Some info on Platx's tenement next door for any new BAR investors
. Notes below are chopped-up from one of
@deejay 's excellent posts from last year. Deejay - you still about?
Notes on Platx:
Millions of dollars and years have been spent on developing the Mt Thirsty project (see 2010 presentation on the website which amounts to a near PFS). The BAR/CNJ joint venture owns Western Australian tenement E63/373 which contains the Cobalt Nickel Manganese resource (including 40,000 tonnes contained Cobalt). It's 2km from North to South and 1km wide.
Directly to the North of our resource is the tenement owned by Platx. Importantly this is the
continuation of the same resource, which has the same unique properties of being a very shallow and heavily oxidesed - so very cheap to process.
Platx have already conducted extensive drilling (records show they spent $360,000 on the resource last year - but we don't know on what), and if their resource was combined with Mt Thirsty JV's current resource estimate, it would add a further 30% (so the total would be 60,000 of contained tonnes of Cobalt + the other minerals). Obviously a merger would also reduce capital and production costs per unit of resource.
Platx is a Mark Creasy associated company. Creasy, as most of you know is a very successful businessman/miner in Western Australia - refer Sirius Resources amongst others.
At the BAR AGM, when asked how negotiations with Creasy were going, the directors replied that they are meeting regularly, and that Mark is 'very open to all options'. The rest we can only speculate about...
See map below for the two tenements comprising the Mt Thirsty resource. The black indicates the CNJ/BAR owned tenement while the pink rectangle indicates Platx's tenement.
