GYN - Graynic Metals - Aussie Stock Forums

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  1. #1

    Default GYN - Graynic Metals

    Seems like a cheap (~$10m) explorer with $1.7m cash as at Dec 2006 and $1.6m worth of shares in WLF (2m shares at 82c). Expecting to spend $300k next qtr. 41m shares, 12m 31/10/07 20c options. $10m market cap at 24.5c.


    Emperor/Quartz Circle Prospects Near Nullagine, WA. Possible VMS (a la FXR or Golden Grove).
    12m @ 2.07% Zn, 1.1% Pb from 60m in hole GM5,
    4m ..@ 4.48% Zn .............from 56m in hole GM7 (eminently open pittable depth),
    16m @ 1.78% Zn .............from 56m in hole GM9. These holes are from the Emperor prospect.

    52m @ 4.3% Zn from 48m depth in hole GM21. Includes 8m @ 8.2% Zn. This hole is located 200m north of the Emperor prospect. The hole was drilled beneath a gossan outcrop which assayed 2.9% Zn. The gossan has been traced 500m north from hole GM9, which was formerly the northern limit of drilling.

    4m @ 6.67% Zn, 39 g/t Ag, 0.47 g/t Au from 176m in hole GM36 at Emperor. Hole finished in mineralisation and is to be deepened. DHEM (downhole electromagnetics, to test for off-hole conductors) is planned. Igloo copper prospect about 1km east and 500m north of Emperor got
    10m@ 8.50% Cu, 140 g/t .Ag, 2.77g/t Au in hole IG12
    4m .@ 7.18% Cu, 40 g/t ..Ag, 0.52 g/t Au from 42m AND
    3m .@ 13.66% Cu, 146 g/t Ag, 5.52 g/t Au from 53m in hole IG14


    Wertago Cu-Pb-Zn project. Numerous old workings in the area. The Wertago project encompasses an area of historical copper mining as well as the Silverfields silver and lead workings. Previous limited drilling by CRA has intersected some good grades including 2m @ 4.6% Cu below old copper workings (at Eclipse) but there is potential for a large deposit such as a Cu-Au porphyry or a Century-style zinc deposit. Production was up to 30% Cu. Little modern exploration. Zn is known to be present, but the core was not assayed for Zn. A historical gold hit of 12m @ 4.6g/t Au was not followed up by more drilling.

    Copper Ridge Project There is little published information on this prospect because it has never previously been held as an exploration licence. Previous work has been confined to small-scale copper mining for which there are no production records. The mineralization occurs as narrow individual lodes which repeat as parallel reefs, and may be a sheeted vein system. Alternatively the mineralization could relate to an intrusion of Cu porphyry style.

    Gulf Creek Cu Project The Gulf Creek copper mine represents the largest copper mine of its type in the New England region of NSW and was primarily mined between 1889 and 1912. Over 35,000 tonnes of Cu ore was mined at an average grade of 5% Cu over the mine life. Higher grades were recovered from some areas such as the Fishers Mine, with head grades exceeding 15% Cu. Mine records estimate that ore reserves up to 50,000 tonnes of ore grading 2.7% copper, and 4.5% zinc could remain in the known ore lenses.

    WLF Shareholding
    Graynic Metals Ltd will receive 2,000,000 ordinary shares upon the successful listing of Wolf, as detailed in the prospectus, for 100% of the tin and tungsten rights at Yanco Glen 40km north of Broken Hill.
    Copied from todays' Sanford Securities newsfeed ("around the traps with the Ferret" column):
    Over at WOLF MINERALS (WLF), however, the investors were strutting. One could have imagined them saying to Bowen punters, "call that a stag profit ... THIS is a stage profit!" Wolf's 20c shares opened at 65.5c and soared to close at 84c. A 325 per cent profit for stags on day one is nickel boom stuff. No, scratch that, this market leaves the nickel boom for dead. Wolf Minerals is a boon for shareholders of IRONBARK GOLD (IBG) and GRAYNIC METALS (GYN) who participated in the float. Ironbark itself is still a big shareholder with three million shares. It rose 6c to $1.79 yesterday and has been climbing without a break since $1.20 on January 18. Graynic, which has two million shares, rose 3c to 24.5c. Wolf plans to commence exploration and evaluation of its tungsten and tin projects following its listing.

  2. #2

    Default Re: GYN - Graynic Metals

    Very thinly traded.....I bought this last July and it has hardly moved...whatever the good news....

    In fact I am down 3c on the heads and about 40% on the oppies...

    So be careful...


  3. #3

    Default Re: GYN - Graynic Metals

    I haven't looked at the options, but normally the spread is enormous on these small companies, and even more thinly-traded than the ordinary shares. I'm not advocating this as a trading opportunity. It's a company for someone with a timeframe of 6 months to a year at least. I also don't like a time-limit on when I have to be right by. With the ordinary shares, you just have to be "right" one day, and I'm prepared to wait for that day. If you are not, this stock is definitely not for you.

  4. #4

    Default Re: GYN - Graynic Metals

    Thick gold intersections below copper deposit at Igloo including
    16m @ 2.87 g/t Au
    12m @ 13.1 g/t Au

    Emperor Pb-Zn
    Hole_id.. From-to ..length. Zn(%)
    GM42 ..228-232m.. 4m.... 1.53
    GM44 .....68-72m.. 4m.... 1.4
    GM45 ..156-164m.. 8m.... 1.16
    GM48 ..248-250m.. 2m.... 1.75 (hole ended in mineralisation)

    These results and 3D Vulcan modeling of the total drillhole data point to a continuity of zinc mineralization that has eluded previous explorers. Continued drilling is required to locate thicker and richer parts of the mineralized horizon now identified in this vicinity.

    A gravity survey has been commissioned to seek the densest (thickest) part of the large mineralising system now becoming evident at Quartz Circle.

  5. #5

    Default Re: GYN - Graynic Metals

    director thinks they're a buy at 18c. Bought 250,000 at 18c to bring holdings to 347,000. RAB Capital thinks they're a sell (they recently posted a notice of ceasing to be a substantial holder).

  6. #6

    Default Re: GYN - Graynic Metals

    Another director Clive Jones, spends $129,000 buying shares for a company in which he has an interest. 717,435 shares @ 18c.

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