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Thread: FOY - Foy Group

  1. #1

    Post FOY - Foy Group

    Just came across this potential little gem - MGK, used to be in the magnesium business (still is really) though just bought an option to acquire an iron sands project in PNG. Looking at the potential tonnage and grades (non-JORC of 445mt @ 10 Fe) this is way above the (non-jorc) estimated tonnage/grade of ANU (around 300mt @ 5% Fe).

    Though look at the MC's..ANU $70m...MGK...$9m..(with $5.6 million cash in the bank)...some upside would you say, purely comparing the basic material figures.

    MGK just announced they are starting an aeromagnetic survey and looking to increase the potential tonnage.

    Just one for the iron enthusiasts, and those looking for a good fundamental play.
    Last edited by bigt; 19th-December-2007 at 01:25 PM.

  2. #2

    Wink Re: MGK - MIL Resources

    Following on from my initial post, could one of the fundamental traders make an assessment of MGK's potential, based on comparisons with other iron sands plays? I have posted what I know, though would like opinions from more experienced fundies

  3. #3

    Default Re: MGK - MIL Resources

    Evaluation of their iron sands resource in PNG now underway.

    $5m cash in bank ($9m market cap, undil) should mean no capital raisings for exploration over 2008.

    Should make for an interesting next couple of months - if there are economic amounts of iron there (and hisrotical drilling has demonstrated this) then it could move rapidly.

    Please DYOR - any opinions?

  4. #4

    Default Re: MGK - MIL Resources

    does any one know why MGK jumped 28.21% on Friday, with heavy volume of 3.23 million?

    might jump in on Monday if there is another big volume & movement.


  5. #5

    Default Re: MGK - MIL Resources

    a lot has changed since then a new board and about to drill in a few weeks, a bit of cash to do drilling round 1 . here is hoping drilling produces good results , the sp has been around 2 cents for far too long

    Quote Originally Posted by asx256 View Post
    does any one know why MGK jumped 28.21% on Friday, with heavy volume of 3.23 million?

    might jump in on Monday if there is another big volume & movement.


  6. #6
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Default Re: FOY - Foyson Resources

    MC - $5.4m
    SP - 0.8c
    Shares - 683m
    Options - Nil listed
    Cash - $697

    - Foyson entered into strategic discussions with TVI Pacific, which may lead to a material transaction, following payment of a $100,000 fee for a period of exclusivity;
    - Foyson subsequently extended the period of exclusivity with TVI Pacific, on payment of a further fee of $200,000;
    - Share Purchase Plan raised $219,200, in addition to the completion of a private Placement, which raised $900,000;
    - Foyson entered into Option Agreement to sell its interest in Myrtle Springs magnesite tenements for $1miilion;
    - Porphyry system confirmed by diamond drilling at Atui, in south New Britain;
    - An Induced Polarisation survey underway over Atui region;
    - Agreement reached to take Option over remaining 50% interest in Amazon Bay Project;
    - Preparation underway for drilling and metallurgical test work program at Amazon Bay;
    - Engineering study on Amazon Bay Project provides encouraging financial outcome;
    - Company changes name from Mil Resources to Foyson Resources Limited.
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  7. #7

    Default Re: FOY - Foy Group

    On August 26th, 2015, Foyson Resources Limited changed its name to Foy Group Limited.

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