Current SP -11c
Ordinary shares – 112,115,885
Unlisted options – 6,500,000
Directors
Rob Rutherford – Managing Director
http://www.zoominfo.com/#!search/profile/person?personId=485181915&targetid=profile
Russell Barwick – Chairman
http://www.zoominfo.com/#!search/profile/person?personId=16313075&targetid=profile
Joshua Pitt – Non-executive Director
http://www.zoominfo.com/#!search/profile/person?personId=351098066&targetid=profile
Drilling Underway Testing a High-Grade Target on the Maronan Silver-Lead Project, Northwest Queensland
A deep angled drill hole has begun on the Maronan project testing a strong off-hole conductivity anomaly detected about 800 metres below surface by down-hole geophysical surveying of previous drilling.
Maronan
•Recent Red Metal Drilling
•Intersected very high-grade silver lead (14.5% lead, 375 g/t silver)
•Cannington grades
•Supports new interpretation
•New Interpretation
•Steep northward plunge
•not southward as previously targeted
•Potential larger Cannington size deposit at depth
•Large off-hole EM conductor down plunge of high-grade mineralisation
•Known >20m thick lead intercepts in Upper BIF (e.g. MND21)
•Drill ready
Corkwood
•Large regional IOCG alteration system
•New Xstrata JV
•2400m follow-up drilling on Jimmy’s Creek
•Electrical geophysics over regional targets
•RDM retain 49-40% of any discovery
Jimmy’s Creek Cu-Au-Ag Breccia
•153m @ 0.41% copper, 0.1g/t gold, 10g/t silver
•felsic volcanic host
•Open to south and at depth
•Drilling imminent
Gawler Craton
•Large IOCG Systems
•Eastern margin Gawler Craton SA
•Similar regional setting to Olympic Dam system.
•Magnetite and hematite associated copper
•Recent Cash Deals
•Rio Tinto/ Tasman
•BHPB/Minotaur
•BHPB/Archer
•BHP/Tasman
•BHPB/Copper Range
Pernatty Lagoon JV
•Large IOCG System
•Eastern margin Gawler Craton SA
•Similar regional setting to Olympic Dam system
•Untested stand out gravity and magnetic targets
•District scale halo alteration
•Magnetite and hematite associated copper
•Joint venture tender process initiated
Paradox Basin
•Paradox Basin
•Thick salt units deposited in Upper Carboniferous
•Overlain by Permian red bed sediments
•Extensive seismic and old oil well data
•Known Potash
•Multiple potash horizons within thick salt unit
•Solution mining at Moab, Utah (Intrepid- NYSX)
•Horizons extend into Colorado
•Dolores Anticline
•Red Metal review discovered potash in two old oil wells about 17 kilometres apart
•At 1700-1900m depth
•Prospecting Permit Applications
•22 in total,166 square kilometers
•On Federal administered lands
•History of oil/gas/uranium exploration and mining
•Grant
•Pending environmental assessment of proposed drill sites
•Outcome expected by 3rd quarter 2012
•Potash 5 horizon
•JORC compliant “Exploration Target” defined (not a Mineral Resource)
•Approximately 940Mt to 1,140 Mt sylvinite
•Grade ranging between 20% and 30% KCl,
•Average bed thickness varying between 3.5 and 5.2 metres
•Depths ranging between 1600 to 1900 metres
•Target potentially amenable to solution mining using proven vertical well extraction methods
•Scope to produce about 200kt-2Mt potash per year
•Potential for vast tonnages identified in underlying beds
•Potash 6, Potash 9 and Potash 19
•Could significantly lower unit production cost if extractable with Potash 5
•Potash 9 looks viable
There is really strong speculative potential in this.
In the interests of being honest and accountable, it was suggested to me by the company’s broker to take a look at this one and consider a holding.
I have not at this point, but will inform if I do.
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