Only anomalous Au and Ag were intersected at the Lake Johnston drilling according to their latest announcement (Hannans - 1st Quarter Activities Report – 30/10/2009).
Damian Hicks: “Hannans’ market capitalisation is currently $23 million (based on a share price of 18 cents). The market is therefore placing a value of only $3 million on the Hannans exploration portfolio. This would appear to be an unrealistically low valuation for such a well positioned and prospective portfolio.” I think that’s a fair enough statement but they need to prove up some value on their exploration ground. The best thing that could happen is a high grade nickel intercept at the Forrestania Project IMO. The worse thing that could happen is that we are just in a dead cat bounce and every stock starts heading south again :P. On the corporate side of things the AGO/WRK merger and Jigalong Sales will hopefully keep the company in a solid financial position to fund exploration IMO.
Looking forward to these upcoming announcements: • Queen Victoria Rocks Project – Vale Drilling for Nickel (Results due in November?) • *Forrestania Project –RC drilling of 4 EM targets (Results due by December following approvals OR Early next quarter?) & VTEM geophysics (Results due in November?) • AGO/WRK merger (Results due at the end of December?) • Jigalong project - sale of 100% Manganese rights (Results due by the end of December?) • Sunday Project – Triton Gold Ltd JV (Exploration to re-commence later this year?) Release dates may not be accurate DYOR. *Flagship project IMO
HNR Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
