"SLEEPY is the word that comes to mind to describe Blaze International. As Garimpeiro noted in September 2008 when Blaze was trading at 1.2 a share, the best thing it had going for it was a big ground position surrounding BHP Billiton's Yeelirrie uranium deposit near Wiluna in Western Australia.
That is still the case, but at least this time it can be said that Blaze is finally getting active with its uranium hunt. It has just pulled in $1.2 million from a share placement and has a new-look board and management team that has started work on the sort of early-stage uranium exploration that can be expected to lead to the definition of drilling targets, the first of which it could be testing this year.
For a company now trading at all of 0.8 a share for a market value of $4.73 million, the exploration program could be worth watching.
Both the calcrete-hosted Yeelirrie style of mineralisation and the alaskite-hosted (or granite) style will be subjects of the hunt. Both styles are found in close proximity in Namibia's uranium fields but not so in WA - not to date, anyway.
BHP's 50,000-tonne Yeelirrie uranium deposit had itself been in a deep sleep since the early 1980s, waiting for WA politics to swing its way. This has now happened under the pro-uranium Barnett government. BHP is pulling out all stops to get development approvals while politics remain in its favour. First production is forecast for 2014."
I am back in. Interesting times now!
BLZ Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
