Am I right that this has dropped off the FA picks? Probably thanks to the complete news black out over the past couple of months... Free - a summary of the F/A reasoning below.
Contro have entered into a three stage agreement to acquire Dateline Resources, the owner of the Nukudamu Project in Fiji. Historical drilling at the Udu Copper mine returned high grade hits of 5m @ 15.04% Cu & 11.14% Zn from 17.8m and 4.6m @ 6.29% Cu & 8.42% Zn from 30.4m. Project contains a JORC Inferred Resource of 4.5 million tonnes at 1.2% Cu; 3.9% Zn; 29g/t Ag and 0.3g/t Au.
Company has 3.55m cash in the bank as per the last quarterly and is currently trading in a range b/w 14-16c on low volume.
Drilling of the first phase completed in December and the market has been awaiting results. Two months down the track one would expect an announcement within the next month.
In addition to the above summary there has been some interesting communication from Conto that infer the announcement, when it eventually arrives, will be positive in nature. This however is subjective so have a read for yourself if you're interested.
And sorry kellbys if you were planning on re-posting this tip. Didn't want it to slip by unnoticed as the impact on the S/P post a positive announcement could be very interesting to watch.
