PMH - Pacmag Metals

Just released an announcement:

SX ANNOUNCEMENT
INITIAL PACMAG RESOURCE ESTIMATE (JORC COMPLIANT)
FOR ANN MASON COPPER-MOLYBDENUM DEPOSIT
KEY POINTS

• PacMag's initial Ann Mason resource of 810 million tonnes @ 0.40% copper and 0.004% molybdenum (0.30% copper cut off) contains 64% more copper than previous estimate.

• 3.2 million tonnes (7.1 billion pounds) of contained copper metal with an in-ground value of US$25 billion based on current metal prices.

• Higher grade material contained within the new global inferred resource
include:
o 221 million tonnes @ 0.51% copper, 0.004% molybdenum (0.55% copper
equivalent)
• Significant upside potential to increase the resource grade with large gaps in the northwest of the deposit along strike from the higher grade copper –
molybdenum zones already identified (containing previous drill intersections of
302 metres @ 0.81% copper and 220 metres @ 0.68% copper).
• Mineralisation is open at depth on most drill sections, providing potential to
further increase resource tonnage.

The Directors of PacMag Metals Ltd ("PacMag") are very pleased to report the company's initial resource estimate for the Ann Mason Copper-Molybdenum-Gold deposit owned 100% by PacMag Metals Limited. The deposit is located in Nevada USA within a well known mining district.

DYOR

PMH - Pacmag Metals Ltd: $25 Billion Resource Estimate

More info...

Higher-grade copper sulphide mineralisation at Ann Mason starts from 97m below surface, extends to a depth of greater than 880m and is continuous over 1600m of strike and 750m of width.

The new Ann Mason resource of 810 million tonnes at 0.40% copper and .004% molybdenum (0.3% copper cut-off) contains 64% more copper at equivalent grade than the previous (non-JORC compliant) estimate completed in the 1970s by the Anaconda Copper Corporation.

The deposit is open at depth on most sections drilled to date indicating that additional tonnes could be easily added by drilling beyond the limit of existing drill holes. New targets have been identified in the northwest of the deposit where previous drilling has intersected high grade copper mineralisation grading up to 10.5% copper.

Re: PMH - Pacmag Metals Ltd

Anyone jump on this?

Up 115%.... huge resource, JORC compliant, low market cap...

I got in at 26c, so i'm hoping she runs a little longer!

Re: PMH - Pacmag Metals Ltd

donjohnson said:

Anyone jump on this?

Up 115%.... huge resource, JORC compliant, low market cap...

I got in at 26c, so i'm hoping she runs a little longer!

Click to expand...

Gotta be happy with that

In-ground value of US$25 billion is crazy....

Re: PMH - Pacmag Metals Ltd

Too true, thank christ for the internet at work!

Re: PMH - Pacmag Metals Ltd

I'm in!

Having a go on this one.

Market cap is only 40 million.

25 billion in the ground. Worth a go.

Re: PMH - Pacmag Metals Ltd

Miningnews.net release:


Pacmag jumps 62% on Ann Mason upgrade


Thursday, 5 October 2006

PACMAG Metals has added 64% more copper to the resource at its Ann Mason copper-molybdenum-gold deposit in Nevada, with the good news flowing on to its share price – which jumped just over 62% in morning trade.

The company's new inferred resource for Ann Mason contains 810 million tonnes at 0.4% copper and 0.004% molybdenum (using a 0.3% copper cut-off) and includes a higher grade zone of 220Mt at 0.51% copper and 0.004% molybdenum (at a 0.43% copper cut-off).

A previous estimate of the deposit was completed in the 1970s by Anaconda Copper.

Pacmag managing director Michael Clifford said the 3.2Mt of contained copper in the deposit had an in-ground value of $US25 billion ($A33.5 billion), based on current metals prices.

"We own 100% of the Ann Mason copper-molybdenum-gold deposit, which is close to rail and power and is in Phelps Dodge's backyard, located in what is considered the most attractive location for mining investment in the world," Clifford said.

"Our Ann Mason deposit means Pacmag has one of the largest undeveloped deposits of its type in the American continent and during the fourth quarter of this year, we will complete our scoping level study, which will provide us with the details we need for mine and processing operations."

