AYT - Austin Metals

[System]

Silver City Minerals Limited (SCI) is a base and precious metal explorer focused on the Broken Hill District of western New South Wales, Australia. SCI was established in May 2008 to explore specifically in the District where it controls approximately 1700 square kilometers of exploration tenure through various Sale and Joint Venture agreements.

http://www.silvercityminerals.com.au

 

[springhill]

Issued Shares: 98 million
Escrowed Shares: 14.4 million
Listed Options: 29.2 million
Unlisted Options: 19.8 million
Escrowed Options 7.4 million
Market Cap: $9.8 million
Cash: $7.7 million

Major Shareholders:
The Sentient Group: 17.45%
PlatSearch Group: 14.58%
Fitel Nominees: 6.53%
Top 20 : 69.53%

Allendale Mine
•10m at 4.1% Pb, 12% Zn, 29g/t Ag
•2m at 8.4% Pb, 11.5% Zn, 39.2g/t Ag
•2m at 5.0% Pb, 6.8% Zn, 44.3g/t Ag
•3m at 4.0% Pb, 9.2% Zn, 31g/t Ag
•7m at 2.5% Pb, 2.3% Zn, 21g/t Ag
•9m at 2.5% Pb 3.1% Zn, 19.7g/t Ag

Umberumberka Silver Project
•First phase drilling 2m at 254 g/t silver and 6.3% lead
•Historic silver mine produced 1 million ounces.
•Historic grades 800g/t silver and 10% lead.
•Potential for bulk tonnage to include brecciated wall rock.
•Potential for high grade supergene ores.
•Second phase drilling scheduled late June.

Razorback West
•Large coincident Gravity and Geochemical Anomalies
•Potential northern extension of Broken Hill Line of Lode. Offset along Stephens Creek Shear Zone
•90% of anomaly under thin cover

Apollyon Valley Silver Project




•Large Fault Structure
•Extensive lead anomaly- strong lead-silver association
•High Grade Historic Silver Mines
•Potential for High Grade Veins and near-surface leachable stockwork deposits
NEVER BEEN DRILL TESTED

This is absolutely going in my LLP thread, cashed up with alot of potential.

 

[burglar]

Annnounced yesterday:
"Zinc Intersections at Champion"

http://www.asx.com.au/asxpdf/20120704/pdf/42774thk11w3wb.pdf

 

[springhill]

Razorback West Drilling Results


Silver City Minerals Limited (ASX:SCI) is pleased to release the results of a sixteen hole reverse circulation (RC) drilling program at Razorback West located approximately 20 kilometres northeast of Broken Hill.

This work is the first significant drill investigation of a large, concealed lead and zinc anomaly identified by RAB drilling (Figure 2). The RC holes have located a zone of geochemically anomalous rock comprising predominantly metamorphosed sandstone and siltstone which have been altered to chlorite and sericite. The rock also hosts abundant blue quartz and fine grained garnet which is commonly associated with Broken Hill type (BHT) mineralisation. The anomalous rock package is approximately 50 metres wide, steeply dipping and contains elevated concentrations of galena (lead sulphide) and sphalerite (zinc sulphide). In addition other sulphide minerals including pyrite, pyrrhotite (both iron sulphides) and chalcopyrite (copper sulphide) have been identified.

The package is characterised by broad down-hole intersections of zinc in the order of 0.1 to 0.2% and manganese in the order of 0.1 to 0.3%. (Table 1; Figure 3). In contrast lead occurs as disseminated galena in discrete zones within sandstone units. For example hole 12RB013 returned 6 metres at 0.43% lead from 51 metres including 1 metre at 1.20% lead from 53 metres and 3 metres of 3.6 g/t silver from 51 metres.

The drill data indicates the presence of significant quantities of zinc and manganese with localised, elevated lead and silver mineralisation. BHT mineralisation is characteristically hosted within broad zones of anomalous rock similar to that intersected in the first pass drilling by Silver City. If massive sulphide ores are present in the area the Company would expect them to be located within corridors of anomalism such as those identified here. The company proposes to investigate the use of ground geophysical techniques such as induced polarisation and electromagnetics in order to target enriched sulphide zones.

 

[springhill]

High Grade Base Metal Intersections at Allendale

New Zone containing 10 metres at 6.2% zinc, 3.4% lead and 26 g/t silver including 3
metres at 11.4% zinc, 8.9% lead and 67 g/t silver in hole 12AN035.


Silver City announce that it has continued to intersect base metals and silver in massive sulphide mineralisation in a second phase of drilling at the multi-commodity Allendale project located near Broken Hill, NSW, Australia.

Complete assays for four holes and partial assays for one hole have been received for this fifteen hole program

Hole 12AN035 is of particular interest as it has intersected sulphides in a zone which has not been encountered or was previously poorly represented in earlier drilling.
This zone has an estimated true thickness of 7 to 8 metres and is referred to as the Eastern Zone.

The Company has drilled another hole; 12AN039 designed to intersect the projected extension of the sulphides in 12AN035.
This hole has also intersected sulphide mineralisation some 30 metres down-dip. Visual estimates of hole 12AN039 indicate this mineralisation is narrower and zinc rich. Analytical results are pending.

 

[springhill]

Exploration Schedule for Sept Quarter


It is anticipated that the current phase of drilling will be finalised in late July 2012. This will include diamond drilling at Stephens Trig. At the time of writing a significant number of analyses of drill samples were pending and further drilling will be dependent on these. Compilation and interpretation of the geological and analytical data is ongoing.

The Company anticipates drilling two new projects; Mount Brown and Ziggys during the September Quarter. Evaluation and planning of other programmes are also progressing.

