MNE - Metallum Limited - Aussie Stock Forums

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  1. #1

    Post MNE - Metallum Limited

    Mining Group Limited (MNE) is an Australian company whose primary objective is to acquire commercially significant mineral properties that can readily be bought into production.

    The Company will seek to achieve its objectives through:

    • Exploration and evaluation of the Boorara and Teutonic Projects, which are prospective for gold and base metals, and the Lake Christopher Project, which is prospective for gold, diamonds and uranium; and
    • Identification and evaluation of potential new mineral projects and opportunities in Australia and overseas suitable for acquisition and development by the Company.


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

    Default Re: MNE - Mining Group

    MC - $3.6m
    SP - 10c
    Shares - 36.5m
    Options - 22m
    Cash - $1.5m

    Top 20 - 53%

    Winton Willesee
    Zeffron Reeves
    Colin “Cobb” Johnstone
    Robert Butchart

    Comval Project
    Commercial scale mining in the 1980s
    Small scale gold mining in the Northern lease
    Close to infrastructure:
    Sealed road to within 20km of property
    80kms from Davao – Provincial capital and cargo terminal, international airport
    70kms from existing port

    Compostela Valley (Comval) Project

    80% ownership
    Two granted exploration permits totalling 4,310ha
    Cu-Au-Ag porphyry system
    Four known deposits
    Multiple targets
    Two types of mineralisation targeted
    High grade skarns - typically lower tonnage <50 m tonnes at approx 1% Cu Eq
    –Tagpura, Mangob, Bayag Bayag
    Porphyry – large tonnage, 0.5%Cu + gold
    –Kalimatan, Bayag Bayag

    Batoto Project
    Widespread small scale mining in sheeted quartz vein complex - high grade up to 30g/t
    Historic drilling intersected numerous zones of intense potassic alteration and coincident low grade gold mineralisation
    BD2 - 17.00m @ 0.94 g/t from 50m
    BD2 - 6.00m @ 1.24 g/t from 72m
    BD2 - 12.00m @ 0.99g/t from 92m

    Option to gain 80% of the Batoto project
    Potential large tonnage open pit porphyry hosted gold resources
    Due Diligence underway


    4,680m of historical RC and diamond drilling
    Sampling and mapping of 484m of 800m underground adits - these results included (ASX announcement, 20 January 2012*):
    –W1 Adit - 86.00m @ 1.01% Cu, 0.20g/t Au and 1.56 g/t Ag
    –S2 Adit - 40.00m @ 0.78% Cu, 0.12g/t Au and 0.95 g/t Ag

    Historic Mine
    16,359m of historical RC and diamond drilling completed to date
    Results (ASX announcement, 9 Feb 2012*) from recent drilling contained the highest grade intercepts encountered to date
    –TAG110D 10.70m @ 2.96% Cu and 0.79 g/t Au from surface
    –TAG112D 26.00m @ 1.95% Cu and 0.74 g/t Au from 39.00m
    –TAG113D 41.00m @ 1.83% Cu and 0.59 g/t Au from 42.00m
    Tagpura Exploration Target 6Mt - 10Mt at grades between 0.5%-0.7% Cu & 0.1-0.3g/t Au

    Bayag Bayag
    Located 800m south from Tagpura Pit within easy trucking distance
    First drill hole BCPDH – 00001 – 44.00m @ 0.64% Cu from 39.00m, including 28.00m @ 0.88% Cu (ASX Announcement 16th May 2012)
    BCPDH-00002 32.00m @ 0.61% Cu and 0.18 g/t Au from 32.00m including 11.30m @ 1.11% Cu and 0.16 g/t Au from 50.70m
    Mapping has now indicated a target of at least 800m in strike length
    Recent mapping has identified numerous additional skarn targets which could also be local repeats of Tagpura

    Porphyry style mineralisation with potential for large tonnage Cu/Au deposit
    Mineralised diorite intercept of 55.00m @ 0.51% Cu and 0.33 g/t Au from surface in hole TAG00062
    First pass drill program by Cadan of 14 holes for 1,604m
    Drill site being prepared and access being re-established for step out hole into mineralised diorite

    Results and Expected News Flow
    Drill results from remaining holes drilled at Bayag Bayag
    Drilling of new Targets - Skarn and porphyry
    New target generation and testing
    Results of resource estimation at Tagpura
    Ongoing discussions with strategic investors
    Due diligence underway on Batoto
    Attached Images
    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

  3. #3

    Default Re: MNE - Mining Group

    New Extensive High Grade Gold System Identified


    Disc: I do not hold.

  4. #4

    Default Re: MNE - Mining Group

    Following on from that burglar - more good news:

    Continuous High Grade Gold Zone Confirmed at Taub


    Open in all directions grades 11 g/t+ Au

    Plenty more newsflow to come short term according to that ANN.


  5. #5
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Default Re: MNE - Mining Group

    The dynamics of MNE have changed considerably since my original post. The share price has doubled in price and then fallen back to original value. The main area of change is the interest, the volumes traded since late October are testament to that.
    There has been no shortage of announcements released to the market in the 3 month period to this point.

