HMX - Hammer Metals

[springhill]

Re: MDS - Midas Resources

Well what do u know, Midas up half cent on a swine of a day, maybe too soon to call this a trend reversal i jest of course, fully expected it to crash through the 15 cent line of resistance u mentioned kennas. Baby steps....baby steps

 

[springhill]

Re: MDS - Midas Resources

A second review of the Fortitude Resource has resulted in a 21% increase in gold grade and 5.7% increase in contained gold.
In light of this review, a further update of the Resource at Fortitude has been completed. The new JORC compliant Mineral Resource estimate is presented below at a 1g/t cut off grade for comparison with the previous resource estimate of 19th June 2007

The above is part of the Midas resource upgrade released this morning. Finally a small spark of encouraging news?! Apologies, i was going to post the link but am unsure how to do it

 

[springhill]

Re: MDS - Midas Resources

Looks vulnerable IMO, even though 15 looks like a terrific support line.

Dipping under and I would be out. If it rebounds just re-buy. Stay safe, save your capital, prevent losses...

Nice call kenna, crashed through 15 and down to 12 at speed. I didnt sell in any case, no urgent need for the $$$ so i'll just bunker down and put them in the bottom draw if need be. May even top up. Looks like im a bit of a Hans Solo in this one!?:bricks1:

 

[springhill]

Re: MDS - Midas Resources

Oh dear falling knife alert, or prime candidate for trend reversal???? somehow i dont think monday will be kind to this one!!!

 

[springhill]

Re: MDS - Midas Resources

Today i have officially sold out of MDS after some weekend research and re-evaluation, having broken even, luckily, although 2 months ago i would have made 60-70% profit, i just cant see where the price improvement would have come from. More importantly i have learnt a great lesson out of this and leave with no regrets Thanks to those who helped me with the charts. On to more profitable holdings hopefully!!

 

[nioka]

Re: MDS - Midas Resources

I have been researching this stock and I have come to the conclusion that it may be time to get into this one. The company is raising funds fo a new series of drilling. There are operating mines in that area operated by large companies which are getting to the end of their current mine life and it is an area which is historically mineral rich. Any decent find would make this small company a takeover target or they would be in a good position to sell their leases if they proved them up. This one is highly speculative but I believe the odds are good. Has anyone any thoughts ? ( apart from the charts which do not look good)

 

[Dutchy3]

Re: MDS - Midas Resources

Hi All

Yes ... do I too detect the slightest wiff of something in the chart ... in no way a buy for me at the mo and yet I'll add it to watch-list. Volume not inspiring either ...

 

[springhill]

Re: MDS - Midas Resources

I have been researching this stock and I have come to the conclusion that it may be time to get into this one. The company is raising funds fo a new series of drilling. There are operating mines in that area operated by large companies which are getting to the end of their current mine life and it is an area which is historically mineral rich. Any decent find would make this small company a takeover target or they would be in a good position to sell their leases if they proved them up. This one is highly speculative but I believe the odds are good. Has anyone any thoughts ? ( apart from the charts which do not look good)

As you can see from previous posts i was in this for a while and was doing ok til they brought out weak drill results one after another.
There are decent to weak grades there but way too deep for my liking, this is basically a punt and hope affair IMO, they can drill all the way to Scotland if they want but with results like previous releases, this wont go anywhere soon. I liken putting money in MDS at moment as going to casino. Pure risk based bet as you said nioka HIGHLY SPECULATIVE. Started drilling on 22nd Sept again if memory serves me right. Might be best to see what they turn up first, or this will sink like a stone. All just my opinion of course.
All the best if you do go in though. Good luck

 

[nioka]

Re: MDS - Midas Resources

Based purely on "pub" talk I have taken a small position with this one. Only 10,000 @ 10c so there is not a lot to lose. The talk I got is based on the confidence of the staff and it is the same source that gave me LYC some time ago which was also "pub" talk at the time. Highly speculative but better than a lottery ticket in my opinion. I'm often wrong????? If the current drill results turn out OK then I'll take a bigger stake.

 

[Uncle Festivus]

Re: MDS - Midas Resources

The pub talk paying off by the looks of it Nioka! Up 30% on announcement today. Not that spectacular in itself, might be more to it. Get back to the pub for more 'research' maybe .

 

[nioka]

Re: MDS - Midas Resources

The pub talk paying off by the looks of it Nioka! Up 30% on announcement today. Not that spectacular in itself, might be more to it. Get back to the pub for more 'research' maybe .

I expected some movement today to come from the Updated announcement on Friday. The assay results do not reflect the "talk" that was around last week. Maybe more to come. Maybe there is progress being made with the plans for ore treatment at Barrick's Granny Smith plant. Granny Smith may need the ore to extend the life of their mine. All supposition but sometimes an educated guess is better than using a pin when blindfolded.