 

[springhill]

SCI presentation
http://www.asx.com.au/asxpdf/20120821/pdf/4284jwcpvvmf8r.pdf

 

[springhill]

SCI have performed well since mid-December. A maximum level of 75% increase in SP in the ensuing period would delight most.
Volumes traded have been up on the 3 months before December, though a day of trades higher than 500,000 volume has yet to be registered.

Investor Newsletter published Dec
Key Highlights
• Strong cash position of $6 million; well funded to continue exploration programs
• Encouraging drilling results received at key prospects
• 16,000m drilling undertaken since listing
• RAB drilling was recently completed at 2 new projects
• Geophysical programs underway on two key projects
• Priority prospects to be tested in 2013 exploration campaign

On Jan 15th
Silver City identifies Geophysical Anomalies at Razorback West
• Silver City identifies IP chargeability anomalies at Razorback West.
• Anomalies coincident with zones of elevated lead and zinc geochemistry and a distinctive elongate gravity anomaly.
• Broken Hill type (BHT) lode rocks with elevated lead and silver located within IP anomalies.
• Anomalies provide targets for follow-up drilling.

 

[Lisa Edwards]

Any current thoughts, looks like it's a good buy a the moment.

 

[Joe Blow]

Any current thoughts, looks like it's a good buy a the moment.

Hi Lisa, can you explain why you believe SCI is a "good buy"?

Please note that we do not permit members to recommend that others buy or sell particular stocks.

 

[Craton]

....and no answer. Funny that.

I looked at SCI at the IPO offer. Didn't buy then but did so on recent lows, spec stock punt for sure but I do like the board and the consolidation of B/Hill tenements.

 

[greggles]

SCI is to acquire an 80% interest in the highly prospective Austin Gold Project from Gardner Mining Pty Ltd through the acquisition of Gardner Tenements Pty Ltd. The Project is located in the prolific gold mining district of the Mt Magnet and Tuckabianna Greenstone Belts of WA.

SCI has a market cap of under $10 million, so any decent assay results from this Project is going to see the share price run. Minimal modern day exploration has been conducted on the Project. However, some limited shallow drilling that has never been followed up intersected high grade gold.

• 6m at 15.8g/t Au from 36m (including 2m at 43 g/t Au)in BGRC-03 at the Brunswick Hill prospect; and
• 2m at 4.9g/t Au from 32m at the end of hole in AUSRC20 at Brians prospect

The acquisition will cost SCI 300,000,000 FPO shares at a deemed issued price of 1.5c, so $4.5 million in total. $1.5 million in working capital is also being raised at the same price of 1.5c per share.

A promising acquisition and some real potential here.

 

[greggles]

Another gap up today for SCI after reporting that high grade rock assay results from the Austin Gold Project were returned from 3 priority prospects including:

Up to 1,109 g/t gold (35 oz/t) from the Brians prospect
Up to 57.1 g/t gold (1.8 oz/t) from the Teds prospect area; and
Up to 10.2 g/t gold at the Mt Sandy prospect area

It is becoming apparent that the Austin Gold Project acquisition looks to have been a very smart buy for SCI if these rock assay results are anything to go by.

 

[Craton]

As SCI was a spec buy, got out with a gain and have watched the SP head south ever since. Might be worth another spec nibble.

 

[frugal.rock]

Might be time for a revisit look at this one.
Announcement today looks interesting.
Most of the nuggets found don't look too worn.
Just because there's nuggets though, doesn't mean the source still exists as it may have all shedded a long time ago...

 

[System]

On December 6th, 2021, Silver City Minerals Limited (SCI) changed its name and ASX code to Austin Metals Limited (AYT).

 

[Faramir]

This is the AYT I wanted, not the funds manager from Adelaide.

 

[Faramir]

I know nothing about mining but this seems like a positive announcement on Christmas Eve.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02471356-2A1348485?access_token=83ff96335c2d45a094df02a206a39ff4

Key Highlights
• Austin Metals has been particularly active at the Austin Gold Project with various surface sampling, geophysical programs and drilling being conducted recently as part of the first material exploration programs at the Project to date.
• First ever drilling program of significance at the Austin Gold Project, and the first conducted by Austin Metals, has yielded some encouraging shallow results from the Brunswick Hill prospect:
o 1m at 8.9 g/t Au within an interval of 8m at 1.5 g/t Au from 64m; o 8m at 1.2 g/t Au from surface;
o 4m at 1.3 g/t Au from 56m;
o 4m at 1.1 g/t Au from 52m.
• Results to date have significantly enhanced the Company’s understanding of the Project and assays for 2 diamond holes at Brunswick Hill remain outstanding.
• 7 new drill targets have been identified at Brunswick Hill and Mt Sandy from IP surveys completed which show a positive correlation between IP chargeability highs and significant gold intersections associated with strongly disseminated pyrite.
• New 2.5km long gold anomaly identified at the Old Granites prospect through 39 new rock assay results and additional historical information, with high grade assays up to 15.3 g/t Au received and the prospect yet to be drill tested.
• The Company will now prioritise efforts at the very large Shadow prospect area given recent encouraging results and its prospective location being 2-5 kms from the high grade White Heat and Big Sky gold discoveries by Musgrave Minerals Ltd. At Shadow:
o 4 significant gold-in-soil anomalies extending for over 3kms have been identified and are proximal to where numerous gold nuggets have been found.
o Assays are pending for 168 shallow aircore holes that were designed to test the soil anomalies and where significant quartz veining has been observed.
o A further 700 soil samples are awaiting assays in early 2022.
o A gravity survey is scheduled for early 2022 to assist ongoing exploration targeting since a similar survey was utilised successfully to identify gold-
bearing structures by Musgrave.

 

[Faramir]

I am picking this stock for Jan 2022 Tipping Comp