The Rhodes Ridge Project is situated in the Pilbara region of Western Australia, approximately 40km northwest of the Newman township, on the south-eastern edge of the Hamersley Iron Province. The Great Northern Highway passes through the Rhodes Ridge Project. The land the subject of the Rhodes Ridge Project is recognised as containing one of the largest undeveloped iron ore resources in Western Australia.
Does Cazaly own the lease a this point in time? OR do they hope to own it in the future.??
Happy Investing , NQ6
I have been lead to beleive for Cazaly to secure ownership , decision will need to be made in court.................? There fore owner ship of tenement MAY be very speculative but not impossible. : cheers NQ6
Cazaly is best remembered for pegging the lucrative Shovelanna deposit after Rio Tinto missed the deadline to renew its exploration licence for the deposit in September 2005.
Despite it having legitimate claims for ownership to the tenement, the West Australian Government stripped Cazaly of Shovelanna about eight months later, when then resources minister John Bowler ruled that it was in the public's interest that the ground be held by Rio Tinto.
Rio Tinto had paid the fees associated with the licence renewal and blamed a tardy courier for failing to deliver the required documents to an outlying regional office of the WA Department of Industry and Resources on time.
• High grade Cobalt in rock chip samples to 1.40% Co, 8 of 34 samples above 1.0% Co with an overall average of 0.62% Co
• Sampling undertaken over several prospects over a 15km strike extent
• Project covers 242 sq km including historic Cobalt workings
• Limited modern exploration to date
• High potential for extensions to known mineralised bodies and the discovery of new Cobalt sources
• Primary basement Cobalt mineralisation targets yet to be tested
• Cazaly Resources has a 100% interest in the project
Cazaly Resources has sold its Parker Range Iron Ore Project to Mineral Resources Limited for $20 million cash plus a royalty of 50c for every dry metric tonne of iron ore extracted and removed from the area of the Project after the first 10,000,000 dry metric tonnes.
CAZ have around 290,000,000 shares on issue so this $20 million sale price should equate to around 7c per share. It is up 84% to 4.6c today, which means it is still trading at a significant discount to what will be its cash backing once the sale formally goes through. Presuming it goes through of course.
CAZ up 10% this morning to 5.5c. This is the fourth time in the last nine months that it has tried to push through this zone, and a successful move through to 6c on good volume would be very bullish.