Host of JV with the big Australian:
Maronan J.V. - drilling by BHPBilliton Minerals is targetting Broken Hill or Cannington type targets. Recent drilling at Maronan has intersected encouraging widths of moderate-high-grade silver-lead mineralisation, including 14.1 metres @ 11.4% lead and 176 g/t silver from 501 metres depth. Further drilling is in progress.
McKinlay J.V. - drilling by BHPBilliton Minerals to date has intersected broad zones of Broken Hill type alteration with anomalous silver, lead and zinc values at the Breena Prospect. Drilling on a 200 metre wide zone of alteration at Breena prospect has returned encouraging lead and silver intercepts including 6.6 metres from 646.55 metres depth at 4.1% lead and 39.9 ppm silver. A four hole program designed to test along strike and down-dip from last year’s encouraging results is currently underway.
Western Valhalla Uranium Project - new tenements targeting uranium radiometric anomalies located 12 kilometres west of the Valhalla uranium deposit, north-west of Mount Isa. Like the Valhalla anomaly, the radiometric targets within the Western Valhalla Project trend in a north-north-westerly orientation and are hosted within the Eastern Creek mafic volcanic unit.. First-pass field verification and drill target definition are planned for the third quarter of 2007.
Corkwood Project - Phelps Dodge Australasia, Inc. will fund a drilling program in mid-2007 testing a range of IOCG targets including a deep drillhole below a wide zone of copper-gold mineralisation at Jimmy's Creek Prospect.
Other Projects - gravity targets proximal to copper mineralisation at Taldora and Elizabeth Springs projects are due to be drilled in the 2007 field season. Additional IOCG targets defined following regional gravity surveys over several other projects.
Cash on hand and free carried on a number of projects.
Recent dip in price to high 30s presents a good value entry point IMO