ONE HOLE ..... about 100m deep .... is all it will take to find out.
There are a couple of factors in Jumbos' favour: 1. It is to the north of the Weeli Wolli anticline 2. It has a magnetic signature similar to railway
Of course, if we were flinders, we'd just tell the market we had a 200Mt potential target, based on nearology to BHP and the land area of the tenement. Apparently some geologists can figure out the depth of a resource by having their photograph taken whilst standing on the scrubland.
I'm not suggesting one hole will give UMC a tonnage potential - but it will give us an indication of geology. We want Alluvium-Dolomite-Hematite-Goethite, plus Silica 3-4%, Alumina 1-2%.
Will be a few weeks away, and I doubt they'll let the daytraders know when to expect the result.
Joel
UMC Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
