HLX - Helix Resources

[Sean K]

HLX being boring lately. Snore. :sleeping:

Next news might be from Glengurgh, or Tunkillia, although you'd think AQA are going to have to release some drilling results from Yalleen as they come to hand to keep the market informed. Surely?

Any guesses on a JORC at Yalleen. Pretty hard without knowing some drill results and the average thickness of the ore. They're 'targetting' 100Mt and off their statements they state: 2700 x 900 x 15 x 2.5 = 91Mt, so 100Mt thereabouts.

Chart wise treading water between 40 and 55.....:sleeping:

 

[pk_wasp]

Hi

Is the project at Yalleen hematite?

I'm bought into HLX for their gold project an update on that would be great, given gold prices.

 

[Sean K]

Hi

Is the project at Yalleen hematite?

I'm bought into HLX for their gold project an update on that would be great, given gold prices.

Yes haematite. There's a few different strikes of different iron formations so you need to check that out. This presentation shows what they have there. They recently ran on the Yalleen project I think and not the gold or uranium. Any good gold results at this time would be nice. Not sure how they'll hold up Monday with all the doom and gloom, but on the current chart 40 looks solid. Results from the iron exploration drilling could push it out of the trading range one way or the other....

 

[Absolutely]

Yes it's the ironore prospects that's keeping 'em afloat right now. They must have something there with those big players taking a major stake at 48.5c.

I am not sure gold is their mainstay but it's a possible additional contributor down the track. The company would seem to have lots of opportunities out there.

It just makes me laugh how skittish and forgetful the market is. HLX ran back to 50c from low 40s when the placement was announced before Christmas - yet with no additional news during the holiday period (unlikely anyway) people have gotten bored again and let it drift back to low 40s (at one point anyway).

Course it would make sense to get more at that level - christ the new players were in at a 20% premium to that. Well I am heavily involved already so havn't. Unfortunately some other part of my mental or physical being is over-riding what my brain is telling me.

 

[jtb]

Morning gents,

Have put some feelers out re: Yalleen and Tunkillia so will advise if I hear anything.

I wonder if we may hear something out of our SA interests now that MEP have a dedicated business manager?

http://www.minotaurexploration.com....72fadf/Business Development Manager-Nov07.pdf

This AQA / AMCI thing seems interesting doesn't it?

Going off the ann' today (and AMCI's recent swoop) looks they may be set to slug it out?

 

[jtb]

Yes it's the iron ore prospects that's keeping 'em afloat right now. They must have something there with those big players taking a major stake at 48.5c.

Hey Ab',

Care to speculate on CUL's interest today

I figure the AMCI 5% stake has got some hearts racing (just catching up on the announcements).

Crunching numbers I figure that fully diluted CUL are now valued at a $100 mil MC (17.5c) while we're sitting @ $65 mil (43.5c).

AMCI bought 17% of us


Jorc/PFS is getting nearer Kenna's

 

[Go Nuke]

Well doesn't look good today after 40c support was broken
Buyers gone.

Any ideas as to where the sp might be headed.
Technical I see the MACD now in the negative and the 20MA about to cross down through the 50MA.
Guess the whole market was C(@P today and there might have been some profit taking, but typicaly of HLX announcements dont come quickly.

If we see Mr Wheeler buying in again soon or a sudden increase in the sp, then there might be some good news forthcoming as is also the way with HLX.

 

[Reefer]

The quarterly report released after market close yesterday must be the biggest load of non-information ever published. Unless you are a geologist the information quoted is utterly useless, it gives no opinions on the worth of current drilling, or any expectations of the future prospects of the company. It may be a brilliant report but how in the hell would you know.
Anyone out there with better analytical skills than myself.
I'm pretty disappointed if that is what we have waited all this time for!!!

 

[Sean K]

The quarterly report released after market close yesterday must be the biggest load of non-information ever published. Unless you are a geologist the information quoted is utterly useless, it gives no opinions on the worth of current drilling, or any expectations of the future prospects of the company. It may be a brilliant report but how in the hell would you know.
Anyone out there with better analytical skills than myself.
I'm pretty disappointed if that is what we have waited all this time for!!!