    Since exberliner's last post here is a short breakdown of recent announcements.

     High grade quartz vein system at Taub prospect further extended by trenching
     New trench sample results returning up to 30.13 g/t Au and 79.6 g/t Ag including 5.90m @ 5.46 g/t Au and 8.56 g/t Ag from CCPCH00009
     High grade surface mineralisation at Taub now defined over 350m and open to the south west
     Drilling has now commenced at Taub to further delineate the extent of mineralisation

     Two of four planned holes now drilled at Tagpura North confirm the presence of gold rich skarns
     Hole NCPDH00002 returns 12.20m @ 2.19g/t Au, 3.56 g/t Ag and 0.33% Cu from 19.00m including 4.00m @ 4.62g/t Au, 4.30g/t Ag and 0.57% Cu from 26.00m
     Hole NCPDH00001 returns 6.30m @ 2.06 g/t from surface, including 2.20m @ 4.09g/t Au from 1.80m
     Stockwork zone intercepted in NCPDH00001 with associated copper porphyry style mineralisation best intercept of 35.00m @ 0.46% Cu from 69.00m

    • New high grade epithermal gold discovery at Tandawan including 7.00m @ 19.18g/t true width and up to 45.16g/t from adit channel sampling.
    • Fourth high grade gold discovery by Mining Group at its Comval Project
    • Extensive small scale adit system defining over 150m of strike length currently being examined by Mining Group
    Attached Images
    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

  6. #6

    Default Re: MNE - Mining Group

    Quote Originally Posted by springhill View Post

    The skarns seemed to hold no allure.

    But the Taub extension seems to have put a rocket under them!

    Let's see what Monday brings!

  7. #7

    Default Re: MNE - Mining Group

    The following is just a bit of conjecture from reading recent detailed ANNs from MNE going back to the last quarterly.

    A couple of quotes however first

    From 04.10 - "Ruben Godoy, former team leader of IOCG and porphyry exploration team for BHP in Chile and Columbia, appointed as Mining Group’s Chilean in country exploration manager and now on site leading exploration programme."

    04.10 - "with wallrock commonly mineralised between 0.50% and 1.00% Cu."

    From 12.11 - "Within the main alteration zone chalcopyrite and pyrite content is between 1% and 10% occurring as
    disseminations and veinlets associated with quartz and calcite and this zone has the potential to hold a
    broader, lower grade copper halo around the main vein."

    So we have the former head of porphory exploration for BHP, Ruben Godoy, now running our Chilean operations. Mr Godoy has then spent a good chunk of his life focused on porphories, the geology of porphories, what porphories look like from surface and what you need to do to find your own porphory. An interesting work history which imo is significant here.

    To put it simply a porphory is a lower grade high tonnage structure usually quite deep formed from the magma core of a long dead volcanic structure. Such a structure can be imagined as an upside down cone shape with multiple branches or channels leading to the surface. The channels are often quite highly mineralised as the content of the volcano is forced to the surface by erruptions during its life.

    Porhphories often have a halo of lower grade mineralisation around the main target and the branches.

    El Roble, on first glance seems to be showing the early signs of a potential porphory imo. The highly detailed reports issued by MNE would appear to be offering numerous clues in this regard allowing the reader to join up the dots and form their own conclusion on the potential for such a discovery.

    It is also very encouraging that the walls of the adits are demonstrating Cu grades in the 0.50% - 1.00% range, this adds further credence to the porphory idea as it is further evidence of a halo effect when compared to the much higher grades within the veins.

    So we have to consider that MNE has the possibility here to mine the higher grade veins (upto 29% Cu on underground adit sampling) and then use the revenue gained from this smaller scale mining to go porphory hunting deep down under the tennement.

    If that is the case then MNE has the very strong chance of becoming a largely self-funded porphory site.

    As MNE is currently doing DD on the project it is sensible of them not to spell out in detail what they could be sitting on as they only have an exclusive option at the moment and do not own the project yet.

    Given that we have broker visits planned for early December I would hope for the following blue sky scenario.

    * Excellent assays are returned from the current drilling showing grades at bonanza type levels.

    * MNE confirms it has taken up its option to acquire the project.

    * MNE confirms a plan to start a small scale mining production program of around 5000 tonnes per month.

    * 5000 tonnes per month at say 6% Cu and a $7k Cu price should produce approx $2.1mn which being conservative after costs, toll treatment fees etc should be at least $1.5mn per month. So limited need for dilutionary CRs moving forward.

    *The small scale mining program to start in the next quarter giving MNE EBITDA level cashflow in the same quarter.

    * The revenue from this is used to map out the bigger picture and create proof of concept for a higher tonnage operation possibly / hopefully which turns out to be a porphory style deposit sitting underneath multiple high grade veins near the surface.

    All of that is a lot of guesswork on my behalf and I am no geologist but I believe the clues have put in front of us.

    Could someone with greater geological knowledge than I comment on my hypothesis because if I am correct then those 60c unquoted options could start looking cheap in a few months.


  8. #8

    Default Re: MNE - Metallum Limited

    On June 25th, 2014, Mining Group Limited changed its name to Metallum Limited.

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