GW1 - Greenwing Resources

[YOUNG_TRADER]

Vince/YT- I think I am missing the significance of the surface results today... they seemed to be at levels that are not exciting enough to qualify for a mine (i.e. <0.5% Zn compared to driving results of BSM which were >5%). Are surface samples indictative of a shallow deposit in the area? A little help please...

Also (got the dunce cap on here) why did BSM do their latest capital raising at 16c when he SP was trading ~20 at the time? (Surely this had a part in the retracement of the SP back to 17c momentarily last week)

But hey- what am I complaining for? Back at 22 today...

Private placements are usually done with sweeteners, ie discount to price, free opies, both etc

Surface samples are meant to be indicative of whats below, but just a much more dilluted representation,

also suggests open pittable nature, as the ore is close to surface, needs to pop 25c to get me excited

 

[Sean K]

Pretty sketchy chart. Stopped at resistance at $0.22. Would be pretty positive moving through that. Had a good run the past week or so, due for a breather perhaps.....

 

[vince]

Always a chance of AGM processing some ore thru hellyer conventional mill of course they trialled some tonnes. thru there and were more than happy results (better than expected ) the biggest issue is mills are scarse because of metal prices and INL ,s hellyer mill have had 9 enquiries in the last 6 months, 12 months ago there were contemplating selling it !!! Cheers Vin

 

[vince]

Not sure Juddy --but certainly AGM ore was trialled thru hellyer conventional mill early this year and they were very pleased with the results better % than they expected ,but hellyer mill, it appears will get busy , in fact INL have had 9 enquiries in the last 6 months re the mill , 12 months ago it was tossed around to sell it !!! but now everybody is looking for a processing plant. By the way inl bsm and agm all use ammtecs burnie research lab for assessing ore, bet they look -over each others shoulder. Cheers Vin

 

[Sean K]

At $0.23, broke through .22 easily.

 

[vince]

Guess by now all are aware AGM has/is in talks with another group to start early production ,they have found a mine not in use close to where their mine is located. which now leaves BSM to be able to process ore at the hellyer mill.

 

[juddy]

FYI article in Business section of Today's West Australian.

http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=4712

Bass keeps ball rolling with new mines plan
28th August 2006, 8:00 WST

Already less than six months away from a small-scale production start at its Que River base metals project in north-west Tasmania, Perth explorer Bass Metals is also hoping it will be able to snag a major discovery shortly at its surrounding ground.


While many small explorers would have thrown all their efforts into near-term production opportunities such as Que River, where 250,000 tonnes of high-grade copper-lead-zinc ore is slated for mining later this year, Bass has also spent the past eight months compiling a detailed geological model of the region for long-term exploration planning.

Bass chief Mike Rosenstreich said the company first compiled a three-dimensional geological map of its tenements to identify conceptual target areas. It then overlaid the results of past geophysical surveys and historical exploration data.

The process identified 65 completely new targets including North Rosebery, an area subjected only to limited past work, just 4km north of the big Rosebery base metals mine.

Mr Rosenstreich said the study indicated North Rosebery shared all the key characteristics of Rosebery, including the same suite of rocks and regional structural features associated with the Rosebery deposit.

But although several significant geophysical anomalies were identified in the mid-1990s, the area has been only sparsely drilled.

Fresh rock chip sampling by Bass last week returned samples grading up to 1.3 per cent lead, 4.2 per cent zinc and 136 grams per tonne silver, which it believes are analogous with the Rosebery deposits, especially given past drilling traces of elevated manganese ”” another key signature of the Rosebery mineralisation. North Rosebery is now a high-priority target that Bass expects to drill once a second rig, due shortly, has completed drilling at Que River. Bass is also about to start a 7000m diamond drilling campaign at its Hellyer leases, a few kilometres farther north, where Mr Rosenstreich said there was a good potential to identify rich Hellyer-style zinc mineralisation.