No, this isn't exactly what we're been waiting for. The main game is the initial JORC from AQA/API. I have been looking forward to Robe Exit exploration drilling and what they have produced there is pretty average. Interesting that those results weren't released early as a separate statement. Wonder in Minatour are actually doing ANYTHING with Tunkillia. Been quite a while since we heard from them. Chart wise, breaking down through 40 is disappointing. Hard to go against the flow of this correction I suppose.

 

[Bush Trader]

No, this isn't exactly what we're been waiting for. The main game is the initial JORC from AQA/API. I have been looking forward to Robe Exit exploration drilling and what they have produced there is pretty average. Interesting that those results weren't released early as a separate statement. Wonder in Minatour are actually doing ANYTHING with Tunkillia. Been quite a while since we heard from them. Chart wise, breaking down through 40 is disappointing. Hard to go against the flow of this correction I suppose.

Not to mention that there has been a lot of profit taking, during these uncertain times.

As far as drill results are concerned, time delays have been a major setback for many smaller exploration co's


Cheers


BT

 

[jtb]

The quarterly report released after market close yesterday must be the biggest load of non-information ever published. Unless you are a geologist the information quoted is utterly useless, it gives no opinions on the worth of current drilling, or any expectations of the future prospects of the company. It may be a brilliant report but how in the hell would you know.
Anyone out there with better analytical skills than myself.
I'm pretty disappointed if that is what we have waited all this time for!!!

G'day Reefer,

I only got to the quarterly last night but I think if you have a look at the statement regarding the 'Bonham' prospect you'll notice something of interest.

I wonder if some punters have misunderstood the statement regarding the goethite cap over the marra mamba as something other than what it is
Perhaps because haematite or magnetite wasn't mentioned people have overlooked the obvious.

Vitreous goethite is commonly called ironstone and with a molecular compostion of >60 % iron is mined at Yandicoogina, Mindi Mindi etc.

This from one of CUL's ann's

Catho Well North

"RC drilling has targeted the northwest extensions of the Catho Well resource where the API – Cullen Resources Limited Joint Venture has announced a JORC compliant resource of 68 million tonnes of 55.38% iron.
A total of 18 holes for 524 metres have been completed to date. Assay results are pending.
Drilling encountered variable thicknesses of CID material with thickness generally increasing towards the southwest. The CID material tested was generally mixed-zone material consisting of vitreous goethite, goethite and sometimes hematite rich pisolitic CID with interstitial clay zones."

Polaris are excited about an outcrop 400m x 15 metres...................

Evanston JV Project

"Gravity surveying and reconnaissance geological mapping over the Die Hardy Ranges identified nine
iron ore targets. Mapping found a number of goethite and detrital iron outcrops, with the most extensive being a 300-400 metre long outcrop of vitreous goethite which is up to 15m wide. Rock chip sampling of the iron ore targets yielded up to 64.6% Fe, 2.01% SiO2, 0.60% Al2O3 and 0.035% P."

Considering HLX have stated 4 km x 2.5 km at thicknesses up to 10m i figure that if we halve that to a 5m average thickness we get-

4000 x 2500 x 5 x 3 (SG) x 60% Fe = 90 million Tonnes

@ 7.5m thats 135 MT of Fe.

This cap is not under any cover (such as BRM) so will be easier to mine and is overlying the marra mamba haematite member (I'll let you do the maths for each continuing metre of depth).

If we incorporate the minimum 5m thickness (allowing nothing for the marra mamba) + assumed minimum 30MT for KC + 10MT cash then .

I had moved from FPO's to options to take some cash out of the market but that was me buying 50k at the open

 

[Go Nuke]

G'day Reefer,

I only got to the quarterly last night but I think if you have a look at the statement regarding the 'Bonham' prospect you'll notice something of interest.

I wonder if some punters have misunderstood the statement regarding the goethite cap over the marra mamba as something other than what it is
Perhaps because haematite or magnetite wasn't mentioned people have overlooked the obvious.

Vitreous goethite is commonly called ironstone and with a molecular compostion of >60 % iron is mined at Yandicoogina, Mindi Mindi etc.

