# HRZ - Horizon Minerals



## philmac (20 June 2007)

Anyone out there been following this stock? It's gone up about 40% in the last few weeks on very small volume. They have a vanadium molybdenum deposit in North Queensland.
I'm hoping someone can put a chart up for me.
Many thanks
p.s I have a small stake.


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## newbie1 (6 September 2007)

A postitive announcement out late today might be of interest and should have some positive affect on the share price.


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## refined silver (4 December 2007)

Not sure why this stock doesn't have its own thread, other than its must be well under the radar.

Market Cap $25m @27c. $4m cash. JORC resource 4.82Billion tonnes @ 0.27%V2O5 and 223g/t MoO3 for 17 billion pounds of Vanadium and 1.4billion pounds of Moly. Plus non JORC of about 50% more.

Did a fair bit of DD before buying in as these numbers are so stupid it doesn't make sense. It gives the stock 10 fold more in-ground resources per $ of market cap than any other stock I know, and I know a few good ones.

The catch seems to be - can it be extracted economically. The compamy is working on metallurgy and claims to have found a simple cost-effective process for at least 1/3 of the resource area.

The MD seems to believe as he owns 30% of the stock and keeps buying more on the open market.

Any thoughts, comments???


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## refined silver (4 December 2007)

Well it obviously did have its own thread and my post has now been joined to it. I looked through all the I-P pages though. Where do lost stocks go when they fall off the available pages?


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## Bushman (4 December 2007)

refined silver said:


> Well it obviously did have its own thread and my post has now been joined to it. I looked through all the I-P pages though. Where do lost stocks go when they fall off the available pages?




Thanks for the heads up. That is a whopping resource. I'll keep an eye on it. Some decent buy depth building at what has been the support line for the last 3 months. 

Nice presentation too. Any further word on the issues with mining the deposit? Looks like they are constructing a pilot plant. 

Cheers again.


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## refined silver (5 December 2007)

Yep, will be interesting to see how the pilot plant goes.

Another point is that it seems very tightly held -Management own 33% and the top 20 shareholders 66% (I assume management is included in that), but that still doesn't leave to many loose shares. 

Technically - been in a nice long consolidation.

Fundamentally seems crazy. If realised, they have over a TRILLION dollars in the ground. Like I said, too absurd for words. 30 times the Vanadium of PMA!! And for once Management is putting their money where it were it should be.


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## refined silver (17 January 2008)

Management still buying more shares on market in December and January. Only smaller parcels but it all adds up.


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## YOUNG_TRADER (9 April 2008)

Guys keep an eye on IRC,

I bought some IRC a few months back and sorta forgot about them, they have an *8 Billion Tonne JORC resource* in Qld for Vanadium and Moly, grades are low but comparable to WVL (another Vanadium stock I like)

The best part about IRC though is now its NTA is like 20c-25c because of its huge holding in RWD (a Pootash stock I like) and thus I have been buying more and more this week

I love companies with solid NTA backings that trade close to NTA because their downside is limited and upside well unlimited really (ie like MXR)

Anyhoo that $8 Billion Tonne JORC has an I.G.V in the trillions of dollars, so it might be worth keeping IRC on your radar


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## sam76 (9 April 2008)

I have spoken with a director there and he said we shouldn't take into account the holdings in RWD.

He also said they had patened technologhy to extract the V chaeply and effiently.

I had it on the watch list but took it off due to illiquidity


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## YOUNG_TRADER (9 April 2008)

sam76 said:


> I have spoken with a director there and he said we shouldn't take into account the holdings in RWD.
> 
> He also said they had patened technologhy to extract the V chaeply and effiently.
> 
> I had it on the watch list but took it off due to illiquidity




Shouldn't count the RWD holdings?

but IRC hold 8m RWD, @ $1.50ish thats *$12m*, with 92m shares on issue *IRC's RWD holdings = 13c* thats nearly half the SP

So I'd have to disagree with you there Sam


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## sam76 (9 April 2008)

I know mate, That's what I said to him as well.

But it's what he said.

Got me beat.

here's cheers


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## YOUNG_TRADER (9 April 2008)

sam76 said:


> I know mate, That's what I said to him as well.
> 
> But it's what he said.
> 
> ...




Ohhhhh I know what you mean, he said the same sort of thing to me when I said I like the high NTA, he laughed and said when this project gets going don't worry about your 20c Asset Backing

I was intially very sceptical of the project to be honest, I mean if its worth Trillions of dollars then whats he doing until I spoke with him and understood just how important and long a process it is to perfect the engineering side of a mining operation, particularly vanadium opps

I mean look at WVL (formerly PMA) price chart, it clearly shows it took WVL a good 12months + to sort out all of its technical and engineering aspects, after this period which I have labelled "Phase 1" the stock began to get re-rated "Phase 2" as the mkt began to realise its potential as it headed towards production ie "Phase 3"

IMO IRC are about to come out of "Phase 1" as the director has indicated they have almost finished their detailed engineering and technical studies which have been going on for 12months really

So I'm all set for the possible "Phase 2" gains


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## Sean K (10 April 2008)

I can't understand why Ruane wouldn't be interested in his RWD investment and it's impact on IRC. I think RWD is undervalued as discussed in that thread, and it could have a material impact on IRCs sp. He should actually be emphasising it IMO! 

Any idea when they're expected to announce whether this patented technology makes the deposit economical? Or what price Moly and Vanadium need to be for Julia Ck to be a goer? Seems crazy that their Va grades are so similar to WVL and yet it's not economical. It's close to surface isn't it? Must be something to do with the other metals in the deposit perhaps. 

The past week or so price action has looked pretty encouraging with a few white candles. Approaching potential breakout around these levels. Lots of resistance at 30 for some reason. 23-25 looks be be well established support, so not too much downside perhaps?


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## Sean K (10 April 2008)

kennas said:


> I can't understand why Ruane wouldn't be interested in his RWD investment and it's impact on IRC. I think RWD is undervalued as discussed in that thread, and it could have a material impact on IRCs sp. He should actually be emphasising it IMO!



And now with some options conversion IRC hold 13.87% of RWD. Wonder how many more options they have to convert?


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## YOUNG_TRADER (10 April 2008)

Hey Kenna I think they have around about another 1.5m RWDO = a total of 9m RWD


*IRC have 92M shares on issue*
and the following assets
Cash $4m
RWD holdings 9M @ $1.40 = $12.6m
UK XTR holdings + CBM = $3m
RER holdings = $1m

*Total =$20.5m = 22c NTA *

Thats probably why 23c is "well established support" because your getting the company for free at those levels 

Also many doubted M Ruwanes other company RWD, however over time the company has begun to show its true value,

As I show'd with the WVL chart, it took 12months of technical/chemical and engineering studies and flowsheets to perfect the Windimurra Process, IRC has been doing the same and according to my estimates is about to enter Phase 2, ie the end of the planning/engineering phase and the begining of the move towards production phase, the phase which incorporates the most Share Price growth



The


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## Sean K (10 April 2008)

YOUNG_TRADER said:


> Hey Kenna I think they have around about another 1.5m RWDO = a total of 9m RWD



Cheers YT. Hitting that resistance line with just 4 sellers left. I don't think it will break through until it comes out with some good news on the engineering, or if RWD goes crazily up over $2.00 ish perhaps. Must take IRCs investment in them seriously around those sort of levels.


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## YOUNG_TRADER (10 April 2008)

kennas said:


> Cheers YT. Hitting that resistance line with just 4 sellers left. I don't think it will break through until it comes out with some good news on the engineering, or if RWD goes crazily up over $2.00 ish perhaps. Must take IRCs investment in them seriously around those sort of levels.




lol well there's 30c gone,

The stock is so tightly held it seems, I know as at August last year the main man Michael Ruane held about *33% of the company but continued to buy on mkt at 24c-28c*

Because he's over the 20% *he can only buy 3% every 6 months* (its called the 3% "Creep Rule")

Anyway I like the fact that the main man Michael has put his money where his mouth is, our wealth as shasrholders are directly linked to his, ie he makes it work we all get rich

Michael Ruane is a Chemical Engineer and is the key to making the Julia Creek multi Trillion $ deposit work


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## Gekko (10 April 2008)

YOUNG_TRADER said:


> Hey Kenna I think they have around about another 1.5m RWDO = a total of 9m RWD
> 
> 
> *IRC have 92M shares on issue*
> ...





A few things YT. Firstly, i suppose we cant ignore the RWD holding. Its 14cents at these levels, or 50% of the current capitalisation. At this time last, RWD was half its current level (at 70c this time last year) while IRC was at these current levels. So your getting half your RWD holding or $6.5mn for free.

But what i am intersted in is the Julia Creek vanadium/oil shale/Molybdenum project. The quarterly reports im reading as we speak show a tonnage of 4,898Mt - 5bn tonnes? - "where extensive oil shale deposits exist near surface with potential for oil recovery via shallow open cut mining operations". 5bn tonnes speaks for itself (im sure it gives an almost laughable igv), but whats makes this interesting is that there is "potential for oil recovery via shallow open cut mining operations". This looks easily mineable.

So I think that i can confidently say that like eveyone else, I am coming across this company for the first time ever and struggling to comprehend why the share price and capitalisations is so low. Not for the Reward holding, but for the JC tonnage.

The sinister part of me (and we all have a sinister side) says Managing Director Michael Ruane has been intentionally keeping the share price down so that he can buy more shares. I say that because since January 2007, 20 or the last 43 ASX released announcements or so, have been on market purchases of shares by he.

Or are the grades not good enough?

Am i reading JC and these announcements upside down? And if possible, can you share with us where you bought your shares and if you had difficulty? I say that, because the depth looks scarce and id like to know if you had trouble taking your position. Maybe im just lazy?


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## YOUNG_TRADER (10 April 2008)

Hey Gekko,

The JORC at Julia Creek is actually *8 Billion Tonnes*, theres a high grade component and a low grade component (see the pic)

re the grades, well the next major ASX vanadium producer to be is WVL and their avg grade is *0.46% V vs IRC's is 0.4%* EQUIV (ie 0.37% + Moly credits)

*WVL's JORC is 140Mt's@0.46% V  [Mkt Cap 155m shares @ $2 = $310m]
vs
IRC's 4,898Mt's@0.4% V Equiv [Mkt Cap 92m shares @ 30c = $28.5m] * 

So grades shouldn't be a problem

Whats very intersting is comparing IRC's Moly grades to that of the next big ASX Moly producer MOL
*
MOL JORC 650Mt's@ 450g/t Mo + Cu and Ag credits (low) [Mkt Cap 100m Shares+options @$2.80 = $280m
vs
IRC's JORC 4898Mt's @ 0.37%V +310g/t Mo [Mkt Cap 92m shares @ 30c = $28.5m] *

With Moly and Vanadium prices soaring I think IRC's Julia Creek could become a monster project in time and is certainly worth more than the few million EV its recieving currently once the NTA is take into account

I mean IRC has a 5 Billion Tonne JORC for the high grade area which is at surface and has grades just below that of WVL's Vanadium and MOL's Moly, what a monster


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## Datsun Disguise (10 April 2008)

Hi All, 

First time look at IRC - sounds like a sleeper based on comments so far. The announcements are interesting - huge amount of stuff on directors interests and changes in sub. holdings - must say the resource updates are rather low key. Plenty of other companies would have those kind of tonnages up in lights. That and the use of a lot of jargon says to me that these guys seem to be trying to keep a lid on things for the time being - not a lot of units available on the market as of now - less than 100,000.....

Now lets see if that resistance becomes support.


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## YOUNG_TRADER (10 April 2008)

Datsun Disguise said:


> Plenty of other companies would have those kind of tonnages up in lights. That and the use of a lot of jargon says to me that these guys seem to be trying to keep a lid on things for the time being




Hey Datsun, 

Thats the impression I got speaking to Michael, 

He made it clear that he wanted to build a major mining project ie Billions of Tonnes and until he perfected the flow sheet and patended the process he was gonna keep it under tight wraps,

I am amazed at the size of the deposit and its comparable grades to WVL and MOL

With Vanadium at $80 a kg and Moly at $35/lb the Gross Value of Julia Creek is as follows

*High Grade*
*5 Billion tonnes @ 0.37% V = 18.5M Tonnes* @ $80k/t ($80kg) = *$1.5Trillion*

*5 Billion tonnes @ 310g/t Mo = 1.55M Tonnes* @ $16k/t ($35/lb) = *$24.8 Billion*

Clearly the bulk of the In Ground Value is in the Vanadium, but $1.525 Trillion Dollars IGV and thats just the High Grade part is RIDICULOUS, is this Olympic Dam II :


The key is making the process work, but even if we heavily discount the value of the project and only allocate a 1% value of the I.G.V., thats still $15Billion in value

Right now I think the mkt is allocating a 0.00000001% Value to Julia Creek, I am checking my I.G.V. figures again, its kinda late and it wouldn't surprise me if I made a mistake


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## YOUNG_TRADER (11 April 2008)

I just tried to check my figures again,

Note I am only looking at the high grade portion as I think the low grade is well just too low,

Anyway each Tonne grades 0.37% V, so each Tonne contains 3.7kg's of Vanadium

*@ last years avg price of $40/kg V each tonne is worth $148

@ current (very high) prices of $80/kg V each tonne is worth $296*

*5 Billion  Tonnes = $740Billion @ $40kg V or $1.48 Trillion @ $80kg V*

I'm with you Datsun, the company should be beating a drum, loud and clear, 


I'm gonna do some research to see if Elephant Vanadium deposits exist like this all over the world, I mean why the hell is IRC so cheap???????


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## doctorj (11 April 2008)

YOUNG_TRADER said:


> II'm gonna do some research to see if Elephant Vanadium deposits exist like this all over the world, I mean why the hell is IRC so cheap???????



I'm not a metallurgist, but could it be that the cost of extracting the vandium is expensive?  Or the composition of the ore makes the chemical process more difficult?

Just thinking outloud.


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## Sean K (11 April 2008)

YOUNG_TRADER said:


> With Vanadium at $80 a kg and Moly at $35/lb the Gross Value of Julia Creek is as follows
> 
> *High Grade*
> *5 Billion tonnes @ 0.37% V = 18.5M Tonnes* @ $80k/t ($80kg) = *$1.5Trillion*
> ...



Figures look right to me YT. I can't understand why this has been overlooked. They need to bring out a nice little scoping study similar to what MAK did with Wonarah to make the market aware of it's viability, but as you say they need to get this patented technology thingy working before they can do that. Happy with the eod close over 30 resistance but still needs follow through and for it to be confirmed as support for a change in trend. Pretty positive though. *$1.5 trillion! WTF!*


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## YOUNG_TRADER (11 April 2008)

doctorj said:


> I'm not a metallurgist, but could it be that the cost of extracting the vandium is expensive?  Or the composition of the ore makes the chemical process more difficult?
> 
> Just thinking outloud.