The good news continues for Pacmag, with current drilling indicating the deposit is open at depth, and two new large northwestern resource targets have been identified where previous drilling intersected high-grade copper mineralisation of up to 10.5%.

Better intersections from the new targets include 20m at 1.11% copper, 302m at 0.81% copper, 0.08 gram per tonne gold and 1gpt silver, and 220m at 0.68% copper and 1gpt silver.

In addition, Pacmag is assessing new regional targets in the Ann Mason area, which the company said "will have synergy with any potential future operation" in the region.

The Ann Mason project consists of a total of 80 unpatented mining claims covering a deposit discovered in the 1970s by Anaconda.

Shares in Pacmag are settling down from today's high of 30c and are currently at 27c at midday trading today. The stock began the day trading at 18.5c.

Re: PMH - Pacmag Metals Ltd

chris1983 said:

I'm in!

Having a go on this one.

Market cap is only 40 million.

25 billion in the ground. Worth a go.

Click to expand...

I'm liking it....still hesitating...

What did you get in at Chris?

Re: PMH - Pacmag Metals Ltd

hahah crap! saw this this morning at 48% and thought nahhh it can't get much better than that! Now nearly 140% crap!

Re: PMH - Pacmag Metals Ltd

Picked them up in the 40's. I'm out a little bit atm. I didnt pick many up though. Sold Shannon. I like Shannon (SHA) but its the only stock I was willing to sell and made a quick profit on it.

Should be interesting to see how this one progresses. Thats a lot of Copper in the ground. Also interesting to see what happens when the news hits the papers.

Re: PMH - Pacmag Metals Ltd

i think a lot of people will dump before close today so good buying then....if it's gonna continue the run tomorrow?

Re: PMH - Pacmag Metals Ltd

I think they have the potential to double from what they are atm quite easily.

Its all in the minds of people. They couldnt get them at a cheaper price earlier in the day. So now they arent willing to buy them.......untill tomorrow. Probably had their run for the day. 25 billion in the ground with such a low market cap..in a prime location attracted me.

Re: PMH - Pacmag Metals Ltd

I agree, IMO it'll close around 40-45c.

Who knows where she'll go tomorrow - depends on media attention etc.

Re: PMH - Pacmag Metals Ltd

donjohnson said:

I agree, IMO it'll close around 40-45c.

Who knows where she'll go tomorrow - depends on media attention etc.

Click to expand...

It's started. From The Australian!

PacMag shares soar on project news
October 05, 2006
SHARES in explorer PacMag Metals Ltd soared today after it outlined $US25 billion($33.58 billion) resource estimate at its Ann Mason project in Nevada, US.

PacMag said the project has a resource of 810 million tonnes grading 0.4 per cent copper and 0.004 per cent molybdenum, which was a 64 per cent increase on the previous estimate.

Shares in the company shot up 24.5 cents, or 132.4 per cent, to 43 cents by 1325 AEST.

The copper metal in the resources has an in-ground value of $US25 billion based on current metal prices, PacMag said, and there was still room to further increase the resource.

Re: PMH - Pacmag Metals Ltd

do you think ASX will put a halt on tomorrow?

Re: PMH - Pacmag Metals Ltd

maverick11 said:

do you think ASX will put a halt on tomorrow?

Click to expand...

Why would they?
Just come out of a trading halt following the release of this news.
SP is simply reflecting their worth now.

Re: PMH - Where's this Going 123% Close

Any thoughts Guys where this will go tommorow...????? as it's has had a huge day, or is it only a small day.

Re: PMH - Pacmag Metals Ltd

I got in at 27 today for a quick trade.. grade isn't that high .. how much will it cost to get it out?.. Looked to me like a lot of stock was being fed out at 45c and i bailed.. didnt want to risk holding it overnight because of the possibly that some negative press might spoil the party...so far press has been positive... im guessing it migth take a spike into the 45- 50 range tommorow and close somewhere back near the 40 mark.. migth be wise to be a little careful.. would be good to get a geos opinion

gl! if i was still holding id be selling 5 - 10 minutes after open into a spike or bailing in the opening if it was going to open down :/

who knows lol

Re: PMH - Pacmag Metals Ltd

ALFguy said:

Why would they?
Just come out of a trading halt following the release of this news.
SP is simply reflecting their worth now.

Click to expand...