Having just raised $3.2 million, Mr Rosenstreich said Bass had enough firepower to fund work on all three key projects, including Que River.

Bass expects Que River alone to generate a cash surplus of more than $9 million at current prices.



John Phaceas

 

[YOUNG_TRADER]

Presenting in Hong Kong and Singapore,

Wouldn't be suprised to see some more mone flowing into this company, current cap is under $15m, well funded, JV with ZFX and small scale cash flow operation to start soon,

 

[juddy]

looks like the presentations may have stirred up some interest. Buy side looking healthier now.

 

[YOUNG_TRADER]

Current mkt cap $10m what a joke!
I see 80c by Sept

Time shall tell who was wiser, myself or the mkt!

Well as usuall the mkt was wiser than I was

But I still have alot of faith in this minow, although due to placement, my target has been revised downwards to 60c,

Interesting close with a large 500k buy order popping up,

 

[maffu]

A nice announcement from BSM today just moved up the price a fair bit. Price is up about 15% at the moment to .28.

 

[YOUNG_TRADER]

Sorry for delayed info (have been absent for last few days)

BSM released some great drill results on Monday which rocketed the share to 30c (an all time high) on large volume, unfortunately given the huge sell off the mkts have seen the last few days BSM has been a vicitim too,

Whats important to note is that those results released were for 4 drill holes only, there waiting on results for another 20-25 holes so expect plenty of news flow over the next few weeks,

Key Points
• Infill drilling on shallow portions of the S-Lens Mineral Resource returned
further positive results including:
8.5 metres at 4.1% copper, 85g/t silver & 0.6g/t gold from 55.4 metres
downhole;
14 metres at 4% zinc, 1.2% lead & 18 g/t silver from 23.5 metres downhole
including 2.4 metres 11% zinc, 2.2 % lead & 30 g/t silver;
10.5 metres at 12% zinc, 4% lead and 46 g/t silver from 66.4 metres down
hole; and,
2.6 metres at 7.1 g/t gold and 39 g/t silver from 3 metres downhole.


BSM is still capped under well under $20m (fully dilluted with all optins etc)
Has a JV with ZFX to explore and is finalising agreements to toll treat its ore with either ZFX's Rosebury, or INL's Hellyer,
To compare CQT has a mkt cap just under $100m

I see a very nice depsoit shapping up,

Watch for more promising drill results

 

[juddy]

have been soaking a few of the panic sellers up yesterday and today YT and I had a bit of competition today.

 

[juddy]

From another one of their projects:

Bass Metals Ltd is pleased to provide an update on drilling results at its 100%-owned Mt Charter gold-silver project in western Tasmania.

Key Points

Further positive results from 2 diamond drill holes demonstrate continuity of gold-silver and zinc mineralisation; highlights include:
• 59 metres grading 1.7 g/t gold (equiv.*) from 52 metres down hole including 14 metres at 2.5 g/t gold (equiv) and 2.2 % zinc.
• 14 metres grading 2.0 g/t gold (equiv.) from 39 metres down hole.
• 13 metres from 64 metres grading 2.2 g/t gold (equiv.).
Gold equivalency is based only on gold and silver assays at a 1.0 g/t gold assay cut-off using current metal prices.
• Latest results are consistent with previous wide gold-silver (+/- zinc) intercepts confirming a large shallow zone of mineralisation.
• Snowden Mining Industry Consultants Pty Ltd has commenced a mineral resource estimation process.


Mt Charter Project
The Mt Charter project comprises an extensive outcropping gold-silver mineralised system. Assay results were received for the last 2 drill holes of the recently completed 12 hole programme. A summary of results for MCD35 and MCD36 is presented below:

These two drill holes are shown in the drill hole location plan in figure 1; and MCD35 is presented in cross-section in figure 2.
MCD35 was designed to test the down-dip continuity of mineralisation intersected in MCD26 and MCD27, namely:
• MCD26 – 59 metres at 1.3 g/t Au, 31 g/t Ag including 16 metres at 2.2% Zn; and,
• MCD27 – 28 metres at 1.2 g/t Au, 41 g/t Ag and 2% Zn and 9 metres at 1.3 g/t Au and 32 g/.t Ag.