The chemical process perfection for these deposits is hard no doubt, ie it took WVL ages to perfect theirs, about 12months or so with further tweaking over the last 6months

Also attached below is an image of WVL's expected mining operation, it looks pretty full on, maybe IRC need a major like Noble to JV with them? I reckon that would be aneasy way to fast track everything

Also the actual deposit is a large flat pancake style deposit that is covered by maybe *10m's max of top soil* so its not deep and thus should be very cost effcient to extract,

I'm sure within the 5Billion Tonnes IRC can find 100Mts thats really high grade stuff ie 0.5% V


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## Gekko (11 April 2008)

YOUNG_TRADER said:


> Hey Gekko,
> 
> The JORC at Julia Creek is actually *8 Billion Tonnes*, theres a high grade component and a low grade component (see the pic)
> 
> ...







Thanks for the reply. Obviously, the numbers and comparisons are extraodinary. As said, the sinister part of me still partially thinks the company have kept the share price low to buy more. But arent i sinister 
Did you have trouble buying?


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## YOUNG_TRADER (11 April 2008)

Yeah buying wasn't easy, the stock is very tightly held and hence the sellers are few and far apart, but then I don't think we've seen any serious buying,

Most of the orders today have been for $10k ie no $30k - $50k buy orders .... yet

Anyhoo, looks like we have a breakout above 30c, 250k volume isn't huge, but add the 250k from yesterday and we've got 500k which is large for this stock

I think the mkt is yet to wake up and fully appreciate the potential size and value of Julia Creek


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## refined silver (11 April 2008)

D'oh!!!

After buying original parcels, then had a buy in for a few months at 21c. 

Never got filled and when it was 22c last week or so considered upping the bid but didn't! Looks thats not gonna ever get filled now!


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## Ruprect (11 April 2008)

This one reminds me a lot of FWL - massive massive resource, looking at new technology to extract resource. And so tightly held that when a couple of serious buyers get in, the sp rockets.

Have held a small parcel here since late last year, but as always should have bought more!!

Im still struggling to get my head around the size of their resource! But it looks to be very real.


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## Gekko (11 April 2008)

Ruprect said:


> This one reminds me a lot of FWL - massive massive resource, looking at new technology to extract resource. And so tightly held that when a couple of serious buyers get in, the sp rockets.
> 
> Have held a small parcel here since late last year, but as always should have bought more!!
> 
> Im still struggling to get my head around the size of their resource! But it looks to be very real.






Yeh, im struggling to get my head over the resource size too. Its amazing how some companies can just fly under the radar. But then again, look what happened on CDU. And as mentioned earlier, my sinister side says michael ruane was more then happy to accomadate the inactivty by buying millions more.


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## roland (11 April 2008)

IRC are nearly out of sellers - I don't think I have ever seen the seller side disappear completely ... is it possible?


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## Datsun Disguise (11 April 2008)

Hi Roland - sure it can happen - but then it's up to the buyers to entice them back in with higher offers!! Talk about tightly held -  - not sure how to make an entry that won't keep me up all night, every night......

Good luck to the holders, recent price action suggests all time highs will be tested ie not many other resistance lines to break!

Might look for a flag formation for a possible entry..


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## roland (11 April 2008)

Datsun Disguise said:


> Hi Roland - sure it can happen - but then it's up to the buyers to entice them back in with higher offers!! Talk about tightly held -  - not sure how to make an entry that won't keep me up all night, every night......
> 
> Good luck to the holders, recent price action suggests all time highs will be tested ie not many other resistance lines to break!
> 
> Might look for a flag formation for a possible entry..




Hi DD, I bought in at .31 at a level where I didn't mind which way it went - good profit on a small % rise and willing to hold for more, or on a fall wouldn't mind putting a few extra $$'s in to average down

YT's excitement always makes my eyebrows lift and force me to do more of my own research (thanks Young Trader)

Still highly spec, but am happy with risk/reward ratio. Have to make your own decisions, but I have missed out on too may of these to miss out on this one too, and if IRC goes off, then I think we are still at base line.

I also like the RWD tie in - adds to the investment mix.


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## Sean K (12 April 2008)

kennas said:


> The past week or so price action has looked pretty encouraging with a few white candles. Approaching potential breakout around these levels. Lots of resistance at 30 for some reason. 23-25 looks be be well established support, so not too much downside perhaps?



Pretty good breakout.  Maybe outstanding. Breaking through more resistance at 35 makes it I think, along with the great volume. 

Obviously not just ASF buying. Looked to be chased yesterday with the sell side very thin. Disappeared at one point I think. 

Nice work LN!


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## Gekko (12 April 2008)

Kennas, as i work full time and only monitor the markets for parts of the day, i was only able to get a few at 35cents yesterday. I would like more, but would appreciate your thoughts on that chart. I see that you say its broken 30 or 35 on volume, but what does that say going forward? Whats the chart say? Further rise or chance to get more?


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## YOUNG_TRADER (13 April 2008)

YOUNG_TRADER said:


> Hey Gekko,
> 
> The JORC at Julia Creek is actually *8 Billion Tonnes*, theres a high grade component and a low grade component (see the pic)
> 
> ...





Kennas has kindly bought an error that I made to my attention, both WVL and IRC quote their resource as V2O5 not Vandium and as such there maybe a difference in the I.G.V.



*WVL's JORC is 140Mt's@0.46% V2O5  [Mkt Cap 155m shares @ $2 = $310m]
vs
IRC's 4,898Mt's@0.4% V2O5 Equiv [Mkt Cap 92m shares @ 30c = $28.5m] * 

So grades shouldn't be a problem

Whats very intersting is comparing IRC's Moly grades to that of the next big ASX Moly producer MOL
*
MOL JORC 650Mt's@ 450g/t Mo + Cu and Ag credits (low) [Mkt Cap 100m Shares+options @$2.80 = $280m
vs
IRC's JORC 4898Mt's @ 0.37%V2O5 +310g/t Mo [Mkt Cap 92m shares @ 30c = $28.5m] *


here's what I got from Wikipedia regarding V205 http://en.wikipedia.org/wiki/V2O5 and Vanadium http://en.wikipedia.org/wiki/Vanadium

Now I'm pretty sure its the V2O5 price thats $80kg based on this sentence Other applications
In terms of quantity, the major use for vanadium(V) oxide is in the production of ferrovanadium (see above). The oxide is heated with scrap iron and aluminium, producing the iron-vanadium alloy along with alumina as a by-product. *In 2005 a shortage of V2O5 caused a price rise to around $40/kg*, which in turn caused a rise in the price of ferrovanadium.

Can anyone clarify this? ie is it the V2O5 price thats currently $80kg??


Anyway I have found another error in my calculations, if the Moly price is $35/lb and there are 2.25 lbs in a kg, then in fact the price of MOL per kg = $78.75

So using a *Moly price of $75kg* and half the current Vanadium price so *$40kg not $80kg* the Gross Value of Julia Creek is as follows

*High Grade*
*5 Billion tonnes @ 0.37% V = 18.5M Tonnes* @ $40k/t ($40kg) = *$750Billion*

*5 Billion tonnes @ 310g/t Mo = 1.55M Tonnes* @ $75k/t ($75/kg) = *$115Billion*


*Total In Ground Value = $865Billion USD* = *$950Billion AUD*

Still ridiculously large and thats using a more conservative V price thats half the current


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## Gekko (13 April 2008)

Hey YT that In Ground Value is unbelievable but I think as you have stated the key is extraction 

How confident are you that IRC can turn this huge deposit into Billions of Dollars of Profit?


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## YOUNG_TRADER (13 April 2008)

If you read my other posts you'll see that yes I have acknowledged extraction is they key, otherwise its worthless dirt, however I believe the main man Mick Ruane is going to make this project work,

I am very confident he will for two reasons,

*1.* A look at his background shows he is a very qualified chemical engineer, he has a PHd in Chemistry and has over 32 years experience in the field,

He also has *proven himsefl with White Range*, if you do your research you'll see that Michael was able to take an old gold tailings *WASTE* area which had maybe 0.6-0.8 g/t of gold in it and via some very clever and technical heap leaching was able to *net over $5m in profit for the company*

Heap leaching is one of the most difficult forms of gold extraction and yet Michael was able to take a worthless waste deposit and turn it into a gold mine (literally) of profits.

This in itself shows me that he is a very capable chemical engineer and thus greatly increases my confidence in his ability to make Julia Creek work.


*2.* He has put his money where his mouth is, as he has been constantly buying shares on market from 25c up to 30c, he olds over 1/3rd of the company and is thus putting alot of his personal wealth and more importantly time and effort into IRC,

So I am pretty confident that in time this monster deposit should get off the ground, time will tell,

p.s. from the latest qtrly there maybe more profits to come from White Range


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## Gekko (14 April 2008)

Hey YT you make some good points

I too like it when a director believes in their own company so much that they buy lots of shares

So IRC is already a gold producer? Well I guess that shows they know how to make money.

Ok, back to work


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## YOUNG_TRADER (14 April 2008)

Yeah IRC is a gold producer, 

don't ask me how, but with his chemical engineering knowledge Michael was able to turn a waste dump tailings deposit into $5m profit over the past few years when the gold price was as low as $500 an oz

Notice how in the ann Michael somewhat boasts stating that he shall use his knowledge and expertise on other projects as he did with White Range, I guess thats his way of saying just give me time and I'm sure I can make Julia Creek work


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## smurfette (14 April 2008)

Hi Young Trader,
You've got my attention again. Ive been interstate, and so have missed most of the last week, but am curious as to how a company with a resource of this size can be only capped at this market cap. Is the resource too deep or is there a similar problem.

Smurfette


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## JTLP (14 April 2008)

smurfette said:


> Hi Young Trader,
> You've got my attention again. Ive been interstate, and so have missed most of the last week, but am curious as to how a company with a resource of this size can be only capped at this market cap. Is the resource too deep or is there a similar problem.
> 
> Smurfette




Maybe it's because the capex is only $2M....

***THE ABOVE IS A JOKE***

Smurfette, I think that it has been noted that the reason for the market cap is the ability to extract the resource economically. The chem eng managed to turn tailings into profits so maybe people are hedging there bets and waiting for him to say "I CAN TURN WATER IN WINE" (i.e. I can successfully extract this lower grade V2O5 with a low capex and big $$$ profit).

JTLP


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## arae (14 April 2008)

This from their December 2007 quarterly;

http://www.asx.com.au/asxpdf/20080131/pdf/3176l9vrp74lxq.pdf

On extracting the resource;

_"The company has made excellent progress in the last 12 months, developing propriety technology which it believes will achieve this goal"_

and an extra re-assruance on their thoughts for success;

_"The Directors of Intermin are confident that the Julia Creek vanadium/Molybdenum project has potential to generate significant future income for Intermin and its shareholders"_

Combine this with the as mentioned continuous 'at market' buy from the highly qualified and already proven Director and it leads to a very positive vibe.


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## kransky (15 April 2008)

Yes, this puppy just needs an ann saying scoping study has been awarded to company ABC... should send the MC up!

That will show the market that their confidence in their process is good enough to justify the costs of moving forward..

I hold and wait


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## YOUNG_TRADER (15 April 2008)

Hey guys,

Smurfette your guess is as god as mine, as JTLP has corrctly stated though, the fact that Michael *turned waste ore into profits* somewhat proves his ability as a chemical engineer and thus his ability to make Julia Creek work

Its a matter of probability really, I have already shown that Julia Creek will have an I.G.V. of around *$950Billion - over $1.5 Trillion* so I'd say an *NPV (10% of that I.G.V.) ie $95Billion - $150Billion might be acheivable*

So the question is what probability would you attach to Julia Creeks success?

10%? well a *10% chance of success* = discounting the potential NPV by 90% = *$9.5Billion - $15Billion*

1%? well a *1% chance of success* = discounting the potential NPV by 99% = *$950 Million - $1.5Billion*

0.1%? well a *0.1% chance of success* = discounting the potential NPV by 99.9% = *$95 Million - $150Million*


I am personally happy to discount the project by 99.9% ie giving it a *0.1% chance of success* that still to me says IRC should be worth $1

But lets say we need a scoping study and pilot plant first etc etc to be really conservative, well still I'd say IRC should be capped at $50m for Julia Creek potential = *54c*

*Then IRC also has 20c-25c in NTA * 

Food for thought 




YOUNG_TRADER said:


> Whats very intersting is comparing IRC's Moly grades to that of the next big ASX Moly producer MOL
> *
> MOL JORC 650Mt's@ 450g/t Mo + Cu and Ag credits (low) [Mkt Cap 100m Shares+options @$2.80 = $280m
> vs
> ...


----------



## YOUNG_TRADER (15 April 2008)

kennas said:


> Pretty good breakout.  Maybe outstanding. Breaking through more resistance at 35 makes it I think, along with the great volume.
> 
> Obviously not just ASF buying. Looked to be chased yesterday with the sell side very thin. Disappeared at one point I think.
> 
> Nice work LN!




Hey Kenna, change in polarity coming into play it looks like with 35c now acting as support with strong support just below at around 30c

Also Smurfette the resource is not "too deep" its actually flat lying and near surface (see the 2nd pic)


----------



## YOUNG_TRADER (15 April 2008)

Hmmmm that last post of mine with the chart isn't too clear, damn it this chart came up small as well!!!!!!!!!

Well here's the chart again as at end of day, shows IRC so far is respecting the 35c level (all be it ofr a brief dip below) volume has been good ok so far, about 1.6m since Thursday = 1.6m over 3 trading days or avg of 500k a day

Chartists what ya reckon going forwrd?


----------



## jtb (16 April 2008)

YOUNG_TRADER said:


> ...what ya reckon going forwrd?




Beautiful descending triangle break @ 25c bro', wish I'd seen it

Recent long tails on the daily show your fans are keen, if nothing else:

Close above 40c would be nice, stop @ 34c.

Gap on the daily has me set with a falling buy- as always, intriguing call and will try to watch with interest

Cheers
J


----------



## YOUNG_TRADER (16 April 2008)

Hey JTB, is that a weekly chart your using?

Well looks like IRC has bounced off the 35c line,

There's so many buyers waiting just below 35c, tight arses, just pay up lol

Sell depth looks pretty thin too,

Anwway lets see what happens, one things for sure, alot of people will now be watching the development of IRC, be interesting in 12months to  see were the company's at and also to look back


----------



## smurfette (16 April 2008)

Hey YT,
I am one of those so called "tight arses" waiting in the line to buy I may move up later if I can't get my price 

Smurfette

p.s. leave our bums out of it next time.


----------



## smurfette (16 April 2008)

Oh drat, looks like I'll have to really pay up now, last time I looked there weren't so many buys. Ive got to watch closer.:crap:


----------



## YOUNG_TRADER (16 April 2008)

JTLP it finished up at 39c with a bit of volume going through today, what would a close above 40c signal? a breakout or some continuation of a pattern????

Thanks in advance


p.s. Smurfette if your nice to me, maybe this Papa Smurf will fling a few shares your way :


----------



## Sean K (17 April 2008)

YOUNG_TRADER said:


> Hey Kenna, change in polarity coming into play it looks like with 35c now acting as support with strong support just below at around 30c



Hey LN! Yep, 35 firmed up as ok support in the short term. A Pole and Pennant starting to form up here. A break to the upside gives a target of around 50 cents. Will probably find some resistance at all time highs just above 45 though. Great volume confirming strong break out.


