CMY - Capital Mining - Aussie Stock Forums

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  1. #1

    Default CMY - Capital Mining

    Good run on this stock last week after very positive announcement of a 240% resource upgrade. Hit high of 70 cents on Wednesday pulled back on Thursday. Good review in mining news as well as The Australian last week. Had another positive story today in the Australian. Might be worth another look tomorrow doesnt look like much selling pressure and the good press will probably create some interest.

    CAPITAL Mining sure picked the wrong place if it wanted the investment world to hear all about its plans.
    How one in Canberra can hear anything above the din emitted from Parliament House is a matter not for debate. But the recently listed explorer made just enough noise last week for it to become one of the favourites among the multitude of mining stocks on the share market.
    On Tuesday, Capital Mining upgraded its Chakola resource by 240 per cent from 88,000 ounces of gold equivalent to 300,000 to a depth of 70m.

    Chakola is Capital's stand-out asset among its base metal and rare earth tenements and sits about 15km north of Cooma in a central position on the Lachlan Fold Belt. That formation plays host to Newcrest's Cadia-Ridgeway projects and Rio Tinto's Northparkes copper play.

    Capital had been working the largely unexplored ground there for six years before deciding to go public and raise $3.4million in a March listing.

    Chairman Richard Hine picked up the ground in 1997. Capital managing director Rob McCauley said Chakola was a project that a junior miner dreamt of: small scale and with a low risk/reward ratio.

    "We are getting 80 to 90 per cent recovery rates," Mr McCauley said. "In a couple of years from now, the market will be trying to sort out the explorers from the producers and I would like to think we would be in the latter category."

    Of the resource upgrade, 214,000 ounces of gold equivalent is in the measured and indicated categories under the JORC code.

    In its prospectus, Capital listed the Harnett resource as a JORC code compliant 1.1 million tonnes at a grade of 2.7 grams per tonne of gold for 35,000 ounces of gold and 6500 tonnes of copper.

    It said that the threefold lift in tonnage to 3 million tonnes was because of increase in mineralisation within its boundary and the addition of mineralised intersections from historic holes at Harnett South.

    The resource upgrade is near 400 per cent if the open-cut potential to 100m depth is included.

    "The information in the prospectus was the available data we had at the time, which was going back to October," Mr McCauley said. "We had to issue a supplementary prospectus because we went over the three-month threshold, which did flag we were working on upgrading the resource."

    But while the gold and copper hits were surprising enough, Capital adds that the mineralisation is open to the north and at depth for zinc. "I think, with us, you will find that we surprise on the upside," Mr McCauley said. "I would imagine that we would be able to get a lot of gold out on a gravity basis and there is the technology to liberate the zinc."

  2. #2

    Default Re: CMY - Capital Mining

    Equivalent be careful.

  3. #3

    Default Re: CMY - Capital Mining

    True - although I do note that they seem to have an increase of gold of at least 9000 ounces to mid 40'000s, as well as a boost in zinc of 14500 tonnes and copper of about 2000 tonnes. Plus the significant increase in silver and lead. I think by their release the resource upgrade is closer to 400% to a depth of 100metres. Current 240% upgrade is based on 70metres.

    IMO its quite a good resource for a very small cap - 10million. They have good cash at hand from the listing, and are also looking at other exploration options.

    One to watch first thing I think.

  4. #4

    Default Re: CMY - Capital Mining

    Came back yesterday, but most of the sellers appear to have dried up. Based on the announcement and highs of last week, might be a good buying opp in the 30's.

  5. #5

    Default Re: CMY - Capital Mining

    CMY powering along today, up 7cents to .44 - almost no resistance under .50

  6. #6

    Default Re: CMY - Capital Mining

    whats the go with capital and there uranium push? some talk around the traps that they might be about to make a play for something in central australia.

    anything to this?

