the unpublished upside in yml...

Well, we know the upside with Marilana (target 100mt @58% - potentially more looking at the areal extent).

I wonder what the rest holds. From the annual report:

"Exploration licences E47/1598, 1600, 1601, and 1603, located in the Opthalmia (immediately north of Newman) and West Hamersley areas were recently granted, clearing the way for exploration to begin. The licences contain extensive areas of Brockman Iron Formation considered prospective for bedded iron deposits. It is expected that the other applications, covering areas
prospective for bedded iron deposits (Brockman and Marra Mamba Formations) and channel iron deposits will be granted in late 2007 or early 2008".

The schedule of tenements shows they have a number of EL's in good position in the Pilbarra.

Some notes from some research I have quickly conducted on WAMEX regarding these EL's:

EL 47/1598: Granted in Feb. Located just to the north of Newman. Along the edge/base of the Hammersly Range. Looking at the geological map it has some Brockman Iron Formations within it as well as some other banded iron formations. Surrounded by FMG, Rio Tinto, Aquila and BHP on all sides. Known Fe occurences/deposits in the same Brockman Iron Formation that encroaches on the east side of the tenement. Exploration by Robe River (Open File Data on WAMEX) shows they conducted some exploration (not sure exactly where) in the region of this EL but got disappointing results. This map (http://www.cazalyresources.com.au/files/grabdoc.php?type=doc&id=73&cid=44) shows in the very top left hand corner some Brockman iron formation and iron ore deposits. YML's tenement seems to touch on this, it also seems to cover a small part of the next Brockman formation you see to the left (Kalgan Creek East). However the underlying granted tenement held by Hamersley also covers it.

EL 47/1600: Granted. Located approx 5-6km west of Mt Newman. Once again completely surrounded by BHP, Aquila and Rio Tinto. Covers 9 blocks, however approx 6.5 of these blocks are covered by granted E's of BHP and RIO (granted back in 1982 and 1991). One would of thought that they would only be granted the blocks that do not cover RIO/BHP's blocks??? This looks very promising. In terms of positioning it is located on the Opthalmia Range which has the Weeli Wolli Formation (interlayered banded iron formations). Aquila to the south are located off the Opthalmia range, whereas BHP/Rio's tenements cover the same formations on the Opthalmia range as YML's.

E47/1599: application pending. 46 blocks. Located 10km north of Newman. Surrounded by FMG, Rio Tinto, BHP and Hanc*ck Prospecting. Part of the application lies over existing tenements held by Hammersley Iron. These look like they cover the Kalgan Creek East Iron Ore deposit (see map at: http://www.cazalyresources.com.au/files/grabdoc.php?type=doc&id=73&cid=44). One smaller unidentified Brockman iron formation looks to be present on YML's ground in the map linked, however this may also be covered by the underlying granted tenement held by Hammersley. Geology map otherwise shows xtensive Weeli Wolli formation (interlayered banded iron formations), extensive Woongara volcanics, plus some Boolgeda iron formation.

E47/1601: granted February. 8 Blocks. Located near Mt Delphine on the Wyloo sheet (West Hamersley) to the West of Mt Brockman. Surrounded by North (Rio Tinto) to the East (E47/708 - granted), FMG to the north, east and south (applications only). Hammersley Exploration and Talisman Mining also further to the South (E47/1194 and E47/1195). Nothing that flash on the geological map – some copper/lead around that vicinity. Iron has been discovered in the area previously, notably nearby at Mt Farqhurar.

E47/1603: granted in March. 35 blocks. Located just to the north-west of E47/1601 along the Hamersley Range.

E47/1725: application pending. 26 blocks. Wyloo sheet approx 120km west of Tom Price. Surrounded by FMG to the north and east, Rio Tinto to the South (granted – e47/1218). Hammersley Exploration PL to the west. Just to the north of YML's E47/1726.

E47/1726: application pending. 6 blocks. Wyloo sheet. Rio Tinto to the north/east. Hammersley Exploration PL to the west. Hammersley Iron to the south east. Cullen Exploration to the South (E08/1393 – JV with FMG). YML's ground is directly to the north/north-east of the Metawandy bedded goethite- haematite deposits of Hamersley Iron Pty Ltd, for which an Inferred Resource of 225Mt @ 62.1% Fe has been reported. There is a surrender report on WAMEX for a part of the e47/662 which was relinquished. This relinquished area is located to the north-west of the current Metawandy deposit (currently held by Cullen). This ground was extensively drilled by Hammersley and dropped.

Just off YML's tenements to the north (may encroach on YML's tenement – not sure). BHP found that Lower Proterozoic Marra Mamba Iron Formation consisting of interbedded banded iron formation, chert and shale. Estimated ore reserves 83 Mt averaging 50-55% iron (from back in the 70's).

E47/1736: application pending. 8 Blocks. Located approx 15km to the west of YML's E47/1725 and 20km to the north-west-west of E47/1726.

E47/1733: application pending. 8 blocks. Located just to the south of Parabadoo. Surrounded to the north by Rio Tinto and Giralia, to the west b FMG, to the south by Newcrest, to the west by some unknown. Rio Tinto's large Parabadoo iron ore operations/resources are located in the brockman iron formations which are just to the north of YML's tenements. Looking at the geological map there is no brockman iron formations on YML's ground. So unless it continues undercover, this is just boundary riding stuff by YML.

E47/1738: application pending (Mt Florance project). 28 blocks. Located on the Pyramid sheet (between Tom Price and Dampier). Completely surrounded by FMG. Fortesque river looks to be going through the middle of the tenement. However the brockman iron formations of the hammersley range all appears to the south of YML's tenement. May be potential for channel iron deposits as the fortesque river runs through it which drains off from the hammersley range. All the iron occurences on the geological map appear to the south in the ranges. None on YML's ground which is in the valley. Hammersley Iron/Exploration hold a lot of ground to the south (on the ranges) which hold significant deposits.

E47/1822: application pending held under name of Brockman Iron PL. 4 blocks. Located on the Yarraloola sheet near Millstream. Surrounded by De Beers. Doesn't look great on the geological map. Mamba Mamba iron formation to the north (off YML's ground), Brockman iron formation to the south off YML's ground again. Potential maybe for CID's? Doesn't seem to be any creek's running through it though. Boundary riding stuff IMO.

My research did not uncover any hidden deposits discovered from prior exploration (although YML appear to have overpegged some). So all properties will need some work done.

In summary, in terms of location the tenements are great. Each EL is surrounded on all sides by all the majors.

Looking at the underlying geology - YML appear to have pegged 'most' according to the fact it was near BHP/RIO etc. Given that - most of the most prospective units (i.e. brockman iron formations) lies off YML's tenements. That doesn't mean it's not present - as Marilana suggests (i.e. the formations can continue under cover).

The most promising (in terms of geology) - is IMO - E47/1600, E47/1598, E47/1599 - near Newman. Some appear to encroach ('slightly) on resources discovered previously.

I have picked up some more YML as a result.