identified sites is a large, major radiometric anomaly some 4km by 2km,
not previously recognised that has now been identified to be an outcropping ridge of the
Crooked Creek granite. The surveys magnetic data indicates that this granite rock unit
comprises a large portion of the tenement area with the majority lying under soil cover but with a
number of surface outcrops. This major anomaly therefore, provides not only a significant
exploration target in its own right, but its occurrence within the granite, combined with the
geographical spread of other uranium sites of interest in the tenement, indicates a high potential
for further targets being located in the granite, beneath the soil cover.
North Doolgunna
Astro Resources NL has recently reached a binding agreement to acquire the majority interest
in the North Doolgunna Gold Project. The project consists of three highly prospective
exploration leases (E52/2480, E52/2481 and E52/2482).
The project lies in close proximity to the world class Plutonic Gold Mine and recent Sandfire
Resources Ltd discoveries and the project area is considered to offer the potential for the
discovery of similar types and style of mineralisation.
Limited historic exploration has previously focused on near surface mineralisation providing
significant potential for deeper obscured gold mineralisation in a region that historically has
been substantially under-explored.
A robust work program focused on geochemistry, geophysics and drilling will be undertaken to
explore the potential for discoveries of a similar type and style to that found in the adjacent
areas. Advanced geochemical methods, not available to previous explorers, area expected to
assist in the definition of drill targets.
PGamble
P.S Fundamentally this is a great speccie play JL :) See you in a day or so.
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Mkt cap ! $12.72M |
Open | High | Low | Value | Volume |
3.5¢ | 3.5¢ | 3.0¢ | $24.44K | 775K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
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3.0¢ | 15072 | 1 |
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2 | 135714 | 0.028 |
1 | 166000 | 0.027 |
1 | 100000 | 0.026 |
2 | 72000 | 0.025 |
Price($) | Vol. | No. |
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0.030 | 15072 | 1 |
0.031 | 50000 | 1 |
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