This from one of CUL's ann's

Catho Well North

"RC drilling has targeted the northwest extensions of the Catho Well resource where the API – Cullen Resources Limited Joint Venture has announced a JORC compliant resource of 68 million tonnes of 55.38% iron.
A total of 18 holes for 524 metres have been completed to date. Assay results are pending.
Drilling encountered variable thicknesses of CID material with thickness generally increasing towards the southwest. The CID material tested was generally mixed-zone material consisting of vitreous goethite, goethite and sometimes hematite rich pisolitic CID with interstitial clay zones."

Polaris are excited about an outcrop 400m x 15 metres...................

Evanston JV Project

"Gravity surveying and reconnaissance geological mapping over the Die Hardy Ranges identified nine
iron ore targets. Mapping found a number of goethite and detrital iron outcrops, with the most extensive being a 300-400 metre long outcrop of vitreous goethite which is up to 15m wide. Rock chip sampling of the iron ore targets yielded up to 64.6% Fe, 2.01% SiO2, 0.60% Al2O3 and 0.035% P."

Considering HLX have stated 4 km x 2.5 km at thicknesses up to 10m i figure that if we halve that to a 5m average thickness we get-

4000 x 2500 x 5 x 3 (SG) x 60% Fe = 90 million Tonnes

@ 7.5m thats 135 MT of Fe.

This cap is not under any cover (such as BRM) so will be easier to mine and is overlying the marra mamba haematite member (I'll let you do the maths for each continuing metre of depth).

If we incorporate the minimum 5m thickness (allowing nothing for the marra mamba) + assumed minimum 30MT for KC + 10MT cash then .

I had moved from FPO's to options to take some cash out of the market but that was me buying 50k at the open

LOL...I was watching that 50k of option slowly getting eaten up
I'm looking at the options too, but wouldn't be suprised to see the sp fall further yet.
Its been pretty disappointing for HLX over the last couple of weeks hasn't it....lets hope for a market turn around.

So are you saying that vitreous goethite is good to mine?

 

[Boyou]

Not singling out any of the Iron Ore Juniors here,just dropping this in to the HLX pot because it is as relevant to them as any of the others.
What do holders of these stocks think of this type of opinion? Honest and considered words from an experienced CEO ? ..or self serving cynicism ?

At this time of uncertainty (and ,let's face it, downright panic) is this information useful??

From Minesite today........



Oz. Iron ore, the darling of last year, struggled despite the prospects of a big rise in the price of iron. What hit the small players hard was a harshly-worded attack on the small stocks by the chief executive of Rio Tinto, Tom Albanese, who told a local media briefing that he doubted whether many of the 80, or so, small iron hopefuls would ever produce a tonne of ore.

Minews. A remarkably silly thing to say. You might care to take a closer look at what else this master of tact and fact felt he had to get off his chest. The symbiotic relationship between junior explorers and senior producers is key to the ongoing success of the mining industry.

 

[Sean K]

What hit the small players hard was a harshly-worded attack on the small stocks by the chief executive of Rio Tinto, Tom Albanese, who told a local media briefing that he doubted whether many of the 80, or so, small iron hopefuls would ever produce a tonne of ore.

Minews. A remarkably silly thing to say. You might care to take a closer look at what else this master of tact and fact felt he had to get off his chest. The symbiotic relationship between junior explorers and senior producers is key to the ongoing success of the mining industry.

And HLX is not a stand alone junior. It's part of a much larger plan with the AQA/API/RHI/CUL project. Still, the juniors who have significant risk in terms of resource and costs are the ones to really get punished. As this has.

 

[jtb]

LOL...I was watching that 50k of option slowly getting eaten up

So are you saying that vitreous goethite is good to mine?

Hey Nuke,

Nah I bought the heads (should have waited though) options are a bit exxy with SP where it is at present.

In regard to Goethite, its just hydrated haematite so as usual it all comes down to grade- if its good your away

To quote the minerals council-

"Most iron ores mined today comprise the iron oxide minerals hematite, Fe2O3 (70% Fe); goethite, Fe2O3s H2O, (63% Fe); limonite, a mixture of hydrated iron oxides (up to 60% Fe); and magnetite, Fe3O4 (72% Fe)".

