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VAR - Variscan Mines (1 Viewer)


It's a small world
Aug 21, 2007
Just checked up on PTS, a prospect I tagged ages ago for future interest, to find it has launched an IPO to search for iron ore in NSW.

PTS has an interest in a number of prospects for gold, copper, uranium, platinium, palladium, nickel and iron... a specific type of iron apparently.

Anyone been following this?

The following from it's IPO, Eastern Iron.

Company Overview
Eastern Iron – Iron’s New Horizon
Eastern Iron Limited was formed to investigate the potential for iron ore on the infrastructure rich, eastern seaboard, which is home to the bulk of Australia’s industrial capacity. This initiative is based on a bold new concept that recognises the existence of very large quantities of shallow, low-grade, yet easily extractable iron-rich material in the extensive networks of ancient buried river channels (palaeochannels) that exist in parts of NSW. Innovative thinking and prompt action by Eastern Iron Limited has enabled it to secure one of the largest tenement positions in this region of Australia, covering a large part of central western New South Wales.

and from a broker presentation

Eastern Australia’s 1st
Bulk Tonnage Iron Ore Project

• Early stage sampling and assay results indicate that
an ex-mine product of >50% Fe is feasible
• Ore characterisation studies by the University of
Western Sydney and limited crush and grind tests
suggest there is scope for further low cost
beneficiation to produce ore grade concentrates
• Subject to results of further work, early results
indicate a very large tonnage potential is possible
May 2, 2007
Re: PTS - Platsearch

It is almost two years - no posting on this thread

I noticed the scrip. The directors have kept on buying. Very closely held
Excellent JV partnership with top players. Though explorer but they have kept eggs in several baskets.

I liked the company profile, partnership, directors confidence and future prospect. So I stabbed today. Very low trading for closely held position.

Any holder please share your experience


Make the drill work for YOU
Jun 20, 2007
Re: PTS - Platsearch

If memory serves me correctly PTS was one of the specs Pattersons used to peddle back in the day, maybe 7 years ago or more.
Anyways at this point they are in a position of MC:Cash being equal, and with $12m to their name (plus nearly $6m in investments) that is a fair whack of exploration. At this cash/investment point PTS is severely undervalued.

MC - $12.2m
SP - 7c
Shares - 175m
Options - NQ
Cash - $12.4m + ($5.7m in investments in other stocks)

●Thomson Resources commenced air core drilling over the Achilles base metal project south of Cobar. Results are expected in August.

●Silver City Minerals Limited completed RC drilling at the Umberumberka silver mine, Razorback West, Champion and Allendale base metal prospects near Broken Hill. A best result of 10 metres at 6.2% zinc, 3.4% lead and 26g/t silver was recorded at Allendale.

●Eastern Iron Limited completed drilling as part of its planned mine scoping study over the advanced Nowa Nowa iron project, Victoria. Assays returned for a hole completed over Seven Mile deposit recorded a strong intersection of 71.4 metres at 46.3% iron.

●Eastern Iron completed an initial Resource estimate of for the Hawkwood magnetite iron project, southern Queensland. Considerable upside remains.

●Eastern Iron completed a rights issue to raise sufficient capital to complete the scoping study at Nowa Nowa. PlatSearch took up its full entitlement. On completion of the issue on 5 July, PlatSearch’s shareholding in Eastern Iron increased to 57.2%.

●PlatSearch continued assessment and acquisition work for advanced properties within Europe. Good progress has been achieved and the Company remains confident that it will be successful in acquiring high quality, advanced properties.

●PlatSearch continued to seek joint venture partners for its key exploration assets within Australia and has commenced relinquishing lower priority projects with the view conserving its strong cash position.


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Jun 27, 2010
On January 24th, 2014, Platsearch NL (PTS) changed its name and ASX code to Variscan Mines Limited (VAR).

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