  7. #7
    hoarding tinned food kennas's Avatar
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    Default Re: CMY - Capital Mining

    Quote Originally Posted by Robbo1970 View Post
    whats the go with capital and there uranium push? some talk around the traps that they might be about to make a play for something in central australia.

    anything to this?
    Who in central Aus Robbo? Sounds interesting. Can you please expand on your posting. Cheers!

  8. #8

    Default Re: CMY - Capital Mining

    sorry saw a ref on another site not as good as this though! that they might be about to announce a uranium venture. cant say if its true mite be talk but i checked there website again and front page says that they are poised to join the hunt for uranium in cent australia. http://www.capitalmining.com.au/

    dont know how long thats been there for but i didnt see it b4. but the word poised sounds promising.

  9. #9

    Default Re: CMY - Capital Mining

    Well spotted Robbo. Im guessing that the fact that they say they are poised means an announcement cant be too far away. I suppose more telling is that they have identified the region, central australia which means it is highly probable they have actually identified the physical site.

    If their major upgrade announcement is anything to go by, any announcement on uranium wont come after a halt, it will just be launched onto the market. Maybe Capital havent worked out the value of the suspense in a halt...

  10. #10

    Default Re: CMY - Capital Mining

    light trade but a nice start, up 4.5cents.

  11. #11

    Default Re: CMY - Capital Mining

    nothing on U announcment yet but they did have a more thourough explantion of there resource upgrade in NSW which was announced yesterday. early movement and good buy orders today mite be reflecting that.

  12. #12

    Default Re: CMY - Capital Mining

    this has been steadily rising on lite trade over the last few days. Up close to 10c in a week. anyone have any clues as to the rise? uranium venture to be announced....finally?

  13. #13

    Default Re: CMY - Capital Mining

    Havent heard anything although the 7 cent rise yesterday was nice. You are right, not a great deal of trade but it has been a steady increase over recent days. Id like to see their uranium deal completed, because the sell side is looking very thin. When they announced their upgrade to resource at Chakola, it rocketed very quickly. Id expect something similar when the uranium announcement comes.

    Not sure how good the deal will be, but in this climate it doesnt seem to matter very much. Their chakola resource was enough to re rate the share, so thats enough in the interim IMO.The uranium will be a welcome bonus.

  14. #14

    Default Re: CMY - Capital Mining

    Well some nice samples back got to be happy with 18g/t.... it seems gold is whats on peoples lips at the moment ...

  15. #15

    Default Re: CMY - Capital Mining

    Anyone see the announcement.
    Anomalous gold, silver, tellurium, copper, lead and zinc values were recorded in strongly altered,
    pyritic volcanics in all holes.
    Gold values were found to increase with depth on two of the three lines drilled and best results were
    obtained on the northernmost line leaving the prospect open at depth and to the north.


  16. #16

    Default Re: CMY - Capital Mining

    This one could be a flyer. Rare minerals of interest to major US company.

    3 things to look at

    1. The chart
    2. The press http://www.theaustralian.news.com.au...-15023,00.html
    3. The market announcment

    All hinges on what First solar find but worth a shot IMO and in as of this morning.
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  17. #17

    Thumbs up Re: CMY - Capital Mining heavy rare earth play

    CMY looks very interesting as a rare earth play now. Very small market cap and a sound JORC compliant heavy rare earth deposit in NSW. This one is currently at a fraction of the price of other heavy rare earth plays that have are flying high on nothing more than rock chip samples. Chinese money is taking a very large stake... Watch this space.

  18. #18

    Default Re: CMY - Capital Mining

    Hiya Bede,

    CMY came across on my radar recently, i took up a stake and assuming rare remains a hot item, it will only be a matter of time before this little miner takes off.

  19. #19
    Make the drill work for YOU springhill's Avatar
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    Default Re: CMY - Capital Mining

    Share Purchase Agreement for Timbo IOCG Project in world-class Carajás Mineral Province, Brazil
    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

  20. #20

    Question CMY - Capital Mining

    Just took a short look through the forums, and noticed that there is not much on here regarding CMY
    for the last few years.
    Is anyone following their sudden change in direction to Medical Marijuana ?

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