----------



## Gekko (17 April 2008)

Utter lack of sell volume today. Orders keep moving up from what ive briefly seen. Kennas, you made need to do a new chart tonight.


----------



## YOUNG_TRADER (17 April 2008)

lol looks like the ASX thinks IRC is moving up to hard and has issued them with a please explain,

Its been a gradual move up over the past wekk or two so Im actually surprised that ASX gave them a ticket for speeding 

Anyway they explained the movement/re-rating accurately, Julia Creek getting closer to achieving a production scenario and RWD holdings going to the moon


----------



## smurfette (17 April 2008)

Hi YT,
I looked at the charts of RWD and IRC after todays announcement. I just realised that since February RWD has risen over 300% where as IRC has risen around only 25-30%. Given the size of the RWD holding that IRC has should the IRC price have risen a lot more based on this alone?

Mind you it's the size of the Vanadium project that really takes my fancy.

Smurfette

PS. Bought in today at 40.5 cents. Wish that I didn't wait so long


----------



## JTLP (17 April 2008)

YOUNG_TRADER said:


> JTLP it finished up at 39c with a bit of volume going through today, what would a close above 40c signal? a breakout or some continuation of a pattern????
> 
> Thanks in advance
> 
> ...




Well I think you mean JTB cause my tech skillzzzz are not too l33t.

Am still yet to taste the juices of IRC...time will tell


----------



## YOUNG_TRADER (18 April 2008)

JTB JTLP hmmm brothers? lol

Sorry about the confusion

Smurfette as I have always said, IRC's holding in RWD just goes towards the NTA which provides a safety net should things go pear shaped, but if Julia Creek gets going 10c here 20c there will be irrelevant IMO

The interesting times are just around the corner when a Pilot Plant gets up and running


----------



## adamim1 (18 April 2008)

I'm trying to buy some at the moment. Sitting at 39c, I've put an offer of 35c, it will be interesting to see how it turns out.


----------



## jtb (18 April 2008)

YOUNG_TRADER said:


> JTB JTLP hmmm brothers? lol






Wouldn't hazard a guess at a target mate but resumption of the trend would bode well.
Smacked 30c and then 34c which is a good look imo.
Friday arvo test coming i imagine


----------



## julius (18 April 2008)

Does anyone have any further info on the history of Van prices ?

I've only been able to find recent quotes (<12 months)

cheers


----------



## arae (18 April 2008)

Here's a chart from 1980 - 2004

http://www.goldmau.com/vanadium.pdf

"Historically the price of Vanadium has followed a spike-crash-shakeout pattern, with long periods of depressed prices followed by brief price spikes"

Demand is expected to rise until 2010. Currently at about 100 000t/pa


----------



## arae (18 April 2008)

As for IRC having IGV of *$1.5 trillion* for Vanadium it's worth keeping this in mind;

Present global demand of Vanadium is at *100 000t/pa*

Even if IRC held *100% of the global market* for Vanadium, it would still take *185 years to exhaust their supply*. 

You can play with the figures in various ways, but $1.5 trillion IGV doesn't hold as much meaning to shareholder wealth as perhaps it first appears.

As noted in the article in the previous post, oversupply of Vanadium also leads to sharp price falls as the big boys continue to stockpile during the quiet periods to push the little guys out.

In saying that, I hold some IRC as I still believe it's yet to reach true value. Although, it no doubt seems to be getting closer.


----------



## julius (18 April 2008)

Thanks arae, that's what I was after.

From the WVL website...

_A 2007 independent market study by CRU forecasts growth in the annual demand for vanadium of 7.8% due to increased steel consumption worldwide, the likely increased intensity of vanadium use in developing economies and predicted greater use of vanadium-titanium alloys in aerospace._


----------



## julius (18 April 2008)

Would anyone be able to provide a ballpark estimate for vanadium extraction costs ?

Thanks, still new to this


----------



## YOUNG_TRADER (19 April 2008)

arae said:


> As for IRC having IGV of *$1.5 trillion* for Vanadium it's worth keeping this in mind;
> 
> Present global demand of Vanadium is at *100 000t/pa*
> 
> ...




Hey Arae, yes thats very true, IRC does in a sense have TOO MUCH Vanadium, but then again you can never have too much of a good thing, how much Copper or Uranium did WMC have at Olympic Dam? To make a guess I'd say enough for 100years + worth of Uranium World Demand and probably 25years+ of Copper demand,

My point is the majors like to maintain control of very large long life assets such as this (ie BHP buying WMC), especially those who want to keep a monopoly on the mkt, now I'm not sure who the Worlds largest Vanadium  or Moly producers are (I'd guess the V would be a South African company) but no doubt the sheer volume of V that IRC posses must worry them, 

IRC  have been progressing away for many years at Julia Creek but the most important pre production phase is about to begin "PILOT SCALE TESTWORK"

If Ruane can prove the project to be viable, then given the sheer size of it I am sure a large Vanadium player from South African or maybe even a large Moly player or even a commodity trader would suddenly appear 

and Julius we're not sure yet what the costs are going to be as the company is yet to release its PFS or Scoping Study results, however I would say that they would have to be less than $30/kg, given the grade I doubt it will be less than $20/kg, we shall know shortly once the study results are out


----------



## Gekko (20 April 2008)

A few ppl seem to have contacted Michael Ruane and have been told that RIO has been pegging the grounds surrounding Julia Creek. If anyone here has called Michael and been told similar, please do share the feedback that you received. Especially with regards to the Rio Tinto interest.


----------



## YOUNG_TRADER (20 April 2008)

Gekko,

When I questioned Michael as to why the company lacked any form of promotion, ie web page, broker support/broker coverage he responded with something along the lines of that he wanted to keep things quiet until he had perfected the process, his main concern was  that a major would come along and take out the company before he was able to show true value, but I then commented on how because he owns 30%-40% of the company he could easily block any such move, he agreed with this but then also said that he didn't want others pegging any grounds that contained extensions of Julia Creek, I can't remember 100% but I'm pretty sure he said wither RIO or Xstrata were peggin grounds nearby, or adjacent,

I sorta laughed and said well its not like you need any more ore or tonnes, but then he said that there maybe higher grade ore in adjacent grounds etc etc

At the end of the day I think its a bit irrelvant really, as far as I'm concerned IRC have plenty of ore to process, let the majors peg grounds nearby I say, promote the company so they take a look at IRC, a project of this size and scale NEEDS A MAJORS JV SUPPORT AND ASSITANCE


----------



## Gekko (20 April 2008)

YOUNG_TRADER said:


> Gekko,
> 
> When I questioned Michael as to why the company lacked any form of promotion, ie web page, broker support/broker coverage he responded with something along the lines of that he wanted to keep things quiet until he had perfected the process, his main concern was  that a major would come along and take out the company before he was able to show true value, but I then commented on how because he owns 30%-40% of the company he could easily block any such move, he agreed with this but then also said that he didn't want others pegging any grounds that contained extensions of Julia Creek, I can't remember 100% but I'm pretty sure he said wither RIO or Xstrata were peggin grounds nearby, or adjacent,
> 
> ...








In my first post on IRC i think i said it appears that Michael has deliberately keep the share price down so he could buy more. I noted this was the sinister side of me speaking, but your conversations tell me he has intentionally kept things low key. My sinister side says to acquire more, but head so as to not attract interest so he would have little competition in pegging surrounding leases.
If anyone has spoken to Ruane or does during the week, let us all know.



This was found on the web
http://www.mining-journal.com/wms_ma...rticle_id=4580


----------



## YOUNG_TRADER (21 April 2008)

So IRC is starting to get a bit of media coverage, well its about time, shine the spot light I say 

Interesting article Gekko, what wasn't mentioned is that IRC holds shares in Xtract UK and Cambrian Mining so with the incrase in their SP's so to does IRC's NTA increase (ie as with its RWD holdings)

I'll try and do a new NTA tomorrow, its getting late


----------



## Gekko (21 April 2008)

YOUNG_TRADER said:


> So IRC is starting to get a bit of media coverage, well its about time, shine the spot light I say
> 
> Interesting article Gekko, what wasn't mentioned is that IRC holds shares in Xtract UK and Cambrian Mining so with the incrase in their SP's so to does IRC's NTA increase (ie as with its RWD holdings)
> 
> I'll try and do a new NTA tomorrow, its getting late






Yt did you get a chance to work out that new NTA. It should have risen. Should be above word limit now.

Thanks


----------



## YOUNG_TRADER (21 April 2008)

Gekko said:


> Yt did you get a chance to work out that new NTA. It should have risen. Should be above word limit now.
> 
> Thanks




Whopps, sorry forgot I said I'd do that,

Funnily enough its still around 22c/23c as even though CBM has risen IRC's holding wasn't huge,

Was good to see IRC close strong after a few profit takers sold out

Can't wait to see what the qtrly has to say


----------



## YOUNG_TRADER (23 April 2008)

wow this has to be like the 3rd time IRC has fallen to 35c and then rebounded strongly off it,

Not sure why the sell off, maybe profit takers but looks like buyers are now moving back in with strength

Notice RWD broken out to new highs which obviosuly improces IRC NTA, I think its 25c now


----------



## Sean K (24 April 2008)

kennas said:


> Hey LN! Yep, 35 firmed up as ok support in the short term. A Pole and Pennant starting to form up here. A break to the upside gives a target of around 50 cents. Will probably find some resistance at all time highs just above 45 though. Great volume confirming strong break out.



The pennant discussed here didn't quite make it's projection due to that resistance I feel. Now a new one seems to be formed on a longer term view. Projection is the length of the pole which is .52 ish give or take a cent depending on where you think the base of the pole is and where the break up occurs, _if it does_. Yesterday's hammer indicated outstanding support IMO.


----------



## YOUNG_TRADER (24 April 2008)

Well looks like a director has bought some shares errrr well maybe he checked his pockets for loose change and thought hmmm shall I grab lunch or 15k more IRC shares :

Jon Brien bought 15k shares at 40.5c-41c, easy there big Jon :

At least his buying some shares, suppose its better than him selling some


----------



## Sean K (24 April 2008)

YOUNG_TRADER said:


> Well looks like a director has bought some shares errrr well maybe he checked his pockets for loose change and thought hmmm shall I grab lunch or 15k more IRC shares :
> 
> Jon Brien bought 15k shares at 40.5c-41c, easy there big Jon :
> 
> At least his buying some shares, suppose its better than him selling some



 LOL. Perhaps he cleaned under the couch cushions and wondered where to put the loose coins?  

Lots of activity today inspired by his purchases.


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## YOUNG_TRADER (28 April 2008)

I think today maybe the day that IRC pushes upwards from this trading range of 38c - 42c

There has been alot of accumulation/soaking up buying for the past few days and now some really large buy orders are going up

Also perhaps the RWD breakout = higher NTA is having a positive effect


----------



## Sean K (30 April 2008)

kennas said:


> The pennant discussed here didn't quite make it's projection due to that resistance I feel. Now a new one seems to be formed on a longer term view. Projection is the length of the pole which is .52 ish give or take a cent depending on where you think the base of the pole is and where the break up occurs, _if it does_. Yesterday's hammer indicated outstanding support IMO.



Support, well, um, supported, and breaking up. Would be nice if the text book target is made short term.


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## YOUNG_TRADER (30 April 2008)

Hey Kenna looks like a breakout to me above 46c

May need to do a bit more volume and hold this level but the sell side is almost non-existant

Its so good to see my faith in IRC being heavily undervalued vindicated, I see the re-rating a combination of people realising the Multi Trillion $ resource as well as RWD's NTA rising


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## wipz (30 April 2008)

How much interest does Intermin Resources have in Reward Minerals?
Would be interested to know, cheers.


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## YOUNG_TRADER (30 April 2008)

WIPZ a simple search of the posts should have given you that info but I'll post it anyway

IRC have 8-9m shares (note some ie 1.5m are 20c options but given the current price I'd say treat em as shares given the mininmal 20c conversion cost)

*= $16m - $18m in NTA from RWD alone = around 20c NTA from RWD holding alone*


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## wipz (30 April 2008)

YOUNG_TRADER said:


> WIPZ a simple search of the posts should have given you that info but I'll post it anyway
> 
> IRC have 8-9m shares (note some ie 1.5m are 20c options but given the current price I'd say treat em as shares given the mininmal 20c conversion cost)
> 
> *= $16m - $18m in NTA from RWD alone = around 20c NTA from RWD holding alone*




Thanks YT, I know I am a lazy bugger =]
So thats about 16.6% ownership (assuming 54mil RWD shares on issue).


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## Gekko (30 April 2008)

YOUNG_TRADER said:


> WIPZ a simple search of the posts should have given you that info but I'll post it anyway
> 
> IRC have 8-9m shares (note some ie 1.5m are 20c options but given the current price I'd say treat em as shares given the mininmal 20c conversion cost)
> 
> *= $16m - $18m in NTA from RWD alone = around 20c NTA from RWD holding alone*






YT, the market hears you. irc at a closing high today. Like many here, i bought off your research and am up substantaily (40%+) only 2-3 weeks later. If only the markets would listen to me


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## Sean K (1 May 2008)

YOUNG_TRADER said:


> Hey Kenna looks like a breakout to me above 46c
> 
> May need to do a bit more volume and hold this level but the sell side is almost non-existant
> 
> Its so good to see my faith in IRC being heavily undervalued vindicated, I see the re-rating a combination of people realising the Multi Trillion $ resource as well as RWD's NTA rising



The big break was back at 30. Would have been good to be on it back then. hehe. 

And yes, the previous day was the break from that little pennant thingy. Now has all time highs to deal with at .48, isn ´t it? Probably some resistance here as mentioned a bit back.


----------



## YOUNG_TRADER (1 May 2008)

Hey Kenna, whats even more amazing is how long the stock sat around 22c-24c, so much value but the mkt was blind to it, sure enough my faith of a re-rating is being rewarded 

Currently at 49c, slow and steady gains with this, the good way I say


----------



## michael_selway (1 May 2008)

YOUNG_TRADER said:


> Hey Kenna, whats even more amazing is how long the stock sat around 22c-24c, so much value but the mkt was blind to it, sure enough my faith of a re-rating is being rewarded
> 
> Currently at 49c, slow and steady gains with this, the good way I say




Hm how much do you think IRC shoudlbe worth?



> As for IRC having IGV of $1.5 trillion for Vanadium it's worth keeping this in mind;




"Historically the price of Vanadium has followed a spike-crash-shakeout pattern, with long periods of depressed prices followed by brief price spikes. Demand is expected to rise until 2010. Currently at about 100 000t/pa"

thx

MS


----------



## d_crome (2 May 2008)

A bit of a sidelines perspective here (as I've been watching with interest since the low 30's but never entered) - would some agree with the statement that due to it's heavy gearing into RWD, IRC has risen in value simply by association and value increase of ANOTHER stock rather than simply the worth of IRC as it's own entity?