 

[nioka]

Re: MDS - Midas Resources

For those interested in MDS, I have cashed out my investment there at a small profit. My information is that there are problems with the disposal of saline water which could take a little time to resolve. I will re-enter when I see some progress towards operational mining. I expect the price to remain flat for a little time yet. ( based on pub talk that may be wrong.)

 

[Uncle Festivus]

Re: MDS - Midas Resources

Something moving here or someone just 'manipulating' the price. Looks like it got a speeding ticket!

 

[happytown]

Re: MDS - Midas Resources

update on mds

shares 225,976,276
options 104,056,477 ($10.75M approx if exercised, nil itm)
sp .021
mc $6,930,687.81 (options incl)
$4,745,501.80 (sans options)
cash approx $1,113,000
​

projects

gold - fortitude (lake carey) (100% owned)

current jorc resource 9Mt @ 1.6g/t Au (473,000 ounces: 164K indicated; 309K inferred) anglogold ashanti (sunrise dam 35 kms away) is carrying out pit optimization and mining study (see MDS ann dated 08/01/09) to determine whether it will partake in development of fortitude (currently no commercial agreement between the two) which would include trucking ore to sunrise

the study expected to be completed june quarter 2009

anglogold are exploring satellite pits in the district surrounding sunrise and exploration targets within trucking distance of the tropicanna gold project (from AGG's 3rd qtr report), however no specific mention of midas or fortitude/lake carey

da hong shan project (chinese jv, copper)

midas has withdrawn from its chinese jv copper project due to poor drill results and now has no exploration or interest in china (see MDS ann dated 27/02/09)

potential iron ore (100% owned)

MDS announced yesterday that it has signed a

...

conditional Sale and Purchase Agreement to acquire Mulga Minerals Pty Ltd (“Mulga”) from the D B Family trust in a Related Party transaction. The D B Family trust is an entity controlled by Midas’ Chairman Don Boyer

...

mulga minerals holds several iron-ore prospective tenements (one tenement granted, the others applied for) covering 144 sq kms, as well as 2 heavy-mineral sand prospective tenement applications adjacent to image resources bidaminna project

...

The Marandoo tenement [granted, 6 sq kms] is located 4 kms south of the Mt Stevenson BID [50Mt @ 62.5% Fe] ... [the West Pilbara tenements, applied for, 51 sq kms] are ... in close proximity to other iron ore deposits including Metawandy (Rio Tinto) and Anthiby Well (Giralia) ... the Yandicoogina tenements [3 applied for, 24 sq kms, and are] ... 7 km south of the Yandicoogina minesite ... the West Angelas tenement [1 applied for, 9 sq kms] is located 12 km south west of Robe River Iron’s West Angelas minesite ... the Red Hill tenement [1 applied for, 15 sq kms, is] to the west of Dynasty Metal’s Red Hill CID prospect area

...

note: 1 of the yandicoogina and the red hill tenement will be subject to a ballot as mulga is not the only applicant for these tenements

up to 90 days due diligence will be carried out in order to determine whether MDS will proceed and should they the acquisition cost will be

...

six million Midas shares on settlement and $75,000 in cash paid within six months of settlement

...

at current sp, total cost for 144sq kms of Fe prospective tenements (assuming tenements granted) is $201,000

shareholder approval is required for the related party transaction

summing up

speculative with risks involved (longer-term chartwise looks -ve)

anglogold ashanti fortitiude study (for potential farm-in) overdue (jorc resource 473K ounces)
$200K cost for potential Fe exposure (144 sq kms in Fe country)

oh ... and DYOR

cheers

 

[happytown]

Re: MDS - Midas Resources

4th qtr activities report out today,

re potential AAG jv,

...

During the Quarter AngloGold Ashanti Limited (“AGA”) carried out a scoping level study of the Fortitude deposit that has involved re-wireframing of the gold mineralisation at appropriate cut-off grades, geostatistical analysis and a pit optimisation study. Following the Fortitude study AGA is conducting a review of exploration potential within the Lake Carey tenements with the objective of determining if a focus on exploration targets is warranted.

...

re a potential SBM jv,

...

St Barbara Limited (“SBM”) has an 18 month option to explore the Sunset Well tenements expiring on 14 August 2009. SBM has reported that work in the 6 month period to June 30 2009 has comprised multi-element spectral scanning of a selection of 102 base-of-hole samples.

...

The data is still being evaluated against other technical data for the area and SBM is yet to decide on further exploration activity.

...

The Fe tenements acquisition right (outlined in previous post) is still in due diligence stage,

...