The MCD35 intercept of 59 metres at 1.4 g/t Au and 14 g/t Ag has confirmed the vertical continuity of the gold-silver-zinc mineralisation within the central portion of the drilled zone. In this area gold-silver-mineralisation is interpreted to occur to a depth of around 100 metres over a width of approximately 100 metres confirming the Company’s view of the potential to delineate shallow, wide zones of low to moderate grade mineralisation.

MCD36 was drilled to the north-west, across the trend of the other drill holes to provide extra information on the trend of mineralised structures. This drill hole also intersected wide mineralised intervals generally consistent with the results obtained in nearby drill holes and appears to have more clearly defined the southern limit to this zone of mineralisation.

Snowden Mining Industry Consultants have commenced resource estimation work and metallurgical testwork is continuing with results from both studies planned to be available in early October. A summary of all significant drill results is presented in Table 3 to illustrate the shallow robust gold-silver results at Mt Charter and to highlight the additional potential zinc credit.


Commentary

Bass Metals has generated further positive drill results defining shallow, wide zones of gold-silver and sometimes zinc mineralisation associated with strong barite alteration at Mt Charter. The results achieved to date are consistent with results reported previously and indicate a substantial, shallow gold-silver (zinc + barite) deposit with an interesting and potentially economic zinc and barite credit with favourable mining geometry.

 

[YOUNG_TRADER]

I'm eagerly waiting to see their other results at S-Lens those meaty copper hits of 8m @ 4% are very very interesting,

Hopefully the next few results at S-Lens will show some more meaty Copper Hits!

And yeah good to see the Mt Charter Open Pit Cash Cow project shaping up

 

[YOUNG_TRADER]

Sorry for delayed info (have been absent for last few days)

BSM released some great drill results on Monday which rocketed the share to 30c (an all time high) on large volume, unfortunately given the huge sell off the mkts have seen the last few days BSM has been a vicitim too,

Whats important to note is that those results released were for 4 drill holes only, there waiting on results for another 20-25 holes so expect plenty of news flow over the next few weeks,

Key Points
• Infill drilling on shallow portions of the S-Lens Mineral Resource returned
further positive results including:
8.5 metres at 4.1% copper, 85g/t silver & 0.6g/t gold from 55.4 metres
downhole;
14 metres at 4% zinc, 1.2% lead & 18 g/t silver from 23.5 metres downhole
including 2.4 metres 11% zinc, 2.2 % lead & 30 g/t silver;
10.5 metres at 12% zinc, 4% lead and 46 g/t silver from 66.4 metres down
hole; and,
2.6 metres at 7.1 g/t gold and 39 g/t silver from 3 metres downhole.


BSM is still capped under well under $20m (fully dilluted with all optins etc)
Has a JV with ZFX to explore and is finalising agreements to toll treat its ore with either ZFX's Rosebury, or INL's Hellyer,
To compare CQT has a mkt cap just under $100m

I see a very nice depsoit shapping up,

Watch for more promising drill results

Ok so its been another 3 weeks, but like I said BSM has recieved more assays results from drilling and guess what? They're good as well, mkt is seriously undervaluing this multi project base metal company,

Well theres still more assays to come ove the next few weeks, but heres the recent

11.6 metres at 1.2% copper, 5% zinc 1.6% lead and 38g/t silver from 22.6 metres downhole;
4.9 metres at 2.1% copper 68 g/t silver and 1.1 g/t gold from 45.6 metres downhole;
3.6 metres at 3.6% copper, 4.4% zinc, 3.6% lead and 66 g/t silver from 18.5 metres down hole; and,
0.6 metres at 35% zinc, 14.1% lead, 100g/t silver and 4.2 g/t gold from 13 metres downhole as well as 1.4 metres 21.6% zinc, 7.4% lead 115g/t silver and 4.0 g/t gold from 16 metres. 3.5 metres at 7.2% zinc, 4% lead and 35g/t silver from 29.6 metres downhole.
5.7 metres at 13.9% zinc, 8% lead, 146g/t silver and 4.3 g/t Au from 10.3 metres downhole.
5.0 metres at 8.3 g/t gold 264 g/t silver from 6.6 metres downhole.