The reason I ask is that if RWD takes a hit (like it did yesturday) how well do many of you think IRC will be able to stand upon it's own merrits?

I'm curious and perplexed by Vanadium, certainly I understand it's a resource, and that IRC may be sitting on a very large stockpile of it - but question is really just HOW much of a demand exists for it?  I don't recall many infrastructure projects requiring Vanadium - high rise towers, light rail, capital works etc (where alot of the boom in current resource demand has been created).

Sure I understand it has uses - but are these uses enough to demand a premium for this stock?

Food for thought as it were - now if somebody would show me a stock that creates WATER, then I think we're onto the next winner....

Again - DYOR as I'm a self proclaimed village idiot


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## bvbfan (2 May 2008)

Gekko, did you use to frequent Chillman years ago?

Hi IRC'ers
Just been looking at other Moly plays, already have a holding in MOL and this came up in my searching. Actually came up a while ago but been slack doing my DD on it.
I'm liking what I've read and will dig around some more.


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## Sean K (4 May 2008)

kennas said:


> Now a new one seems to be formed on a longer term view. Projection is the length of the pole which is .52 ish give or take a cent depending on where you think the base of the pole is and where the break up occurs, _if it does_. Yesterday's hammer indicated outstanding support IMO.



.52 target hit and it pulled back immediately. LOL. Who says this stuff doesn ´t work? 

Now looking for some support to build possibly between 43-45 for more clues as to where next. Having doubled in a month, may be time to take stock.


----------



## J.B.Nimble (14 May 2008)

At a time when IRC have expressed their intent to sell off the White Range tenements "in view of it's major commitments to the Julia Creek Vanadium -Molybdenum project" they seem to be more than a bit distracted with acquiring a chunk of RER and getting board representation. Julia Creek, pretty exciting - RER, ho hum...

Any theories?


----------



## Sean K (16 May 2008)

J.B.Nimble said:


> At a time when IRC have expressed their intent to sell off the White Range tenements "in view of it's major commitments to the Julia Creek Vanadium -Molybdenum project" they seem to be more than a bit distracted with acquiring a chunk of RER and getting board representation. Julia Creek, pretty exciting - RER, ho hum...
> 
> Any theories?



Ruane must see some value in RER obviously. Have you had a good look at their current oz au JORC ´d to their MC. It is the lowest in the market, that I can find. Holding some.



kennas said:


> Now looking for some support to build possibly between 43-45 for more clues as to where next. Having doubled in a month, may be time to take stock.



Consolidated nicely around these levels, although not happy with the few intraday sell offs. Still some profit taking going on during any spikes, with stale hands and traders looking for an exit. Or smart players....

Damn, I wish he ´d release some good news on JCs economic viability.


----------



## jbowman101 (16 May 2008)

Hey guys,

General query on what people’s opinions are on the direction of this company?

Quite honestly I haven’t done my research into the company yet. I have been meaning too, but sort for time at the moment. From what I’ve gathered IRC is still running feasibility studies and figuring out a way to extract V at an affordable cost…  am I on the right trail?

Cheers

James


----------



## Sean K (17 May 2008)

jbowman101 said:


> Hey guys,
> 
> General query on what people’s opinions are on the direction of this company?
> 
> ...



If you haven ´t, you really need to read through the thread from a couple of months ago, then go to their ASX announcements and read their last 3 quarterlys and 2 annual reports, plus any update on JC. Then report back to us on what you think.  Cheers, kennas


----------



## J.B.Nimble (17 May 2008)

kennas said:


> Damn, I wish he ´d release some good news on JCs economic viability.




By MR's usual restrained style the last quarterly is almost equivalent to shouting from the rooftops.

"...the Company believes it has succeeded in developing relatively simple (proprietary) technology which will economically extract the metal values (V, Mo,Ni,Cu) from Julia Creek (oxidised) mineralisation...​ 
"...The constant aim of the metallurgical testwork conducted has been to establish the project in the lowest quartile of Vanadium and Molybdenum producers in the cost sense. The Company is confident it can now achieve this goal. Intermin is now seeking offtake agreements for Vanadium and Molybdenum output from the project."​
It feels like we're almost there... Offtake agreements suggests a high level of confidence. Some numbers on their projected costs would be nice but I don't think MR feels inclined to share... It remains to be seen whether they have managed to shut the door on any me-too explorer setting up shop on an adjoining tenement. MR must be smarting at the thought of STB sticking a straw in the other end of Lake Disappointment when RWD have done all the hard work... The comment that they are "preparing Patent Applications to protect the Intellectual Property established" reassures that they have an alternate method to protect their patch for some time.

I feel the biggest risk is Vanadium pricing. Moly looks strong going forward but V feels a bit vulnerable. It doesn't take too many projects to redress a supply/demand imbalance in a niche metal and there are a fair number in development. Their lowest quartile cost goal and the Moly co-product should see them as a survivor in the event of a price shakeout. Last November's investor presentation gives a useful overview of the size of the V and Mo markets and dangles the prospect of V substituting for Ni in stainless alloys - just the sort of thing the Chinese market enjoys (try buying 304 stainless here and the contractor will come back with a low Cr, high Ti alloy that seems to work at a price that is right...). Going to have to work hard on developing the market, hence my concern about the RER distraction...

It is so hard to put a value on this project. The in ground value is vast to the point of being almost meaningless. As they point out in the 07 annual report, just 3 million T a year from their multi billion T resource could yield 10,000T V2O5 and 1000 T of MoO3 and make them a globally significant player. There will be plenty of sleep lost as they try to decide on an optimal output scale. Size could be anything. Until they show their hand with some cost and output numbers, I have decided to treat Intermin as potentially equivalent to a WVL + MOL package deal - not very scientific but I'm open to alternative suggestions...


----------



## Sean K (17 May 2008)

J.B.Nimble said:


> By MR's usual restrained style the last quarterly is almost equivalent to shouting from the rooftops.
> 
> ................
> 
> Until they show their hand with some cost and output numbers, I have decided to treat Intermin as potentially equivalent to a WVL + MOL package deal - not very scientific but I'm open to alternative suggestions...



Nice post JBN, thanks for the input. I didn ´t know about MR until I started looking at IRC, RER and RWD. (Cheers YT) Interesting character who seems to have succeeded somewhat with his career. Doing OK now I imagine. 

Agree with the quarterly comments, it looks like he ´s telegraphing something there, but until the facts are on the table, it`s slightly spec.

And agree with the size factor and other parties joining the queue to cash in, however, it seems the BRIC phenomenon may be driving demand greater for some time, even though the US centric global economic driver hyper bears may suggest that if the US falls over we all fall over. Key with most potential producers going forward could be grades but if this so called propriatary technology is sound, then the base grades may be mitigated somewhat. 

I still want to see some figures on this Tardas that he is developing to transport the takeaway grades to gourmet.


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## YOUNG_TRADER (17 May 2008)

Kenna I hope MR gets control of RER,

Thye have alot of gold but not much knowledge on how to turn that into $'s and their latest poison pill placement is ****ing disgusting (its such an obvious blocking move)

MR is a proven gold operator whith White Range under his belt, he can make a few $mill form a very small outlay at white range just think what he could do with RER


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## J.B.Nimble (17 May 2008)

kennas said:


> ...Key with most potential producers going forward could be grades but if this so called propriatary technology is sound, then the base grades may be mitigated somewhat.
> 
> I still want to see some figures on this Tardas that he is developing to transport the takeaway grades to gourmet.




At first the grades were a real turn off for me, but they have overcome that concern. The grade improvement is a simple sizing exercise. Its a soft ore with the goodies concentrated in the minus 30 micron fraction. It seems that this is sufficient to upgrade the Coquina oxide to very useful grades -1.2% V2O5 and 1100g/t MoO3. 

The propietary technology seems to be either in the leaching or the recovery process. It is a warm (<50degree C) leach so there could be some energy concerns but, hey, there's oil in that shale isn't there? Got to be some way to exploit that...

The thought that keeps going through my mind is that with the size of their resource and their Q1 cost target they could make a real mess of the market for the more marginal players out there... I'm keeping a close eye on progress with my favourite moly play...

As for the US tanking, I'm not overly concerned. It has barely registered here in China. If anything the pace of development feels like it is accelerating. I run a little "tower cranes spotted on the way to work" index. Currently sitting at about 62 depending on the pollution haze and the after effects of Chinese hospitality the night before. Slow down, what slow down...?

And I think both you and YT are correct - MR does see value in RER. Let's face it he finds it where others have yet to look, and the history at White Range performance bodes well for what he could do if he can get a degree of control... It still feels like a bit of a distraction from the main event but I'll trust his judgement.


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## Dr Zaius (19 May 2008)

JBN
I think you are right about the moly being the saviour- V prices will come down alot once new iron ore producers with bonus ferrovanadium (eg AXO, MXR) ramp up and pure vanadium plays (eg WVL) will suffer.

While Julia Creek has 185 years of total current world demand of V at current JORC (so perhaps twice or 10 times that if this resouce gets explored further), it only has 3 years of total current world moly demand, so I don't think you should worry about any other moly play you have an interest in, plenty of room for more moly producers.

If IRC gets Julia Creek operational, it could well monopolise the current 29% of vanadium consumption met by primary production (29% figure from bottom of Eroz report Young_Trader posted 7th Apr08 https://www.aussiestockforums.com/forums/showthread.php?t=10484), but I can't see it monopolising the entire V market (with attendant pricing power) as I read some posters somewhere saying, there's just too much production where the V is just the icing on the cake.

JBN you mentioned Ruane/IRC is "going to have to work hard on developing the market"- with Julia Creek flooring the V price, the V market will grow (faster than otherwise) wherever V can substituted in for like metals.  I'm sure once Julia Creek starts tangibly ramping up to a really big production this certainty of lowered price will make the rounds of steelmakers worldwide in short order.  Given the hit they are taking on iron ore prices now and into the forseeable future they will be very keen to hear any improvement in their inputs' terms of trade.

I myself am less worried about sales as a few more localised niggles- like the distractions to Dr Ruane of starting up Lake Disappointment for RWD, and now taking over RER.  This is a guy in his 60's or near abouts (I'm in my 30's, and just reading about all that he is doing makes me tired), and he doesn't have a staff surrounding him of the size that say Tom Albanese or Marius Kloppers have (fair enough though, Rio/BHP have got hundreds times the number of projects).  I don't doubt Dr Ruane's ability to create a beneficiation process for Julia Creek given the magic he has weaved on the White Range gold tailings, I'd just prefer he didn't have so many irons in the fire, there's only so many hours in a day.  I do understand why he is doing it, that RWD/RER will pay for IRC till the big capex is needed, just thought I'd highlight that while we all agree Dr Ruane is a dynamo, we are placing our bets to quite an extent on him instead of on a broader company.

But the main thing I am worried about is Rio pegging the areas surrounding IRC's Julia Creek property.  If Dr Ruane wasn't able to keep this venture quiet enough to grab all the land that might contain this monster V deposit, if Rio find say even 20% of IRC's size in the areas surrounding IRC's tenements (20% of 185 years = 37 years total world current consumption, or 100+ years of current primary V production beyond the iron ore miners that have V as gravy), then the proprietary-technology patents will be the make or break- and a $1 trillion resource will likely motivate Rio to buy in some major metallurgist talent (and the best patent attorneys to argue that Rio's patents are "nothing like IRC's").  That was a long sentence (sorry).  Also apologies for referring to vanadium first as icing then as gravy.

I believe Dr Ruane had even said he liked the idea of being bought out by Xtrata.  I originally did not like the idea of this, I hate the thought of something being stolen from under me by a bully (the big end of town) before it could really shine, then they get all the shine.  I am to the point of being resigned to this.

Suffice to say, I am in, got a decent helping a few weeks back.  Just thought I'd throw up a few musings to think through the next few moves ahead (like I seem to never be able to do properly in chess, and the US Defence Dept seemed unable to do with Iraq in 2003).


----------



## jbowman101 (28 May 2008)

seems the confidence has fled this stock recently. hopefully this will turn around soon....

opinions .... ?


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## Sean K (29 May 2008)

jbowman101 said:


> seems the confidence has fled this stock recently. hopefully this will turn around soon....
> 
> opinions .... ?



Yes, No news is not necessarily good news. 

They are due to report some drilling from JC. Actually, it's overdue.

From the last Quarterly.



> During the March 2008 quarter, the Company completed a further 2,752 metre aircore drilling programme as a confirmation of resource definition in areas of higher grades and most favourable mining parameters. Samples have been submitted for analysis but results are not *expected until mid May*.




Now, we need some news on the patent and testwork...



> Despite these difficulties, *the Company believes it has succeeded *in developing relatively simple (proprietary) technology which will economically extract the metal values (V, Mo, Ni, Cu) from Julia Creek (oxidized) mineralisation.
> 
> The Company is currently preparing Patent Applications to protect the Intellectual Property established and proceeding with engineering studies to refine the process involved and associated operating costs. The constant aim of the metallurgical testwork conducted has been to establish the project in the lowest quartile of Vanadium and Molybdenum producers in the cost sense.
> 
> *The Company is confident it can now achieve this goal. Intermin is now seeking offtake agreements for Vanadium and Molybdenum output from the project.*



I think some good news in relation to these issues, may put it back in a positive light.


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## J.B.Nimble (29 May 2008)

It seems the run up in IRC sp had little to do with Julia Creek and everything to do with RWD. As the hot money has moved on from RWD the IRC sp has eased back with it. 

Personally I'm not too concerned. To me, RWD is just a distraction - the main story is JC. The announcements give cause for optimism but on past performance they will continue to be few and far between. On these volumes I wouldn't be surprised to see an easing back to past support levels (barring any major news on JC or another run on RWD). In the meantime I remain a believer and a holder...


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## YOUNG_TRADER (29 May 2008)

Guys IRC has always been the dark horse for me that had to be in my portfolio,

Given the size of Julia Creek, I always thought IRC was the only stock that had the potential to do a CDU

Nothing fundamental has changed other than IRC's RWD holding dropping in value and thus the NTA dropping a bit,

C'mon MR make your magic work!


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## jbowman101 (29 May 2008)

interesting to see no volume today...


wish i had cash to buy in now, bahhhh...


pooooo neeeed toooo fillll spppacccceeeeeeeee

p.s. what did CDU do ?


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## Sean K (30 May 2008)

jbowman101 said:


> interesting to see no volume today...
> 
> wish i had cash to buy in now, bahhhh...
> 
> ...



jboaman, Please do not pad out posts with crap just to make up the 100 character rule. It is there for a purpose. To stop ramping, and to encourage people to add value. Thanks, kennas


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## Dr Zaius (30 May 2008)

jbowman
This stock is so illiquid, so tightly held that there will likely be plenty of days with no trading.  With light trading can be decent price moves (another $70m market cap stock I was close to buying into recently went up 5% in a day, on $400 of volume).  Like so many speccies, IRC will run hard on good news and slowly drop back on no news, as the more skittish holders dump at times pretty much like now.  Except that I am overweight on this stock already, I would see the current price as a great (perhaps near to last) opportunity for me to accumulate some more on better terms than had been available for the last few weeks. 

