thoughts

A few dud drill results so far but surely these are from the least prospective areas?

SP has been hit for a six but some big buyers have moved in.

IMHO it won't take much good news to get this one going again and I think also some have not paid enough attention to the recent Eucla ANN which sounds extremely promising.

http://www.news.com.au/perthnow/story/0,21498,26312753-951,00.html?from=public_rss

A POTENTIALLY huge iron ore deposit similar to Olympic Dam has been found by Enterprise Metals on the western edge of the Nullarbor Desert.
Detailed aeromagnetic and gravity surveys located seven anomolies, one anomoly being 2.3km in diameter that suggests a large quantity of magnetite and/or hematite.

Enterprise today said many of the magnetic anomolies were elongated and occured along major structures trending north-east.
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``Enterprise believes that these targets display a number of the diagnostic features common to iron oxide Cu-Au deposits such as Olympic Dam in South Australia,'' the company said.

``Most iron oxide copper gold deposits contain breccia bodies with significant amounts of iron oxide and possibly sulfide mineralisation.''

Enterprise is now waiting for the granting of the tenements so it can start a drill program.

The area was earlier this year the subject of aerial surveys by the Geological Survey of Western Australia. Enterprise applied for exploration licences to cover sections of the survey.

The company then carried out its own aerial surveys in June and then completed gravity surveys in October.

There are now seven prospects under investigation - Balladonia, an anomoly that is about 5km north-east of the Balladonia Roadhouse and is about 2.3km in diameter; Racecourse, about 7.5km south-east of Balladonia Roadhouse and a body of about 2.35km in diameter; New Dam, which is 15km south-west of the roadhouse and is a strong magnetic body up to 5km in diameter; June's Prospect, about 17km south-south-west of the roadhouse and about 2.4km in diameter; South June which is 7km south of June's and elongated at 1.4km by 3km; Bill's Prospect, 7km south-west of South June and elongated about 2km by 6.8km; and Viv's Prospect that is about 12km north of the roadhouse and appears as two anomolies.

Enterprise said the deposit may be capable of being mined for magnetite, copper/gold/uranium (such as Olympic Dam) or rare earths.

Enterprise shares are up 6 per cent today at 43.5c/share.