From Red Rock Resources

"The original Dowd's Hill deposit at Koolyanobbing had a strike length of 900 m, varied from 50m to 300m in width, and extended for 50m to 80m below the current ground level. The ore comprised hard, massive goethite, coarse grained, friable specular hematite, some massive fine grained hematite, yellow limonite, and minor magnetite.. The average grade of the ore was 61.4% Fe, 0.13% P with 6% LOI."

At Marandoo the cap is blended with the underlying ore-

"The Marandoo deposit is located some 35 km to the east of Tom Price and is owned and operated by the Rio Tinto Group company, Hamersley Iron Pty Ltd. The mine was opened in 1994 and produces martite-goethite ore ranging to martite-ochreous goethite from a pre-mining measured resource of 360 Mt @ 62.6% Fe with 0.053% P, 2.9% SiO2, 1.7% Al2O3, 0.7% Mn and 4.8% LOI. Manganese oxides, mainly pyrolusite and cryptomelane, occur sporadically through the ore and shales.

The mine produces ore that is mostly confined to the upper 25 to 28 m of the 50 m thick Mt Newman Member of the Marra Mamba Iron Formation, although at surface the entire member is enriched. The Mt Newman Member is usually composed of interbedded BIF with carbonate and shale. The deposit extends over a length of more than 7 km along strike, with a width of 1.6 km. The ore is composed of an upper hard band and a lower soft material that must be mined in equal quantities and blended".

Marra mamba ore apparently always has goethite present so we could be looking at megatons when we start calculating for whats underneath the cap

10 metres of marra mamba over that footprint would be our multi-hundred million tonne target on its own.

Boyou- I agree wholeheartedly that many juniors are dreaming (and likely have no real interest in actually finding or producing anything either) however
due to prospectivity/location/partners/stage of project/cash/assets/MC/ recent fundraising @ 48.5c. I personally cannot help myself @ 30c

Go HLX

 

[Go Nuke]

Thank you for that break down jtb!

Well i got some more options today to add to the once given to me buy HLX a short time back...and I'm quite happy to have gotten them under 10c.

With such a long time till expiration date, I'm sure HLX will be worth over 30c in that time.
If its not from thier Iron ore, then maybe their gold..and if not that, maybe when the Uranium bull returns (if Helix's JV's pull their finger out!)

I like the diversification of HLX.
If I had more money id probably buy more Oppies...although....the sp is now virtually back to where I first bought into HLX about 1 year ago

Probably lost about 50% of my portolio now..and no, im not kidding.
In times like this...I wish I knew more about shorting Bit late now I think.

 

[jtb]

Thank you for that break down jtb!

Well i got some more options today to add to the once given to me buy HLX a short time back...and I'm quite happy to have gotten them under 10c.

Probably lost about 50% of my portolio now.

Good on you mate, hopefully my buy @ 5.5 gets filled

I was bush for September 11 and didn't know anything about it for about 18 hrs.
When the markets opened again I was down about 75% overall from memory (about 150% when you consider the profit loss) had to sell that week as I had bought a house 3 months earlier and settlement was due

4 years of working away and trading profits disappeared.

Chin up bro.

Glad to see CVN back up for you today (if your still in)

 

[Absolutely]

Well AMCI been buying through the recent capitulation. A further sign of confidence despite the current continuing weakness. I'd like to think so.

Staying in. Anyone sell out?

 

[marklar]

Staying in. Anyone sell out?

I got stopped out at 100% profit level last week, am going to wait out the current market turmoil before hopping back in. Heart didn't want to sell, but head & trading plan won out.

m.

 

[jtb]

Well AMCI been buying through the recent capitulation. A further sign of confidence despite the current continuing weakness. I'd like to think so.

Staying in. Anyone sell out?

Considering they poured $8 mil in at 48.5c they'd be mad not to average down (if they were believers obviously) I'm intrigued at whats going to happen between AMCI and AQA

Traded out of FPO's into options >40c as I was overweight.
Sold 100k of options @ 15c when the FPO's broke 35c and back into FPO's @ 30c (two more days and I could have got them for 25c)

Go HLX