Going back to a longterm WVL price chart YT posted on this thread 9th April 08, if IRC were to tread the same path as WVL, think of IRC as 3 years from production (and think that the next 12 months coming up for IRC is where WVL went from 20c to $1.50).  How's about if Mike Ruane designs/patents the process this year, and gets offtake/JV talks underway.  Then wrap the scoping study/bankable feasability study/whatever it's called, sign up offtake/JV and build pilot plant in 2009.  Then build initial mine in 2010.  

I say initial because I would hope speed to market is high in the minds of IRC management- if production can be up and running fast then all other planned vanadium projects worldwide could be shelved much more easily, even if Rio discover more of this monster deposit next door to IRC.  If a Windamurra-sized mine needs to be added to world production each year to keep pace with growth in vanadium demand, better that it is IRC adding this much production.  I am very much a fan of the Microsoft/Intel approach (their original offerings were not the best around, they got it out there quicker and came back to quality later).

I understand Dr Ruane prefers to take his time and do it right.  I daresay the rest of the directors of IRC (rightly, for now) indulge him on this, but (and Mike, if you're reading, absolutely no offence is meant here) he is a chemical engineer, a critical talent for getting Julia Creek to being an economic proposition, but once such designs/flowsheets/pilot plants are complete, the baton passes to project managers and finance wonks (this is where I hope the pace gets a rocket).

The volumes that would exit the Julia Creek mine likely would not need rail transport the way say iron or coal would, but it looks like the railroad from Mt Isa to Townsville runs through the edge of the lease.  The mine would be a bit over 100km from Cloncurry (pop 4,500) so there is a better daily quality of life for the staff (particularly families) than the really remote fly-in fly-out camps (this is a really important plus in the competition for skilled mining labour, won't quote how I know).  Just up from Cloncurry is Mt Isa, with all the mining services and suppliers IRC could need on an ongoing basis.  I don't know what the energy supply situation in the greater Mt Isa region is, but if WA is any guide (where pipelines for NW Shelf gas are getting laid to feed Pilbara/Midwest/Kalgoorlie industry) then the massive coal seam gas reserves of central Qld may be convenient.  So I see location has a number of pluses compared to some of the mining developments mooted in the current boom (and there is going to be a growing number of worthy mining projects ditched over the next few years due to insufficient capacity and input price inflation).

I take heart from Young_Trader saying IRC "had to be in my portfolio", he is one of the most indepth researchers on ASF.  I'm a tad worried why he calls it a "dark horse" though- YT?  Is it due to the particularly low valuation the market has given a resource of this size (hence it considering it particularly risky)?  And I will take "potential to do a CDU" to be more of a reflection of how their massive deposit caused a massive sp hike, than how their management were fast and loose with the truth.


----------



## Dr Zaius (31 May 2008)

I've posted twice on ASF, both regarding IRC, and upon looking back at my posts I felt perhaps I was underrating Dr Ruane.  Looking at how he is playing his hand with RWD v IRC, it looks to me he is very astutely riding the spike in market enthusiasm for fertiliser-mining to prevent diluting IRC.  What this means is he values IRC (and by extension its flagship Julia Creek resource) ahead of the likely more stable/predictable result that will come out of RWD.  I would hazard a guess we will see Dr Ruane start to remove himself from RWD from here on (now that Lake Disappointment is well advanced), to concentrate on IRC (but then his foray into RER flies in the face of that notion, I got no idea why he is doing that one).

I have heard comments that Dr Ruane keeps the noises coming out of IRC to a minimum in order to buy up as much of it as he can.  Several poster have phoned him and via that forum he is quite forthcoming with details of plans.  Perhaps he is just the antithesis of the big-talking low-delivering MDs that abound these days, he is the old school patrician type who doesn't tell you daily he loves you but will come through with the goods much better than today's SNAG.

That Dr Ruane has been buying IRC shares on market for the last few years shows he has confidence in the company's prospects, but also respect for the remaining shareholders (with the size of his voting power, he could have just as easily granted himself bucketloads of cheap options as 'performance bonus').  If we don't see Mike continuing to buy on market, it may mean the price has got a bit too rich for him, or it might also just mean he has had his fill (even a director is entitled to diversify- and if this baby takes off he will be a billionaire soon enough, there's only so many ivory backscratchers one really needs).

Psychologists have documented that risk-taking behaviour declines as we age- when we are young we know we have time to recover and try again.  And age gives perspective, the longer one has lived the more one has seen (and so the more balanced is an elder's judgement).  That Dr Ruane, a man in his 60's or thereabouts, has invested so heavily of his own money (and his superannuation) into IRC says to me he has considered it to be safe (safe enough).  Much of what has been posted on ASF has focussed on the potential, the huge riches that IRC/Julia Creek may bring forth.  And it is accepted by all that with great reward comes great risk- I am starting to consider the risk not so great given the above.

I think I might make a point of going back to Perth for the AGM this year.  When I read a number of posters (on ASF and elsewhere) speak of calling Dr Ruane I thought "leave him alone, let him get on with his job", but perhaps what we should do is pool our queries and one of us phone him once a month and report back to the forum....?

Sorry, I think I am monopolising this thread now.


----------



## J.B.Nimble (31 May 2008)

Dr Zaius said:


> Sorry, I think I am monopolising this thread now.




Not at all, Doc. You make some interesting points about MR and his actions/motivations. If I have done my sums right he is 64 (but with the energy and desire of someone a generation younger). His willingness to accumulate gives a lot of confidence that JC is not some distant pipe dream. It will come to fruition and probably sooner than we think. PFS's and BFS's aside, I get the feeling this project is much further advanced behind the scenes than many would expect. With RWD devloping as it is (current sp wobbles notwithstanding) the eventual funding of JC will be a much easier proposition - it is all coming together nicely...


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## YOUNG_TRADER (31 May 2008)

Dr Zaius said:


> Going back to a longterm WVL price chart YT posted on this thread 9th April 08, if IRC were to tread the same path as WVL, think of IRC as 3 years from production (and think that the next 12 months coming up for IRC is where WVL went from 20c to $1.50).




Thanks Dr Zaius saved me having to reiterate that, nows the time when Dr R knuckles down and gets the ball rolling, ie the wizard comes out from behind the curtain to show the land of Oz what he really has (no pun intended : )







Dr Zaius said:


> I take heart from Young_Trader saying IRC "had to be in my portfolio", he is one of the most indepth researchers on ASF.  I'm a tad worried why he calls it a "dark horse" though- YT?  Is it due to the particularly low valuation the market has given a resource of this size (hence it considering it particularly risky)?  And I will take "potential to do a CDU" to be more of a reflection of how their massive deposit caused a massive sp hike, than how their management were fast and loose with the truth.




Dr Zaius, my comments re "Dark Horse" and "CDU comparison" refer (as you say) to the absolutely enormous size of the deposit and the fact that if/when it all falls together it will really catch the mkt by surprise,


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## Sean K (14 June 2008)

IRC seems to have found decent support at 35 ish, and out of the downward trend. Now tracking sideways until 40 is broken, at which time it may be considered to be trending up again. 

I suppose RWDs recovery has been part to blame also.

May was not a good month....eeek


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## Sean K (17 June 2008)

kennas said:


> IRC seems to have found decent support at 35 ish, and out of the downward trend. Now tracking sideways until 40 is broken, at which time it may be considered to be trending up again.
> 
> I suppose RWDs recovery has been part to blame also.
> 
> May was not a good month....eeek



Looks to be just running on the back of RWD really. RWD gap up as well and breaking out. IRC large gap up, better finish, but low volume. Some blue and red lines on a chart below. Hardly any value been placed on JC, IMO. Sold half of this at 39.


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## Datsun Disguise (23 June 2008)

I noticed that Michael Ruane has substantially increased his holding in RER following his resolutions being voted down at the GM. Strange thing is that the increase in shares from ~13m to 27.5m has resulted in a decrease in voting power from 18% to 17% - shouldn't that read approx 36%?

Confused - anyone can explain?

Also comments on this pretty 'feisty' behaviour? Michael must like something about RER.


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## gog246 (26 June 2008)

Moly secures ThyssenKrupp supply agreement
25th June 2008, 10:00 WST

Moly Mines has signed a 10-year deal to sell all production from its Spinifex Ridge Molybdenum project to Germany’s ThyssenKrupp AG.

ThyssenKrupp, Germany’s largest steelmaker, will buy the output of the Spinifex Ridge mine and participate in the equity financing component of the project, which is expected to produce 24 million pounds of molybdenum a year.

The price to be paid by the firm will be determined with reference to the prevailing market prices and conditions to the sale.

Molybdenum prices have climbed more than fivefold since early 2004 on increasing demand for steel in China, the world’s largest consumer. Drummed molybdenum for sale in the European Union traded at $US33.50 a pound on June 20.

Moly chief executive Derek Fisher said in a statement that the agreement was a keystone to the project financing.



Looks great when the patent is approved for irc ,M Rune get your finger out & forget rer as it's a waste of your energy


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## J.B.Nimble (27 June 2008)

gog246 said:


> ...Molybdenum prices have climbed more than fivefold since early 2004 on increasing demand for steel in China, the world’s largest consumer. Drummed molybdenum for sale in the European Union traded at $US33.50 a pound on June 20......
> 
> Looks great when the patent is approved for irc ,M Rune get your finger out & forget rer as it's a waste of your energy




I have done a bit of hunting in AusPat for signs of the patent. Either I am using the wrong key words or it is still in preparation because I can't find anything pending or in application. I did find what appeared to be patents in MR's name for work done with Solbec pharmaceuticals and Healthlink. An interesting career... If anyone knows anything about the patent progress please share... otherwise we wait patiently for our quarterly ration of information...

What I did find was plenty of patents relating to the vanadium redox battery. What a game changing technology that is. Could have major impact in peaky renewable sources of electricity like wind and solar... If Vanadium is suddenly recast as an energy metal, we will all be jumping for joy...

Meantime, the future for moly still looks bright. I buy the occasional tonne or two of moly in my day job (not from my own pocket fortunately). I used to grimace every time I saw the price rise - now... What a lovely co-product for the Vanadium.


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## gog246 (27 June 2008)

with the amount in the ground this could potentially be the largest sleeper & being M Runes SMSF i have a lot of faith in this stock , at 64 years of age you want to finish on a winner


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## Sean K (21 August 2008)

Wonder how that mysterious patent is going?

Wonder if these guys are actually doing anything at the moment?

Wonder how the doctor's supper fund is looking now?

I heard a rumour that they are putting a vote to shareholders shortly to change the name of the company to CZR - Comatose Zombie Resources.

Zzzzzzzzzzzzzzzzz 

:goodnight


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## J.B.Nimble (22 August 2008)

kennas said:


> Wonder how that mysterious patent is going?
> 
> Wonder if these guys are actually doing anything at the moment?
> 
> ...





Thought everyone had forgotten this one...

Patents - still nothing doing that I can find.
Doing anything - hmm...
1. maybe setting up a lab because the good doctor is clearly peeved at progress thorugh outsourced lab work. 
2. Definitely giving the engineering and economics a bit of rigour - concept study in progress with Lycopodium 

I was bit deflated with the quarterly information ration only because I was expecting too much and symapthetic to the good doctor's frustration. On subsequent reads I take heart in this report...


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## Dr Zaius (24 August 2008)

it is looking like the deal with xtract energy plc may unravel, given qld govt sounds like they are outlawing oil shale production.

"Ms Bligh said only one lease to mine oil shale existed, in Gladstone, and legislation would be passed so no new shale oil mines were permitted anywhere in Queensland."
http://www.news.com.au/couriermail/story/0,23739,24229980-3102,00.html

so, intermin's shares in xtract will dive (probably only a bit, i'm sure xtract have got exploration in many other jurisdictions).  and xtract won't be in co-production (which would have been great).

oh well.


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## J.B.Nimble (30 September 2008)

Interesting to see that in the midst of all this mess, MR is happily buying up...
25/8	127,231 for $31,125  (0.244)
18/9	140,000 for $29,493  (0.210)

The annual report makes interesting reading. Now we have some scale on the proposed Julia Creek operation - 2MTpa of ore for 7,000 Tpa V2O5 and 700 Tpa MoO3 - runs out to $300mill revenue at current prices. The scale is encouraging for lowish capex...

We also have a timeline - 







> Intermin is confident that the necessary metallurgical studies and scoping study will be completed prior to the end of the calendar year 2008 and that the outcome of the study will indicate a commercially attractive development scenario of considerable potential value for shareholders.




And somehow we have quietly turned a modest profit again.


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## refined silver (30 September 2008)

J.B.Nimble said:


> Now we have some scale on the proposed Julia Creek operation - 2MTpa of ore for 7,000 Tpa V2O5 and 700 Tpa MoO3 - runs out to $300mill revenue at current prices. The scale is encouraging for lowish capex...And somehow we have quietly turned a modest profit again.




What was the CAPEX? Missed it! Got the proposed prod'n figs, missed the CAPEX. Trying to read a lot of ARs that all come out the same time.

Yes, seems very well run to keep turning out profits. The health patent in the good doc's name explains the new Health shares in some co that IRC now have.


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## J.B.Nimble (1 October 2008)

refined silver said:


> What was the CAPEX? Missed it! Got the proposed prod'n figs, missed the CAPEX. Trying to read a lot of ARs that all come out the same time.
> 
> Yes, seems very well run to keep turning out profits. The health patent in the good doc's name explains the new Health shares in some co that IRC now have.




Sorry to have unintentionally mislead you on the capex - there was no number and I hope you didn't end up trawling back through the report looking for it. That was just me musing on the relatively modest scale of operation - 2 millTpa down from earlier suggestions of 3mill or more. Having just called it modest (in terms of ore tonnage), it would still be world scale - it seems not far adrift of the output of Windimurra and I believe the global V market is equivalent to around 110kTpa V2O5 equivalent (USGS data).

I recall reading forecasts that the world would need a Windimurra a year for the coming few years to keep pace with demand growth - in the current environment, who knows... 

Asset backing is a bit of a moving target at the moment, but it would seem that sp acknowledges only a fairly minimal value for Julia Creek over and above the listed investments. Heartlink has been around for a while (got a mention in last years AR) so new cash outlay. No idea what they would be worth...


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## refined silver (1 October 2008)

J.B.Nimble said:


> I hope you didn't end up trawling back through the report looking for it.




No thankfully! 

Got my extra shares at 21c a week or two ago that I missed before the last big rally.


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## Dr Zaius (19 June 2009)

I guess if I left it go till October it might make it to a full 12 months without a comment on IRC on ASF.  I don’t wanna say this one is a stinker, but he sure aint a market darling.

12c today, dipping a whole lot with RWD after their deflating rebuff in the native title hearings.

