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Seems like a cheap (~$10m) explorer with $1.7m cash as at Dec 2006 and $1.6m worth of shares in WLF (2m shares at 82c). Expecting to spend $300k next qtr. 41m shares, 12m 31/10/07 20c options. $10m market cap at 24.5c.
WESTERN AUSTRALIA
Emperor/Quartz Circle Prospects Near Nullagine, WA. Possible VMS (a la FXR or Golden Grove).
12m @ 2.07% Zn, 1.1% Pb from 60m in hole GM5,
4m ..@ 4.48% Zn .............from 56m in hole GM7 (eminently open pittable depth),
16m @ 1.78% Zn .............from 56m in hole GM9. These holes are from the Emperor prospect.
[28/4/06]
52m @ 4.3% Zn from 48m depth in hole GM21. Includes 8m @ 8.2% Zn. This hole is located 200m north of the Emperor prospect. The hole was drilled beneath a gossan outcrop which assayed 2.9% Zn. The gossan has been traced 500m north from hole GM9, which was formerly the northern limit of drilling.
27/10/06
4m @ 6.67% Zn, 39 g/t Ag, 0.47 g/t Au from 176m in hole GM36 at Emperor. Hole finished in mineralisation and is to be deepened. DHEM (downhole electromagnetics, to test for off-hole conductors) is planned. Igloo copper prospect about 1km east and 500m north of Emperor got
10m@ 8.50% Cu, 140 g/t .Ag, 2.77g/t Au in hole IG12
4m .@ 7.18% Cu, 40 g/t ..Ag, 0.52 g/t Au from 42m AND
3m .@ 13.66% Cu, 146 g/t Ag, 5.52 g/t Au from 53m in hole IG14
NEW SARF WALES
Wertago Cu-Pb-Zn project. Numerous old workings in the area. The Wertago project encompasses an area of historical copper mining as well as the Silverfields silver and lead workings. Previous limited drilling by CRA has intersected some good grades including 2m @ 4.6% Cu below old copper workings (at Eclipse) but there is potential for a large deposit such as a Cu-Au porphyry or a Century-style zinc deposit. Production was up to 30% Cu. Little modern exploration. Zn is known to be present, but the core was not assayed for Zn. A historical gold hit of 12m @ 4.6g/t Au was not followed up by more drilling.
Copper Ridge Project There is little published information on this prospect because it has never previously been held as an exploration licence. Previous work has been confined to small-scale copper mining for which there are no production records. The mineralization occurs as narrow individual lodes which repeat as parallel reefs, and may be a sheeted vein system. Alternatively the mineralization could relate to an intrusion of Cu porphyry style.
Gulf Creek Cu Project The Gulf Creek copper mine represents the largest copper mine of its type in the New England region of NSW and was primarily mined between 1889 and 1912. Over 35,000 tonnes of Cu ore was mined at an average grade of 5% Cu over the mine life. Higher grades were recovered from some areas such as the Fishers Mine, with head grades exceeding 15% Cu. Mine records estimate that ore reserves up to 50,000 tonnes of ore grading 2.7% copper, and 4.5% zinc could remain in the known ore lenses.
WLF Shareholding
WESTERN AUSTRALIA
Emperor/Quartz Circle Prospects Near Nullagine, WA. Possible VMS (a la FXR or Golden Grove).
12m @ 2.07% Zn, 1.1% Pb from 60m in hole GM5,
4m ..@ 4.48% Zn .............from 56m in hole GM7 (eminently open pittable depth),
16m @ 1.78% Zn .............from 56m in hole GM9. These holes are from the Emperor prospect.
[28/4/06]
52m @ 4.3% Zn from 48m depth in hole GM21. Includes 8m @ 8.2% Zn. This hole is located 200m north of the Emperor prospect. The hole was drilled beneath a gossan outcrop which assayed 2.9% Zn. The gossan has been traced 500m north from hole GM9, which was formerly the northern limit of drilling.
27/10/06
4m @ 6.67% Zn, 39 g/t Ag, 0.47 g/t Au from 176m in hole GM36 at Emperor. Hole finished in mineralisation and is to be deepened. DHEM (downhole electromagnetics, to test for off-hole conductors) is planned. Igloo copper prospect about 1km east and 500m north of Emperor got
10m@ 8.50% Cu, 140 g/t .Ag, 2.77g/t Au in hole IG12
4m .@ 7.18% Cu, 40 g/t ..Ag, 0.52 g/t Au from 42m AND
3m .@ 13.66% Cu, 146 g/t Ag, 5.52 g/t Au from 53m in hole IG14
NEW SARF WALES
Wertago Cu-Pb-Zn project. Numerous old workings in the area. The Wertago project encompasses an area of historical copper mining as well as the Silverfields silver and lead workings. Previous limited drilling by CRA has intersected some good grades including 2m @ 4.6% Cu below old copper workings (at Eclipse) but there is potential for a large deposit such as a Cu-Au porphyry or a Century-style zinc deposit. Production was up to 30% Cu. Little modern exploration. Zn is known to be present, but the core was not assayed for Zn. A historical gold hit of 12m @ 4.6g/t Au was not followed up by more drilling.
Copper Ridge Project There is little published information on this prospect because it has never previously been held as an exploration licence. Previous work has been confined to small-scale copper mining for which there are no production records. The mineralization occurs as narrow individual lodes which repeat as parallel reefs, and may be a sheeted vein system. Alternatively the mineralization could relate to an intrusion of Cu porphyry style.
Gulf Creek Cu Project The Gulf Creek copper mine represents the largest copper mine of its type in the New England region of NSW and was primarily mined between 1889 and 1912. Over 35,000 tonnes of Cu ore was mined at an average grade of 5% Cu over the mine life. Higher grades were recovered from some areas such as the Fishers Mine, with head grades exceeding 15% Cu. Mine records estimate that ore reserves up to 50,000 tonnes of ore grading 2.7% copper, and 4.5% zinc could remain in the known ore lenses.
WLF Shareholding
Copied from todays' Sanford Securities newsfeed ("around the traps with the Ferret" column):
