Just a quick look at what is perhaps the last undiscovered iron ore beauty left on the ASX, with several exciting iron ore JV's with PSP and ACS, after discussions with the company it looks like we will be hearing a fair bit of news regarding not just iron ore but gold and copper as well in the coming weeks.
Anyone of a number of different announcements could move the shareprice.
-Spoke with the company have been in the field and expect iron ore rock chip sample results within two weeks(have recorded samples of over 60% Fe already likely to move the market if they hit it again)
-Commencement of iron ore drilling and exploration at three locations Woolshed Prospect, Warriedar Prospect, MAGNETITE RANGE PROSPECT. (just the announcement will likely move the shareprice not to mention any further rock chip samples to be released)
-Drilling Results from Goldern Mile South JV (located only 4km south of the Kalgoorlie Superpit 75 million oz gold, the largest gold mine in Australia)
-Drilling Results from Kapulo Copper Deposits in Africa (with previous results up to 31% copper.)
Iron Ore
Payne's Find JV PSP(60%) MWE (40%)
The joint venture covers an area of 200 sq km in the Midwest Iron Ore Region with several prospects making up a total strike of over 17km.
Woolshed Prospect
With a current strike length of around 4km and a likely target of 50-60 million tonnes of DSO hematite ore with samples grading up to 59.9% Fe.
Drilling to commence shortly as confirmed by company, likely to draw attention to company due to frenzied state of iron ore plays.
Warriedar Prospect
The Warriedar Prospect is in close proximity to both Gindalbie's massive Karara project and Mt Gibson's major projects.
Current Strike of around 8km with samples confiming both magnetite and hematite iron ore, with samples ranging from 40%-62.8% Fe.
Activity is starting to increase at the Warriedar Project with further rock chip samples to be followed by a round of drilling(to follow drilling at Woolshed), any further high grade samples likely to be a share price mover.
MAGNETITE RANGE PROSPECT,
MOUNT GIBSON (ACCENT RESOURCES NL 80%,
MAWSON WEST LTD 20%)
A detailed aeromagnetic survey has recently been completed on the Company’s Magnetite Range prospect at Mount Gibson. The survey covered a strike length of 14 km of banded iron formation which is along strike from Sincom’s Extension Hill 250Mt magnetite deposit The survey delineated several target zones with strong magnetic responses which have yet to be tested by drilling. The survey also
showed good correlation between the drilling results of last years programme and the magnetic response. Targets that suggest possible hematite enrichment have also been identified.
Drilling is continuing at the Magnetite Range prospect.
Gold
Goldern Mile South JV (SBM 70%) (MWE 30%)
SUMMARY
Only 4km SE of the Kalgoorlie Superpit and amazingly underexplored.
Unparalleled infrastructure –several local operating mills, roads, railways, exploration services etc.
Strategic Joint Venture with St Barbara Mines proven undercover explorers). SBM to spend min $500k in 6 months, and $3M to earn 51% within 3 years. SBM
can elect to earn 70% by spending a further $2M in 2 years. Competed 10,293m of air-core drilling, average depth 66m. Results due anyday
Copper
Strategic Joint Venture with Anvil Mining
Approximately 5,500km² of contiguous tenure in DRC and Zambia
MWE can earn 65% by spending US$4 million over
four years.
Approximately 60km of strike along the
regional Kapulo Shear Zone – which hosts the Kapulo copper deposits (and many other Cu occurrences)
The Kapulo Copper deposits comprise three main zones – Katanga, Safari North and Safari South
Drilling currently underway at the Katanga Prospect – 9 holes completed to date Main primary sulphide mineral is chalcopyrite, with varying amounts
of chalcocite, bornite and on average grades from 5-7% Cu. Oxide enrichment has formed cuprite, native copper, azurite, and malachite with grades up to 31% Cu.They calculated open ended resources (along strike and down dip) between 750,000t @ 4.7% Cu and 850,000t @ 5.8% Cu, to approx 50m depth (Approx 50,000Cu tonnes)