The negatives moving forward for this stock are pretty easy to spot:
1.	to quote several quarterlies now “if recovery of the metal values had been simple and cost effective, the project would have been developed some time back”.  A lot of experimentation is necessary to work out how to get Julia Creek economical
2.	resource IGV of $1.5trillion at last year’s vanadium prices has dropped by around 2-thirds (the prices, not the amount of metal, still apparently upside to to go for that)
3.	Ruane aint getting any younger

But, a bunch of the downsides last year have dissipated, at least somewhat:
1.	“Rio pegging all around IRC’s leases” Dr Ruane has apparently said – given the wild ride Rio have been on over the past 12 months I really don’t think there will be much attention paid to this corner of the world.  Not for a long long time.  Big miners are bureaucracies, and a unit inside Rio trying to score funding to advance a hoped-for outcropping additional to IRC’s one aint gonna get any oxygen
2.	Maybe IRC don’t need to put together an inhouse lab now, with the backlog of  work at professional labs drying up I would have thought
3.	Apparently Ruane sacked a subpar project manager and appointed a gun

There is $4m in the bank, at current cash burn enough to survive for 2.5 years.  The Menzies gold mining should bring in some coin.

So, 2009 is looking another year of the IRC folks plugging away at it.  Hopefully a decent flow sheet can be sorted before 2011.  The company spoke a while back about starting offtake talks (dunno how that progressed), perhaps once process viability shown a JV partner (Chinese steel mill?) might show up.


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## enigmatic (4 September 2009)

With RWD heading upwards, this Should push IRC up as they hold a large share in RWD.  If it can hold above 16cents for the next few days I might get a little more interested but for now its just one to watch


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## enigmatic (10 September 2009)

Looks like these ones don't only have the value of RWD behind them and a $trillion dollar V resource (Possibly not economically viable though)

They have released some information on there Binduli North Gold Project 
has been slowly climbing recently and today a jump of 30%+ will be watching for more development..


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## enigmatic (19 October 2009)

Well still riding RWD back, hoping that they can move onto there V project.
Not sure if anyone else is following this one it has actually increased more then RWD which is interesting enough. 

Will have to start looking into RWD to see what they have thats pushing this drive up in price.


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## enigmatic (4 March 2011)

Interesting some increase in volume early in feb with no change in price however today another spike in volume on a move in SP up 15%.

does anyone follow these guys and know of any reason for the sudden increase in volume.


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## mr. jeff (6 March 2011)

enigmatic said:


> Interesting some increase in volume early in feb with no change in price however today another spike in volume on a move in SP up 15%.
> 
> does anyone follow these guys and know of any reason for the sudden increase in volume.




Enig it may be that the coast is clear after completion of the capital raising at 0.12 which enables further exploration and also that there is now a base for the short term ? 
Also the mention of the RWD stock but in the last quarter I missed any reference to it. 

Does anyone have the figures for amount of shares they hold in RWD?


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## Telamelo (12 April 2016)

http://www.proactiveinvestors.com.a...td-has-spectacular-gold-hits-in-wa-68018.html

● 32m @ 24.05g/t Au from 32m (including 4m @ 194.78g/t Au from 44m) – TRC1608 
● 36m @ 2.02g/t Au from 36m (including 24m @ 2.80g/t Au from 40m) – TRC1605 
● 52m @ 2.36g/t Au from 64m (including 12m @ 4.26g/t Au from 64m) – TRC1609 
● 24m @ 2.85g/t Au from 52m (including 4m @ 9.14g/t Au from 72m) – TRC1603

today's vwap was 11.32c on record volume traded 2,266,451 so should start appearing on people's radar's this week imo

P.S. Tried to upload a 10 yr daily chart but wouldn't work..

Cheers tela

--------------------------------------------------------


previous ann 22/03/16  'Intermin Resources Ltd buys further gold tenure in WA goldfields'

Cashed up Intermin Resources Ltd (ASX:IRC) continues to deliver on a strategy to consolidate the fragmented Menzies to Kalgoorlie corridor in Western Australia, to grow its gold ounce resources.

Intermin will issue shares worth $375,000 to Metaliko Resources Ltd (ASX:MKO) to acquire 100% of their tenement package of: four Exploration Licenses, 56 Prospecting Licenses, one miscellaneous License and five Mining Leases covering 141 square kilometres.

The projects to be acquired include:

- Highway West south of Menzies and contiguous with Intermins current land holding in the area;

- Goongarrie Lady deposit that adjoins Intermins recently acquired Goongarrie gold project 40 kilometres south of Menzies;

- Baden Powell and Windanya on the Bardoc Shear Zone 60 kilometres south of Menzies;

- Tenure on the Zuleika and Kunanulling shear zones 55 kilometres Northwest of Kalgoorlie; and

- Tenure on the Bullabulling shear zone Southwest of Coolgardie.

Jon Price, managing director, said today:

This latest acquisition is another important step in our strategy of consolidating the Menzies to Kalgoorlie corridor and conducting systematic exploration to grow mineral inventory to support a mine development plan and processing plant in the Menzies region.

Data integration and project review is now underway with exploration drilling anticipated in the next quarter following the drill campaigns under way at Teal and Menzies, Price said.

Intermin will commence a detailed database review to validate previously identified targets yet to be followed up and generate new exploration targets in the area of interest.

Recent drilling:

In March, Intermin grew the gold resource base at its flagship Menzies project by 130% to 171,310 ounces, north of Kalgoorlie, following exploration programs in 2014/15.

Intermin's total resource inventory is 314,370 ounces at 2.65g/t gold. This does not yet include recent higher grade deeper intercepts recently reported from drilling at Selkirk where Intermin had a 3 metre at 88.6g/t gold hit.

The Menzies projects are within a 14 kilometre strike corridor located 130 kilometres north of Kalgoorlie, where significant past production from high-grade open pit and underground mines has occurred up to the late 1990s.

Strategy:

Intermin's aim is to develop a 3-5 year mine plan to support the installation of a simple, small tonnage high grade processing plant that will become a strategic asset for the region, with a Menzies Pre-Feasibility Study (PFS) underway.

This study includes the economic assessment of a small tonnage high grade processing plant at Menzies to treat ore and other third party ore that is currently carted over 130 kilometres for processing.

Jon Price said recently, "Our ultimate aim is to use milling infrastructure we have access to in Perth to construct a flexible low cost 3-400,000 tonnes per annum circuit in the Menzies area to process not only our own ore, but potentially any third party ore that is mined in close proximity.

"The focus for us will be on cash margins, not scale."

Intermin held cash and listed investments of $6.1 million in February 2016, with a low burn rate.

With directors and associates owning 45% of the company, the interests of shareholders are even more firmly aligned with those of the company's.

-- please dyor as always

Cheers tela

http://www.proactiveinvestors.com.a...rther-gold-tenure-in-wa-goldfields-67646.html


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## Telamelo (13 April 2016)

*Re: IRC - Intermin Resources  *Spectacular drill results at Teal*

http://www.barchart.com/opinions/stocks/IRC.AX  gives a 100% 'strong buy rating' across short/medium to long term.

dyor tela


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## greggles (9 May 2018)

After spending a number of years in the wilderness, Intermin Resources is having a much better year this year, albeit a bit of a volatile one so far.

The company has a number of active projects. There are the Teal and Menzies-Goongarrie gold projects near Kalgoorlie in WA, the latter of which is a joint venture with Eastern Goldfields Ltd. The Teal project is currently in production and the company has recently increased production guidance to 21,000-22,000 ounces with an All In Cost of A$1,000-A$1,100 per ounce.

Intermin also owns a 50c per tonne mining royalty over Norton Gold Fields' Janet Ivy gold mine which is expected to earn the company $600,000-$700,000 in 2018.

Yesterday the company announced positive initial metallurgical testwork results from the Lilyvale prospect area, part of the Richmond vanadium project which is located in north west Queensland and covers an area of 1,520km² with a total Mineral Resource of 2,579Mt grading 0.32% V2O5 at a 0.29% cut-off grade. The project is a joint venture with AXF Vanadium Pty Ltd.

Lots of exploration going on and lots of potential. With $11.5 million in gold sales in the last quarter and $10 million cash in the bank, Intermin is well positioned to self-fund its exploration programs and increase its reserves.


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## greggles (11 July 2018)

Intermin Resources reporting some good assays yesterday from the Crake prospect at the Binduli gold project.

IRC share price is currently consolidating in a tight range between 16c and 19c but it can't continue forever. I'm convinced that IRC will eventually break up and back into the 20s on the back of further assay results like these and the inevitable resource upgrades.


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## greggles (11 July 2018)

Reasons I'm bullish on IRC:

Self funded gold explorer
A nice suite of exploration projects
Market cap of only $40 million
Good assay results keep coming in
Ongoing drilling is bound to result in new discoveries and resource upgrades
A re-rating is in my view inevitable, probably within six months.


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## trillionaire#1 (28 February 2019)

Some encouraging results  from the companies Menzies  Gold Project near Kalgoorlie.
A dozen new Prospecting Licences should keep the news flow coming.
SP has been recovering in recent weeks.


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## System (29 July 2019)

On July 29th, 2019, Intermin Resources Limited (IRC) changed its name and ASX code to Horizon Minerals Limited (HRZ).


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## Telamelo (7 August 2020)

HRZ (Gold & Silver) producer just announced revenue of $2.93M in addition to having current cash balance of $6M in the bank 
	

	
	
		
		

		
		
	


	




With Gold & Silver flying HRZ chart look bullish with breakout (on volume) above 15/15.5c this morning.

https://asx.swingtradebot.com/equities/HRZ:ASX

https://www.marketindex.com.au/asx/hrz

Please DYOR as always.. Cheers tela


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## Telamelo (7 August 2020)

HRZ chart breakout with volume +13.33%


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## Telamelo (7 August 2020)

HRZ breakout going strong @ .175c now +16.67%


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## finicky (7 August 2020)

Got some *choice* ground if you compare with the current success of Black Cat Syndicate (BC8) - thesis being open pittable resources close to Kalgoorlie and toll treatment options.
Chart trending strongly, yet another 3 bagger since the March Beijing Plague low.

Not Held
Sentiment: candidate for a crash buy for me.

Horizon's tenements containing Boorara project are those in pink, mostly between Black Cat's in Yellow and Northern Star's in slater green. I guess Binduli is the pink patch to the left (West) of Kalgoorlie. Got the history and convenient to amenities. M.D graduate of West Australian School of Mines, hands on experience managing mines - they're the ones you want imo, similar to Mgts: SAR, NST, RMS,  not the likes of DCN's previous M.D.


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## Telamelo (7 August 2020)

finicky said:


> Got some *choice* ground if you compare with the current success of Black Cat Syndicate (BC8) - thesis being open pittable resources close to Kalgoorlie and toll treatment options.
> Chart trending strongly, yet another 3 bagger since the March Beijing Plague low.
> 
> Not Held
> ...



Listen to ASX-listed Horizon Minerals MD, Jon Price talk to Matt Birney on the Bulls N’ Bears Small Cap Wrap on 6PR about Horizon’s plan to make a quick $7M from gold.

https://www.6pr.com.au/horizon-minerals-eureka-first-400k-gold-bar-comes-out-of-new-kalgoorlie-mine/


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## Telamelo (8 August 2020)

Thankfully, our AUD gold price held up really well overnight so looking at 1-3 yr HRZ chart breakout to fresh high's (& on very good volume!) bodes well for coming week imo (using 'stoxline australia' for quick analysis).

Noting HRZ are now earning 'free cash flow' of approx $7-8M till Jan '21 (plus have about $8M cash in the bank) it's a 'no brainer' imo  
DYOR as always..  Cheers tela


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## Telamelo (9 August 2020)

Some positive media coverage of HRZ (looking forward to the week's/months ahead as plenty of news flow to come). Hopefully, they come out soon & tell us about their huge very high-grade silver nimbus deposit (all approved/ready to go with just some more tweaking needed imo)

https://www.australianmining.com.au/news/horizons-first-gold-pour-heads-for-shipment/

https://thewest.com.au/business/pub...f-the-gates-with-early-boorara-cash-c-1223826

https://www.australianmining.com.au/news/horizon-minerals-eyes-lilyvale-as-global-vanadium-producer/

Cheers tela


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## Austwide (9 August 2020)

I had this down for a buy in the morning, but this news may exclude me buying based on SL of expected price rise.


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## Garpal Gumnut (9 August 2020)

Austwide said:


> I had this down for a buy in the morning, but this news may exclude me buying based on SL of expected price rise.



Agree. It may shoot to 25, 30c and find resistance through tomorrow. 

gg


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## Telamelo (9 August 2020)

Suggestion to perhaps observe pre-market auction prior to 10am tomorrow as it will show you "indicative opening price" of what HRZ is expected to open at - I don't think it's going to 30c tomorrow lol


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## Austwide (9 August 2020)

19.5c max purchase based on SL


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## finicky (9 August 2020)

Hmm, from the podcast linked by tela in a prior post M.D is saying they've got a current resource base of 1.1m ozs - that's bigger than Black Cat's current level! Although comparisons would have to be qualified, like how distributed over the tenements the resources are (Black Cat's are pretty concentrated so far) and grade and recoverability and whatever.
Occurred to me that it's a pity that the managements of HRZ and BC8 can't collaborate and share the cost of building a mutual plant given they are right next door to each other.
HRZ is cheaper than BC8 on a few crude measures: price/book value, ev/ozs, and HRZ is already contract mining and toll treating.


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## Garpal Gumnut (9 August 2020)

Telamelo said:


> Suggestion to perhaps observe pre-market auction prior to 10am tomorrow as it will show you "indicative opening price" of what HRZ is expected to open at - I don't think it's going to 30c tomorrow lol



We will see. Lotza crazies stuck at home. 

gg


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## Telamelo (10 August 2020)

HRZ ticking up higher.. now @ .175c with market depth/chart quite bullish for potential move to .20c+  imo 

Cheers tela


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## Telamelo (10 August 2020)

HRZ now @ .18c +5.88%
market depth looking quite healthy/bullish
125 buyers for 6,368,856 units vs 35 sellers for 2,240,737 units

Cheers tela


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## Telamelo (10 August 2020)

HRZ strong close on it's high @ .185c  +8.82%

Cheers tela


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## Telamelo (13 August 2020)

Horizon Minerals Ltd (ASX:HRZ) will use $16 million raised in a heavily oversubscribed placement to complete its largest-ever exploration program in the prolific gold producing region around Kalgoorlie-Boulder in the heart of Western Australia's Goldfields.

The company is highly encouraged by the strong support for the placement after receiving commitments for 115 million shares at 14 cents per share with funds also to be allocated to long-term mine and mill development studies.

Proceeds from the placement and existing cash reserves will be used for the accelerated reserve conversion and resource growth exploration drilling program, which will begin in the current quarter.

*"Growing mid-tier production business”*
Managing director Jon Price said: “What a great time to be building a West Australian gold company.

“We are committed to growing a sustainable mid-tier gold production business in the heart of the WA Goldfields and the strong support shown for the company by numerous new, high-quality Australian and international institutions, in addition to our strong existing shareholder base is clear validation of this strategy.