The recent acquisition of rights to Iron Ore tenements in the Pilbara is a significant milestone for the Company with excellent upside if due diligence results in the identification of drill targets. The Company intends to be proactive in the Pilbara regarding other Iron Ore opportunities.

sp up approx 66% in last month

cheers

yet another quality post brought to you by happytown

 

[happytown]

Re: MDS - Midas Resources

update on mds

successful due diligence on mulga minerals fe tenements (most still in application stage) has led to mds proceeding with the purchase process for mulga minerals (owned by mds chairman) - shareholder approval is required and will be sought at a meeting to be held soon [ann 13/08/09]

rock chip sampling on mulga tenements (applied for) incl fe grades from 19.5-63.7% Fe, 109 samples 24 exceeding 55% Fe - exploration target at 1 tenement of 25-35Mt @ 50-60% Fe (within 2 km of GIR's Anthiby Well jorc inferred resource 25.4Mt @ 54% Fe) - this will be first drilling target if tenements granted (and purchase approved by shareholders) [ann 05/08/09]

applies for EL tenements (E45/3467 (42 sub-blocks) and E45/3468 (25 sub-blocks) approx 200 sq km) in Paterson Province WA - tenements are 35 km S of Tefler Au deposit and 30 km NW of Kintyre U308 deposit, no evidence of significant prior drilling on tenements (no ore grade interescts were found in 1990's drilling to immediate W of tenements) - potential for Cu-Pb-Zn-Au-U308 [ann 18/08/09]

still no word on AGG's scoping study on the Fortitude Au project or SBM's Sunset Well possible jv (SBM expl option was to expire on 14/08/09)

cheers

another quality post brought to you by happytown inc
replete with stinking badges

 

[happytown]

Re: MDS - Midas Resources

as ann'd on 03/09/09, MDS will hold a general meeting on 5th Oct for shareholders to vote in regards to the mulga minerals fe tenements (most in application stage, ie not yet granted) related party transaction (mulga currently owned by MDS director) acquisition

as to their recent ann [18/08/09] re the application for tenements in the Paterson Province (WA) - as discussed in post above - it appears that the tenements as presented on p3 of the 18/08/09 MDS ann (mds claim to tbe the priority applicant for these tenements), conflict with the Yeneena jv Project as between ENR and Barrick Gold (ENR earning 75% interest), see for eg ENR anns dated 01/09/09 p3, 01/07/09 p5, 22/04/09 p2; the MDS tenements (applied for) lie inside the Yeneena jv tenement (the eastern boundaries of both co's tenements are identical insofar as they overlap), ENR are undertaking a drilling program this month on the tenement

how many tenements from both mulga and paterson will mds actually end up with (only 1 fe tenement of 8 has so far been granted to mulga - 6 sq km of 144 sq km applied for)

cheers

another quality post brought to you by happytown inc

 

[springhill]

Re: MDS - Midas Resources

Wow, where do i start with this one? Firstly forget their potential as a gold spec, they have been drilling the crap out of Fortitude, for little return. Though if they head further south to Mirage and Stealth, they may finally be heading in the right direction.

Onto their Fe.

MDS announced today an initial Indicated Fe recource of 11.5m tons grading at 53.1%.
http://www.asx.com.au/asxpdf/20100726/pdf/31rhcn8rdv5h30.pdf
Positive is that the resource starts at surface.
Negative is grades seem to be a little on the low side. Shouldn't a decent mag deposit be grading at minimum 56% Fe?
Or can lower grade be offset by the lack of need to actually dig deep for it?

No activities were reported for the Yandicoogina, Marandoo or West Angelas Projects. Though would i hold out hope for these as viable Fe mines. Probably not as you would assume they would attack their most prospective tenemant, West Pilbara Deposit, first.
So maybe some hit and hope potential with the others.

MDS did spike nicely around early April, as seen in attachment below, on announcements of drilling at West Pilbara, so maybe the same could happen with the others if you keep an eye on propective drilling programs.
Could become a tradeable stock, and is heading south again. Possibly a rebound play on any further drilling action.
Looks to be running out of cash though with less than a mill in the bank and no oppies available soon, so expect a cap raising.

 

[System]

On April 23rd, 2014, Midas Resources Limited (MDS) changed its name and ASX code to Hammer Metals Limited (HMX).

 

[greggles]

The Hammer Metals share price has spiked this month after announcing last week that it has intersected copper and gold at the Trafalgar prospect at Hammer's Mount Isa East Joint Venture.

Low grade but wide intercepts.

They announced today that they intend to drill additional holes at Trafalgar from the opposite direction to confirm the width and continuity of mineralisation.

This is the most exciting thing to happen to HMX in a long time. It's been a pretty boring stock overall. It will be interesting to see if anything comes from this discovery at the Trafalgar prospect.