Desert Energy is a company targetting magnetite, gold and copper in the Camel Hills project in the Gascoyne region of WA.
DSN has common directors with Aurora Minerals, these same 2 guys also had a common association with WMC.
Mr Phillip Jackson has 1.1m direct shares + 5m options.
Mr Rob Taylor has 100k indirect shares + 9m options.
DSN have a 51% interest in Camel Hills, with the possibility to increase this to 70%.
Magnetite rock chip samples have returned results of between 38-42%. Initial testwork has determined a 70% Fe product with low impurities was possible.
Target areas for drilling are suspected to be up to 45m thick.
The area is also prospective for Au with rock chip samples of up to 5.2g/t returned.
Announcement released today indicates commencement of drilling at Camel Hill.
There has been some very small volume selling in the last week or so, but that seems to have dried up and market depths seem to indicate an end of selling in the 10-11c range.
MC - $11m
Shares on Issue - 99.7m
12 month high/low - 25c/8.5c
Cash at Hand - $2.7m
Expenses this Quarter - $400k
Holding. Any others out there?