“Upon completion of this capital raising Horizon will be fully funded to complete its largest-ever exploration program, focused on reserve conversion, resource growth and testing new discovery targets with over 70,000 metres of drilling in this prolific gold producing region.”

*Overwhelming investor support*
The company received overwhelming support from new and existing Australian and international institutional and sophisticated investors and is now set to undertake:


The completion of a large-scale 70,000-metre drilling program focused on reserve conversion, resource growth and testing a number of high-priority new discovery targets across the portfolio;
Completion of the consolidated feasibility study targeted for the June 2021 quarter;
Pursuing further regional consolidation opportunities within a 75-kilometre radius of a proposed standalone processing facility at the Boorara gold mine; and
Additional exploration activities across the company’s extensive 850 square kilometre landholding.
New discovery drilling will also be conducted across the portfolio, including the newly granted Yarmany and Lakewood prospect areas and the exciting Kanowna South target where limited modern exploration has been conducted in the last 20 years.

*Advancing feasibility study*
Price continued: “In addition, the company will advance the consolidated feasibility study evaluating the longer-term production profile inclusive of the establishment of a standalone processing plant at the Boorara mine site.

“The board would like to welcome our new shareholders to the Horizon register and thank our existing holders for their ongoing support.

“We are looking forward to the next phase of this exciting journey.”

In addition, Horizon is continuing to aggressively pursue further regional consolidation opportunities within trucking distance of the proposed Boorara Mill, 10 kilometres east of the City of Kalgoorlie-Boulder.


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## Telamelo (14 August 2020)

AUD Gold price up overnight by +$60oz!  along with a big spike in Silver price too 

https://www.goldbroker.com/charts/gold-price/aud


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## finicky (14 August 2020)

Maybe HRZ will get a bid from Northern Star (NST) one day? Just idle speculation, but NST put out its resources update yesterday and the Kalgoorlie ops (*excluding* the KCGM super pit that NST holds with SAR) is the only part that is diminishing its reserves and only has about 3-4 years left. Kalgoorlie ops does have an exploration budget and something might arise from that but I sometimes think that maybe Black Cat's tenements (BC8) are just a stone's throw away from the Kanowna mill, but HRZ's tenements look even closer.


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## Telamelo (14 August 2020)

Telamelo said:


> AUD Gold price up overnight by +$60oz!  along with a big spike in Silver price too
> 
> https://www.goldbroker.com/charts/gold-price/aud



Picked up some more HRZ @ .15c (noting cap. raise was .14c).. plenty of "news flow" over the coming month's.

Please DYOR (not investment advice). Cheers tela


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## finicky (14 August 2020)

finicky said:


> Black Cat's tenements (BC8) are just a stone's throw away from the Kanowna mill, but HRZ's tenements look even closer.



Actually that last bit's wrong, just checked the map, BC8's tenements are closer to the Kanowna mill than HRZ's. However both are close and very easy trucking distance.
On another note it is off putting to me that HRZ continues to rapidly inflate the share supply, that's one thing BC8 has over it.


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## Telamelo (15 August 2020)

Telamelo said:


> Horizon Minerals Ltd (ASX:HRZ) will use $16 million raised in a heavily oversubscribed placement to complete its largest-ever exploration program in the prolific gold producing region around Kalgoorlie-Boulder in the heart of Western Australia's Goldfields.
> 
> The company is highly encouraged by the strong support for the placement after receiving commitments for 115 million shares at 14 cents per share with funds also to be allocated to long-term mine and mill development studies.
> 
> ...



Well worth reading.. https://kalkinemedia.com/au/stocks/...bonanza-with-solid-gold-exploration-potential


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## Telamelo (18 August 2020)

Gold price shot up +2.5% overnight (with Silver +5.85%!) in finishing just shy of US$2,000 and AUD$2,751 respectively.

https://www.goldbroker.com/charts/gold-price/aud


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## Telamelo (18 August 2020)

Horizon Minerals (HRZ) has commenced +70,000m drilling/exploration program!

Managing Director Mr Jon Price said:
“We are pleased to be commencing the Company’s largest ever drilling program which will feed into our reserve and resource growth plans as part of the Feasibility Study for the larger scale development supporting a proposed stand-alone processing plant at Boorara.”

“In addition, the Company has refined a suite of walk up new discovery targets that will be tested as we continue the search for new large scale deposits in this prolific gold producing region.”

“Horizon is now well funded, producing gold and generating cash, assessing a larger scale production profile and exploring for growth and new discoveries.”

--from Announcement released this morning


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## Telamelo (25 August 2020)

Telamelo said:


> Horizon Minerals (HRZ) has commenced +70,000m drilling/exploration program!
> 
> Managing Director Mr Jon Price said:
> “We are pleased to be commencing the Company’s largest ever drilling program which will feed into our reserve and resource growth plans as part of the Feasibility Study for the larger scale development supporting a proposed stand-alone processing plant at Boorara.”
> ...




"Freshly minted WA gold producer Horizon Minerals HRZ wants to dust off the high-grade Nimbus silver-zinc project to take advantage of higher prices.

Nimbus — adjacent to the company’s Boorara gold mine near Kalgoorlie — produced 3.6 million ounces of silver grading 352 grams per tonne (g/t) of ore between 2003 and 2007.

But with a current in-ground resource of 20.2 million ounces of silver and ~100,000 tonnes of zinc there’s plenty of opportunity here for divestment, joint venture, or standalone development.

Several ‘expressions of interest’ from third parties are currently under review, Horizon says.

“With silver and zinc prices showing sustained increases in recent times, the company is now assessing all options to create value from this historically successful mining operation at Nimbus,” managing director Jon Price says.

“We see significant opportunity to develop the high-grade lodes at Nimbus either on a stand-alone basis or in joint venture with an expert group.

“There [also] remains potential for the project to grow in scale and quality with further exploration beyond the current mineralised envelopes.”

DYOR .. Cheers tela


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## Telamelo (25 August 2020)

Horizon says it has also already received several expressions of interest from third parties to either acquire or farm in to Nimbus and will look at all available options for the silver-zinc project that offer value for shareholders, while it continues to advance the Boorara gold project.

https://thewest.com.au/business/pub...eighs-up-nimbus-silver-zinc-options-c-1264680

"Our tenure surrounds the Super Pit in Kal and the majors are our neighbours, so there is also potential corporate activity whether we are predator or prey.

"Either is fine as long as shareholders get a good return on their investment; that is why we are here."

https://www.miningnews.net/resource.../1393755/new-horizon-beckoning-for-gold-miner


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## finicky (7 October 2020)

*HRZ* @ 11c

568M fpos
24m unlisted options ex 12c and 16c
= 592m shares diluted
= 100m shares approximately @ 66c if hypothetically consolidated 6:1

Not too bad considering they have about $17m cash and $6m investments, plus they are making a bit from campaign trial mining which has been toll treated at 1.23g/t and 95% recovery. Third campaign milling in November.
He says they have 850 sq kms around Kalgoorlie which puts them ahead of BC8 holding 756 sq kms. Got 4 rigs drilling.

Looks like some of the recent placement participants @14c could be bailing at a small capital loss rather than hang around? Common behaviour according to Tony Locantro. Support level @13c has not held with increasing negative volume.

BC8 market cap $88m
HRZ market cap $65m
Not Held, tempted


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## finicky (10 October 2020)

Put in a bid for 50,000 of these today. I figure that this downtrend has probably been naturally corrective of the prior rally (62% retracement approx) and there's a reasonable chance  it might have seen the bottom. The more so since it has thrown a positive, high volume *daily* candle. High volume hammer candle on the *weekly*. I'd rather not miss out on a taste if it does kick on.

Influencing the decision also is the bio of the M.D who has done this before. He developed the Eastern Gold Field assets of the Phoenix Gold company only to have the company acquired in 2015 during low gold prices by Evolution Gold. That has another facet of significance I think, because Evolution owns tenements to the immediate west of Kalgoorlie. Also, Evolution won Phoenix in a bidding contest against Zijiin and Zijiin has tenements to the North of Kalgoorlie. The most likely acquirer though would seem to be Northern Star which could make a snack of HRZ since the Boorara project of HRZ abuts NST'S Kalgoorlie tenements.

Will scrawl some more about the 1.1m oz resource of the Boorara project later some time; suffice now to say I believe it will have the goods to justify a standalone plant in 2022 if there's not a scramble by predators to take over HRZ and next door neighbour BC8 first. If I were a high powered chair or m.d of a new top 10 global company, NST, (I find this easy to imagine, even if you don't) I'd be fantasizing about gobbling up both HRZ and BC8 and building one rational plant to service both projects or alternatively warehousing their reserves to feed the Kanowna Belle mill later on. It would further imprint that NST is king of Kalgoorlie.

*Daily*






*HRZ Tenements in pink*




Jon Price's bio and the rest too


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## Miner (11 October 2020)

finicky said:


> *HRZ* @ 11c
> 
> 568M fpos
> 24m unlisted options ex 12c and 16c
> ...




Jon is a great guy


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## Miner (11 October 2020)

finicky said:


> Put in a bid for 50,000 of these today. I figure that this downtrend has probably been naturally corrective of the prior rally (62% retracement approx) and there's a reasonable chance  it might have seen the bottom. The more so since it has thrown a positive, high volume *daily* candle. High volume hammer candle on the *weekly*. I'd rather not miss out on a taste if it does kick on.
> 
> Influencing the decision also is the bio of the M.D who has done this before. He developed the Eastern Gold Field assets of the Phoenix Gold company only to have the company acquired in 2015 during low gold prices by Evolution Gold. That has another facet of significance I think, because Evolution owns tenements to the immediate west of Kalgoorlie. Also, Evolution won Phoenix in a bidding contest against Zijiin and Zijiin has tenements to the North of Kalgoorlie. The most likely acquirer though would seem to be Northern Star which could make a snack of HRZ since the Boorara project of HRZ abuts NST'S Kalgoorlie tenements.
> 
> ...



Your caveat is very nice  . Maybe you show how many times you saw the crashes and which ones when you showed interest   . I think it is otherwise.


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## noirua (11 October 2020)

The Fund reduced exposure to West African resources early in the month with proceeds reinvested in to Sabina Gold, which has lagged the performance of the wider gold sector. In addition, the Fund participated in a placing by Australian gold developer Horizon Minerals.
Company Factsheet August 2020: Https://ncim.co.uk/wp/wp-content/uploads/2020/09/CQS-New-City-GPPM-August-2020.pdf


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## finicky (12 October 2020)

Got my 50,000 bid @ 11.5c filled this morning. 
Open to adding if the recent 10.0c low doesn't hold.

HZR stitched on another tenement today. This one doesn't sound as exciting as their three other high grade satellite deposits but there could be more to be found around and under the main pit and surrounding historical shafts and trenches. It still has a live mining lease and is only 50 kms trucking distance from the main Boorara site.

*Kalpini offers potential to grow production and mine life at Boorara as part of the consolidated Feasibility Study*

HIGHLIGHTS

 Binding Tenement Sale Agreement executed with private consortium NBT Metals Pty Ltd for the acquisition of the Kalpini gold project in the Western Australian goldfields for a total cash consideration of *$2.75 million* funded from existing cash reserves

 Agreement subject to standard conditions precedent for a transaction of this nature including Ministerial consent, any third party assignments and provision of mining information with Settlement expected in the current quarter 

 Kalpini is located 50km north east of the Company’s 100% owned Boorara gold project and comprises the Gambia, Camelia and Atlas deposits covering 585 hectares on granted mining lease M27/485

 Historic JORC 2004 Mineral Resource (before depletion) currently under review by Horizon of 4.6Mt grading 1.7g/t Au for 255,600oz


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## finicky (18 October 2020)

Just some more on Horizon Minerals following publication of their diggers and dealers preso.

Half their mineral resource is at  Boorara and grades at only 0.97g/t Au, however trial mining significantly overshot this grade. The ore was easy to process and 95% of the gold was recovered.

The production plan will be to mix in higher grade ore, in excess of average 2.0g/t Au, from three  satellite open pits which account for the other half of the overall resource and are only 20-45 kms away from the proposed mill site 

Boorara Gold Project
Mineral Resource of 507,000oz grading 0.97g/t Au
Trial mining positive reconciliation is suggestive of grade and tonnage uplift

Teal Deposit
Located 20km north west of Boorara
• Mineral Resource of 289,000oz grading 2.1g/t Au 

Rose Hill Deposit
45km from Boorara
• Mineral Resource of 95koz grading 2.5g/t Au

Binduli Deposit
 20km from Boorara
• Mineral Resource of 74koz grading 1.8g/t Au


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## finicky (8 November 2020)

Placed a bid for another 50,000 @ 10c during the w/e. 

Don't really expect to get it filled but maybe the big individual seller over October has a few million more to dump? That's Michael Ruane ex Intermin Resources director, now m.d of Reward Minerals I believe. Horizon Minerals was formed out of a merger of Intermin and MacPhersons Resources, hence how Ruane ended up with 10% (52 million shares) of HRZ. Now his holding down below substantial (<5%), maybe none.

Said this from higher when I bought at 11.5c but now I think the weekly chart is prospective for a low being formed. I'll go with a weekly 'tweezer bottom' off 10c and this downtrend being a correction of the preceding rally, amplified by a big individual seller.

The interview with HRZ m.d Jon Price is very recent and bears on improved tonnage and grade prospects at the Binduli prospect.

2 Year Weekly


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## finicky (30 November 2020)

Got a sitting bid for more of these hit today - 50,000 more @ 10c
The  m.d responded with disciplined politeness to my email  today - that was nice. I told him I held 50,000 shares and he should build a plant as a  j.v with BC8 instead of on his own.


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## Miner (30 November 2020)

finicky said:


> Got a sitting bid for more of these hit today - 50,000 more @ 10c
> The  m.d responded with disciplined politeness to my email  today - that was nice. I told him I held 50,000 shares and he should build a plant as a  j.v with BC8 instead of on his own.



@finicky - I do not hold Horizon yet. Regarding MD - Jon Price has been a real gentleman and easy to deal with. He also passed through several stages of career starting as a mill second hand back in 1993. But he developed and took challenges to rise . So even today he is a reasonable size  entrepreneur over  last 10 years or so, Jon is still a humble person.


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## finicky (30 November 2020)

@Miner yeah he seems nice, must be a trojan for hard work with these deals going on. I quite like the ceo of KWR as well, seems trustworthy and not up himself. You would probably know Jon Price is also on the board of KWR.


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## Miner (1 December 2020)

finicky said:


> @Miner yeah he seems nice, must be a trojan for hard work with these deals going on. I quite like the ceo of KWR as well, seems trustworthy and not up himself. You would probably know Jon Price is also on the board of KWR.



@finicky thanks. No I was unaware of other board director ships of JP or KWR. Just looked into it . What a grade! Need to study more. I will be very biased with Jon. Pardon me folks, if I am seen as if ramping for Jon and his companies - the fact I am not and yet to hold either HRZ or KWR  
Good luck.


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## finicky (15 December 2020)

Today - not bad, making some cash while doing drilling studies to understand the ore body and possibly extend and deepen the conceptual pit. Note the gold recovery at 95%. There's another lucrative campaign coming up in January.