 

[YOUNG_TRADER]

Slightly increasing volume day by day and price edging up suggests more positive assays from drilling, faces 25c resistance (needs to get to and hold 27c IMO to clear this) then faces Day traders resistance of 30c (there was heavy trading at this price on back of first drill/assay results)

Once it clears 30c its on to blue skys, my target valuation is about 60c

 

[Kipp]

Slightly increasing volume day by day and price edging up suggests more positive assays from drilling, faces 25c resistance (needs to get to and hold 27c IMO to clear this) then faces Day traders resistance of 30c (there was heavy trading at this price on back of first drill/assay results)

Once it clears 30c its on to blue skys, my target valuation is about 60c

Heya YT, I would of said more than "slightly" increasing volume.... 650,000 is pretty strong for BSM, although it's average is 260,000... that is due to a few days 1M+ days (I consider the average trading day to be closer to 100,000) do you take this to mean more drilling anncts on the way? Or do you think the increased interested is attributable to the Zinc rally at the moment (at some point it had to trickle down down to the speccies... it has given a nice surge to ZFX, CBH already...)

 

[YOUNG_TRADER]

Hey Kipp,

I reckon its a bit of both, the fact that we know more results are due out (and that the ones already released have been very good) combined with booming base metal prices/returning bullish sentiment etc


BSM may be on the verge of a chart breakout, I've got a line drawn at 25c which is where I see the cap on price being at, today it has gapped open on light volume at 25.5c, I would want to see 26-27c with decent volume and buy depth but nevertheless technically it looks like its about to break out

Sean a chart would be great if you don't mind (I've got support line at 22c with resistance line at 25c sound right?)

 

[YOUNG_TRADER]

And more good drilling results,

This company is really gonna suprise, like I've said unlike others it doesn't have to worry about full feasibility for its projects because it is in the process of signing off on toll treatment agreement with either INL of ZFX for use of their plants, so its a dig it up and truck it 50km's type operation very low cap-ex and given the resource intercepts n JORC I reckon this will Net them way more than the mkt thinks, an outdated stage 1 estimate gave NPV of $10m, I think stage 1 will be more in the order of $20m (over 12-18mths) Stages 2+ will probably net another $50m or so over 2-3yrs and its still expanding resource day by day, not to mention its other 3 projects, one of which includes a JV with ZFX!


Re: POSITIVE DRILL RESULTS FROM NICO LENS, QUE RIVER
Bass Metals Ltd is pleased to provide the following update on its drilling programme at Que River.
Key Points
• Results for 7 diamond drill holes into shallow portions of the Nico Lens at Que River have yielded encouraging results and highlighted the presence of a second parallel lens position at Nico referred to as Nico West. Better results include:
5.4 metres at 10.8% zinc, 3.2% lead, 109g/t silver and 1.5g/t gold from 57.5 metres downhole;
5.2 metres at 6.1% zinc, 4.0% lead, 60g/t silver and 1.5g/t gold from 47.8 metres downhole and 5.9 metres at 8.4% zinc, 5.2% lead and 103g/t silver from 66.2 metres;
3.3 metres at 6.5% zinc, 3.8% lead and 58g/t silver from 37.7 metres downhole;
4.1 metres at 5.2% zinc, 5.8% lead and 95g/t silver from 52 metres downhole; and
2.9 metres at 11.3% zinc, 6.7% lead, 146g/t silver and 1.7g/t gold from 82.9 metres downhole.