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  1. #1

    Post BID - BidEnergy Limited

    Cove Resources Limited (CVE) is an Australian based mineral exploration company that has the right to earn up to 100% equity interest into four Gold Projects that make up the Goongarrie, Carosue, Sunrise Dam and Spargoville Projects located in Western Australia.


  2. #2
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Default Re: CVE - Cove Resources

    MC - $6m
    SP - 12.5c
    Shares - 46m
    Options - 31m
    Cash - $1.8m

    Proposed Koivu Project Acquisition
    •Hard Rock Ilmenite Project located in Finland
    •Purchase Price €9m – Approximately A$11.2m plus 2% NSR
    –Script €6m – A$7.6m
    –Cash €3m - A$3.6m paid over 27 months.
    •38.1m Shares Cove shares at $0.20 per share. A significant premium to market.
    •Shares issued in 2 Tranches
    –Tranche 1 – 19,050,000 Shares to be issued in September 2012
    –Tranche 2 - 19,050,000 Shares - 15 April 2013
    •Cash Payments in tranches
    –Tranche 1 – €150k has been paid
    –Tranche 2 - €850k on 15 April 2013
    –Tranche 3 - €1m on 15 January 2014
    –Tranche 2 - €1m on 15 October 2014
    See presentation here for fundamentals of acquisition.

    • 25km NNE of Nullagine in the East Pilbara District.
    • Quartz Circle JV Cazaly Resources Limited - 20% (free carried to mining feasibility)
    • JORC Resources - Indicated ; feeder pipe to VMS - 93,000t at 2.92% Cu, 0.24 g/t Au + Silver
    •MUD CRAB, JV Mark Creasy 30%
    Cove April Drilling
    •Drilling targeted open intersections and zones near Igloo to show potential for a resource increase
    •Final results released July 2012
    Intercepts of ;
    •40m @ 1.34% Cu,
    •12m @ 3.76g/t Au and
    •12m @ 2.64g/t Au
    •The prospect has been scatter drilled by a number of companies however systematic drilling has not occurred
    •Copper anomalism occurs over zones of elevated copper-in-soil
    •Multimetre metre intercepts of plus 1g/t Gold
    •Silver occurs in conjunction with Gold
    •Zones of elevated Zinc at Emperor Prospects

    Tally Ho Silver-Gold-Zinc Project
    •Contains historic Inferred Resource Estimate under ML (smooth process to mining approval)
    –733,000 tonnes at 49 g/t silver, 0.1% copper, 0.09% lead and 0.83% zinc
    •using a 40g/t silver equivalent cut-off-grade based on metal prices at July 2008)
    •reported to the ASX -28 July 2008 by Macmin Silver Limited
    •maybe upgraded (nearby geophysical and surface sampling data)
    •Cove has not verify the previously published resource figures
    •Substantial historical drill core on site to verify resource
    •5 targets remain untested within 2km of existing resource
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    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

  3. #3

    Default Re: BID - BidEnergy Limited

    On July 14th, 2016, Cove Resources Limited (CVE) changed its name and ASX code to BidEnergy Limited (BID).

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