Down the road from Woods Point is the A1 mine. Same geology...

Down the road from Woods Point is the A1 mine. Same geology another dyke with flat reefs , some exceptionally rich. Fortunes have been made in the past at A1 , the last time was around 1970/71 . Then they ran out of payable reef.

Recently CTL formerly AYC has burnt through $20million trying to make the A1 payable. And before that another $10million odd was spent building a decline into the mine. Shareholders have totally done their money.

Any sensible punter looking at Morning Star would say to themselves " if they cannot get the A1 to pay why bother with Morning Star. "


I have been down the Morning Star mine. Sure it has potential, but it is simply not worth the risk. Forget the spin about exploration results, high grade drill intercepts mean nothing. In these mines you drill for structure and mine for grade. 1000gpt means nothing if the reef is 10cm wide. The upper levels have been well prospected, the potential is at depth , as Aurifice has pointed out.

because I am a speculator I actually picked up some shares in CTL recently on the punt they would hit a nice filthy rich reef , say 10,000 to 20,000 tonnes at 30gpt. But its a long shot.

MNM is a more than a long shot. the simple fact is the potential rewards are not sufficient for the risk.

You cannot keep the dream going when the reality is just down the road.