*Horizon Minerals (ASX:HRZ)* *has generated $3.6m in net cash flow from the third toll milling campaign* of Boorara ore at the Lakewood gold processing facility near Kalgoorlie, Western Australia.
50,274 tonnes of ore grading 1.62 grams per tonne (g/t) gold from the Crown Jewel, Regal East and Regal West trial pits was processed at the mill to produce 2,491 ounces of the precious metal.
Gold recovery was calculated at 95 per cent, well above the modelled recovery of 91 per cent.
The final milling campaign is scheduled to begin in mid-January, comprising the remaining high-grade ore and a parcel of low-grade material to test grade allocation.

Managing director Jon Price says the trial mining has greatly improved the company’s understanding of the Boorara ore body and identified the potential to grow the deposit along strike to the south and north along with depth potential below the 180m open pit limit that is currently being evaluated.








						Horizon rakes in $3.6m from gold mining at Boorara - Stockhead
					

Horizon Minerals has collected net cash flow of $3.6m from the third toll treatment campaign of gold ore from its Boorara project.




					stockhead.com.au


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## finicky (17 December 2020)

Got bored and added another 50,000 HRZ @ 10c today
While the weekly chart looks quite risky, with nothing to justify a buy, the daily chart (below) looks a hope: some unusual candles being thrown and 10c is roughly a 62% retracement of the rally from the the March low to the August high, haha. Theres also some decent support of 10c going back in the chart and not shown here.
Cashed up explorer ($20m cash and investments), making a bit of money campaign mining, with over 1 million ozs of gold resource and engaged in a 70,000 metres drilling campaign close to Kalgoorlie. 
A point of interest not mentioned before is that HRZ is a 13% holder in Kingwest Resources (KWR) 

Daily


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## finicky (22 December 2020)

I get the feeling that HRZ might be close to the turn here if the gold price chimes in. Have a look at the recent 5 day spate of gravestone dojis. Something strange going on. The daily indicators are showing mild positive divergence to price. The depth has grown buying support @ 0.10 and now has some bids @ .105
I put in a bid for 50,000 more @ .10 but don't expect it to be filled if the gold price holds up.

I don't think I mentioned that HRZ owns a couple of extraneous hard assets:


A passive jv with Richmond Vanadium Technology (RVT earning 50%)
Owns 100% of the Nimbus silver project within its Kalgoorlie tenements.

Not forgetting around $20m cash, already campaign mining at Boorara and 13% of Kingwest Resources.

$57m market cap, not bad for a +1 million oz resource next to Kal


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## Trav. (28 December 2020)

finicky said:


> Owns 100% of the Nimbus silver project within its Kalgoorlie tenements.



A little bit of track but I was actually at Nimbus when they first commissioned it, I was marking up drawings back in the hotel in Boulder and wiring the panels the next day. Not much engineering and QC went on then.

My first time building a plant from second hand crusher / mill / tanks etc, let alone never having worked before on a silver mine before

This is similar to what we had back then (of course second hand) for the silver recovery









						Merrill Crowe Plants
					

We manufacture Merrill-Crowe Plants for the recovery of gold and silver from cyanide solutions. A Merrill Crowe process lets you easily precipitate gold & silver previously dissolved by cyanide using zinc dust.  Two primary Merrill-Crowe Plant sizes are manufactured, a 10 gallon per minute plant...



					www.911metallurgist.com
				









Current view from google maps but it hasn't changed to much.


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## finicky (1 February 2021)

Pop above 4 month resistance today on improved volume. They just put a presentation out but nothing new in it, so could be a mild case of the Reddit effect - as mentioned above they do have the moth-balled Nimbus silver project.

Daily


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## finicky (18 February 2021)

Bid in for more HRZ @ 0.105

Feb 16 Proactive Investor webinair with HRZ's Jon Price presenting at 43m mark
Anticipating an exciting 50,000 drilling campaign over cal 2021 with more discovery drilling in the mix alongside the resource conversion. Mentions drilliing right up to Kanowna Belle mine (NST) and a few kms east of the Super Pit (NST) - is there a message there? I'm half expecting NST to take us out. Says 70% of their drill samples for the 20,000 metre campaign done before Xmas are *still at the lab* so strong newsflow expected. Expects enough resource upgrade to allow a development decision in the Sept Quarter leading to production in latter half of cal 2022.


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## finicky (26 February 2021)

More .. bought more HRZ, 50,000 more @ 0.10

I just reckon there could be an artificial supply of these shares, the source being the 115 million shares placement back in August 2020. Those shares were placed @ 0.14 and maybe the placees just aren't hanging around. Also don't know whether that ex director, M Ruane, has finished off-loading yet.





6 months Daily


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## Miner (26 February 2021)

I visited HRZ website and did not notice earlier that Ashok Parket, the past (?) owner of few famous hotels and chartered accountant firm in Kalgoorlie also promoter of McPherson(MCP if I am not wrong) is the chairman of HRZ.
Could Jon and Ashok being old Kal mates, are joining hands-on MCP and HRZ in the middle term?


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## finicky (26 February 2021)

@Miner 
Horizon Minerals is already the merged entity of Intermin and McPherson. The deed has been done.


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## Miner (26 February 2021)

finicky said:


> @Miner
> Horizon Minerals is already the merged entity of Intermin and McPherson. The deed has been done.



Thanks, @finicky.
I was not following it putting me  behind the spotlight


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## finicky (26 February 2021)

Intermin and MacPhersons Resources merge to create new gold exploration company
					

Gold explorer Intermin Resources (ASX: IRC) has entered into a merger agreement with multi-commodity junior MacPhersons Resources (ASX: MRP) to create new gold producer Horizon Minerals, based in Western Australia’s goldfields region.




					smallcaps.com.au


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## Miner (26 February 2021)

finicky said:


> Intermin and MacPhersons Resources merge to create new gold exploration company
> 
> 
> Gold explorer Intermin Resources (ASX: IRC) has entered into a merger agreement with multi-commodity junior MacPhersons Resources (ASX: MRP) to create new gold producer Horizon Minerals, based in Western Australia’s goldfields region.
> ...



Thanks @finicky


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## bux2000 (3 March 2021)

I am certainly no expert but there appears to be some positive news for HRZ yesterday with little reaction. It will be interesting to see what today brings.

bux


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## finicky (29 March 2021)

Well that should be equivalent of another $7M in kitty - market doesn't care, share price unmoved - flogged off a couple of royalties. Does everything right, big landholding nestled next to Kalgoorlie amidst big miners and processors, makes a few bob here and there by diverse means, already over 1M ozs Au resource with more to come, market just moons them 🥱🌚

Announcement:

Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to advise it has executed a binding royalty sale and purchase agreement with Vox Royalty Corp. (TSX: VOX) (“Vox”) to divest its 100% interest in two royalties ... under the Agreement, Vox will pay A$7 million in cash and shares.."


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## finicky (31 March 2021)

One of Horizon's satellite open pit projects is shaping up exceptionally well with assays finally back confirming continuity and grade, moreover the page below shows I believe very high grade results from the extensional drilling which indicates the deposit is still open to the west and north. The deposit already holds 73,820oz at 1.82g/t from a MRE completed in 2019. A new MRE and mine plan should be available in the June Qtr.

Of note is that this Crake deposit abuts the Janet Ivy mine tenement belonging to Norton Gold Fields which has mining a resource 336,000 ozs at 1.4g/t so not like it hasn't been done before. Norton is a subsidiary of *Zijin* Mining Group which owns the nearby Paddington mill and other surrounding mines. So many imaginable prospects for HRZ being acquired although I hope it doesn't go down that road.


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## finicky (31 March 2021)

Gold stocks index XGD down 1.9% today
Tell you what, almost *no* gold stocks were up today on my ample watchlists.
 But HRZ was - admittedly on poor volume - up 10% 
This spec stock has my imprimatur  🎢📈💣🎆


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## finicky (8 April 2021)

HRZ @ 0.12, holding a cent rise so far today. Top of its 6 month range of 0.10 - 0.12c (leaving out false breaks). Might be worth a thought next time it returns to 0.10 support - if that happens.

Much of this price stagnation could be due to an ex director of Intermin Resources (before it merged with McPhersons Resources to become Horizon Minerals) progressively selling down his substantial holding.

$4M now received into the bank from sale of non-core royalties, totalling $13M in the bank along with $5M in listed investments for HRZ. Another $3M to come after an undemanding earning condition is met.

1 Year Daily


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## finicky (27 April 2021)

Boorara Gold Project update

New MRE for the proposed base load open pit at Boorara announced. Completed trial mining and grade control drilling has defined a *smaller optimised tonnage but 34% higher grade resource* which is 77% in the indicated and measured jorc category. They expect a high conversion of resource to reserves. Financial evaluation for the mine and plant is expected in December Quarter.

This announcement does *not* include the higher grade resources being uncovered at their several satellite deposits. Going by recent and continuing exploration drilling, these satellite deposits could eventually contribute more than the Boorara pit itself to the project and at a higher grade. They expect to release a further resource update for the satellites in this June Quarter.

The *old 2018 MRE* for the top open pittable 200m at Boorara was: 
15.62Mt @ *0.94g/t Au for 474,000oz* 

The *new 2021 MRE* now for the top open pittable 200m at Boorara stands at: 
11Mt @ *1.26g/t Au for 448,000oz*


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## finicky (24 May 2021)

Still think there's an opportunity going begging here - although my batting rate isn't too flash lately (KWR, DCN, EOF). 

They picked up a few more tenement patches from a private owner recently, Aurenne Grp Hldgs, and one of the tenements has a developed u/g gold reserve starting from the base of a pit - 20,000 ozs of high grade reserve, 91% metallurgical recoverability, feasibility and mine plan already done by the vendor. HRZ hopes to find more. Close to HRZ'S proposed Boorara mill - or maybe it'll be contract mined and toll milled?

Daily chart shows a rounding correction with 12c resistance. Sure to break through meaningfully I think. Might revisit 11c.


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## finicky (27 May 2021)

Moving up, gonna break soon imo. Positive drill results reported for northernmost satellite tenements close to Paddington mill (owned by Norton Goldfields, a subsidiary of Zijin Mining)

Held


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## Sean K (27 May 2021)

finicky said:


> Moving up, gonna break soon imo. Positive drill results reported for northernmost satellite tenements close to Paddington mill (owned by Norton Goldfields, a subsidiary of Zijin Mining)
> 
> Held




For a 'non-techy guy', you post a lot of charts finicky. 

Agree though, it's looking prospective to break that 0.13 wall.


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## finicky (4 June 2021)

Ding ding ding and what not, could be toot toot before long, my target of 16c from this *base* but thinking a bid down at 12.5c could pick some up. Was up 0.135 earlier today, pinging away, going against the goldie ebb tide. Perched on top of 0.13 resistance with a 'hidden divergence' in the rsi. HRZ picked up some cheap shares and free options in the recent KWR placement. Slightly old news is that HRZ is retaining the high grade Silver/Zinc Nimbus project which is already scoped and is located very close to the proposed Boorara gold mill. Be there or be square.

Daily


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## finicky (2 August 2021)

This could be good. Kestral prospect is along trend from deposits already discovered in the Binduli tenements just 13 kms northwest of Kalgoorlie and a stone's throw from Evolution's Mungari mines and mill. Possibly an "emerging gold field" according to management, Assays from another 8 holes are pending and there are lots of targets along 10 kms of this 'Janet Ivy' shear zone. They're going to invest 10,000 metres of drilling into Kestral including diamond drilling and are going much deeper, down to 250 mtrs which has never been explored before and also drilling beyond the 200 mtrs of strike identified so far.


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## finicky (4 August 2021)

10 kms of strike to drill at Binduli prospect - 10,000 mtrs of rc and diamond allocated - says the geo is very excited - panning gold from every hole - 8 holes still at the lab - reckons they've "cracked the code", no outcrop, 30 metres of cover, next drilling down to 250 mtrs.


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## finicky (30 September 2021)

In for another 40,000 @ 0.105
Company has done nothing but improve its position since I started buying and yet is still at my average buy price, good opportunity for patient goldbugs imo
Also I get a taster of other stocks with HRZ, e.g KWR and MHK
I'll try to add my estimate of the value of Horizon's KWR holding later as HRZ is KWR's major shareholder
Edit:
Yeah, so going by my previously posted figure, HRZ now owns 18% of KWR and has some prerogative or other about who gets to participate in KWR's devlpt, sorry about tge vagueness. So 18% is 'only' about $5m at KWR'S current capitalisation but don't forget that KWR could be boomtown in future if that Goongarrie discovery is really a Kanowna Belle analogue.


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## finicky (15 November 2021)

Best close in 14 months for HRZ today.
Should correct that HRZ'S holding in KWR is diluted to about 15% now after not participating in the lastest KWR placement.

Daily


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## finicky (22 November 2021)

_Great, this Vanadium project that HRZ is joint venturing in N.Q was recognised in the Aust Govt Critical Minerals prospectus (2020). Horizon has previously said that the partnership is seeking an offtake partner, maybe this will be a purchaser of HRZ's 25% share?_

"The JV conducted additional drilling in 2019 and updated the Mineral Resource Estimate in 2020 in line with the JORC 2012 Code to:

*1,838 Mt at 0.36% V2O5 and 256 g/t MoO3* at a 0.30% V2O5 lower cut-off grade.

The scale of the project places it as one of the largest undeveloped vanadium resources in the world, which is close to surface and remains open in all directions"


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## finicky (3 January 2022)

My least confident pick for the 2022 comp. As can be seen on the 5 year weekly chart the 15c level has defeated the rallying price a number of times save a false breakout. Perhaps another discovery or the next MRE and prefeas will boost it over the line.

As a side hustle, HRZ's 15% ownership of KWR might do the job as well as providing a good start for capitalising a process plant. I would be disappointed at anything less than a 5 bagger gain for KWR in the event of a major discovery beneath Lake Goongarrie. Current market cap of KWR is $48m, a 5 bag would take it to $240m which would make HRZ's share $36m. A 10 bag for KWR: worth $72m to HRZ.  This calc igores tax and any future KWR dilution.

Weekly


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## finicky (19 May 2022)

Equal highest daily volume in at least 2 years, price up 28%. *But they wait until 2.20pm* to announce a pause in trading.


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## Dona Ferentes (5 December 2022)

_concentrating on their knitting:_


Richmond Vanadium Technology (RVT)  owns 100% of the Richmond Vanadium Project following *Horizon Minerals Ltd (HRZ)* completing a restructure of its 25% interest in the Project.

The Richmond Vanadium Project is one of the largest undeveloped oxide vanadium resources in the world with a Mineral Resource (JORC 2012) of 1.8Bt @ 0.36% for 6.7Mt V2O5. ....

Richmond Vanadium Technology has completed a Pre-Feasibility Study at the 1.8Bt Richmond Vanadium Project, which demonstrated a technically viable and financially attractive development project. ...

The IPO of RVT is in Dec 2022 and raised $35 million


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