LOL their sp is far from reflecting their worth
Their resource is worth 25billion and their market cap at todays close is <50mil

Re: PMH - Pacmag Metals Ltd

tarnor said:

I got in at 27 today for a quick trade.. grade isn't that high .. how much will it cost to get it out?.. Looked to me like a lot of stock was being fed out at 45c and i bailed.. didnt want to risk holding it overnight because of the possibly that some negative press might spoil the party...so far press has been positive... im guessing it migth take a spike into the 45- 50 range tommorow and close somewhere back near the 40 mark.. migth be wise to be a little careful.. would be good to get a geos opinion

gl! if i was still holding id be selling 5 - 10 minutes after open into a spike or bailing in the opening if it was going to open down :/

who knows lol

Click to expand...

press has been awesome

Spectacular rise dominates day

Paul Garvey
Thursday, 5 October 2006

SOMETIMES it's hard for a mining minnow to get noticed on the equities market, particularly when resource stocks are enjoying a day as positive as this one. But for one such junior, which has received very little attention in its recent history, October 5 was the day it arrived in the spotlight.


Stock ASX
Code Close
($) Change
(cents) Change
(%) Vol
(M) VWAP
($)
Centennial Coal CEY 3.68 28.00 8.24 1.94 3.62
Fortescue Metals Grp FMG 9.40 62.00 7.06 0.97 9.27
Iluka Resources ILU 7.52 34.00 4.74 1.24 7.43
Bolnisi Gold NL BSG 2.48 9.00 3.77 0.90 2.42
Jubilee Mines NL JBM 10.44 33.00 3.26 0.41 10.32
Alumina Limited AWC 6.16 18.00 3.01 6.83 6.10
RIO Tinto Limited RIO 69.33 132.00 1.94 1.90 68.89
Kagara Zinc Limited KZL 5.36 10.00 1.90 0.33 5.28
Oxiana Limited OXR 2.86 5.00 1.78 5.10 2.85
BHP Billiton Limited BHP 25.15 39.00 1.58 24.14 24.97
Aquarius Platinum. AQP 21.76 31.00 1.45 0.09 21.59
Paladin Resources PDN 4.90 6.00 1.24 1.34 4.88
Bendigo Mining Ltd BDG 1.31 1.00 0.77 2.85 1.31
Lihir Gold Limited LHG 2.78 2.00 0.72 15.86 2.77
Newcrest Mining NCM 21.40 14.00 0.66 2.24 21.32
Equinox Minerals Ltd EQN 1.77 1.00 0.57 0.16 1.75
Straits Resources SRL 4.08 1.00 0.25 0.13 4.07
Excel Coal Limited EXL 9.47 2.00 0.21 1.00 9.47
New Hope Corporation NHC 1.42 0.00 0.00 0.16 1.42
Energy Resources ERA 12.22 0.00 0.00 0.63 12.16
LionOre Mining Intl. LIM 8.18 -2.00 -0.24 0.00 8.18
Zinifex Limited ZFX 11.84 -13.00 -1.09 7.02 11.83
Compass Resources NL CMR 4.64 -6.00 -1.28 0.13 4.65
Minara Resources MRE 3.95 -10.00 -2.47 2.67 3.92




So light has interest been in West Perth-based PacMag – formerly known as Pacific Magnesium – that just 2 million of its 101 million shares on issue had been traded over the past month while its share price bounced between 18c and 21c.

Yet today, as the company unveiled a 64% increase in the contained copper resource at its Ann Mason project in Nevada, taking the contained in situ copper content of the deposit to 3.2 million tones (worth a cool $US25 billion at today's copper prices), PacMag shares fairly exploded.

After opening at 18.5c, PacMag went on a phenomenal run all the way up to an intraday high of 47c – representing a total gain of 154% – before settling back down to finish the day at 41c for a gain of "only" 124.3%.

Over the course of the day, some 18.7 million PacMag shares traded hands; to put that in context, before today just 21 million PacMag shares had been traded in total over the past six months.

Whether PacMag's screaming arrival in the market's line of sight is just a blip or the start of something bigger remains to be seen, but either way there'll be plenty of traders making toasts to PacMag when they put their feet up this evening.

PacMag's performance was a dramatic highlight to a day in which mining stocks put aside a bad night for commodity markets to post a generally positive run that saw much of yesterday's pain erased.