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Good to see something happening so soon. Hopefully we'll see a return to the 30 cent level fairly quickly: http://www.asx.com.au/asxpdf/20080212/pdf/317ddjdvdfzlzm.pdf
JMS - Jupiter Mines
- Thread starter YOUNG_TRADER
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Someone who's really keen may be able to find out how long this strike is and the likely dimensions. Looks like guestimate time to me though. Wonder why they didn't put a scale on this?
If i read correctly:
7 trenches, 200 metres apart. 1.4km strike.
But theres still more iron in the tenement to be valued.
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Hey Kenna,
I know it baffles me why they went so Shallow,
RIO's Brockman is not a CID ie its not a 15m-20m thick layer of Iron Ore, no its a 100m-150m thick layer of Iron ore so why on earth have JMS drilled their Brockman as if it were a CID???
The company continues to dissapoint
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The grades are rubbish. Mostly sub 55%. They have covered up the fact somewhat by quoting calcined Fe grades which require a roasting process to achieve decent grades. At sub 55% the ore would require benificiation to get it up around the 58/59% mark for sale. The extra cost of beneficiation will never be competitive against the DSO of the pilbara, based on the scale of the deposit they seem to have.
No cross-section interps forthcoming and no indication of open mineralisation extents. What does the company do on a daily basis? No indication of the type of ore intersected. Pretty pathetic announcement really. Elaborate on the findings and provide some hope/direction forward too much to ask? If the company was worth a pinch of salt they would have plans for a number of possible outcomes and would roll straight into them after the results making giving indication of the path forward and drumming up support.
No, we have to wait for some bozo masquerading as an exploration manager to take 4 weeks to lodge a POWE for CYIP prior to drilling and then wait god knows how long for govt approval. That is a task that should take about a day to lodge. Meanwhile they'll put Brockman on the backburner for 18 months like they did after they drilled a few holes in the Yilgarn back in 2006.
A big iron ore price hike expected this year. It has been well known for some time the price was expected to peak in 2008/2009 and yet they have sat on the CYIP for 18 months doing nothing. A visionary like Kiernan or Forrest with an aggressive approach would have taken the CYIP and run with it in 18 mths and would have drilled the guts out of the area to shore up a resource. Lots of publicity and making the market believe they will be shipping ore by a certain time. What has JMS done since then?
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I agree with GG. Once it gets back to .30 l'm out (that's if it ever gets back there in the first place). It will the major resistance level in the stock for sure. I have doubts if it will ever push past .30
Alot of investors will be still angry with Talot when he sold and the price dropped like a lead sinker.
And now with results like this.
Guess l learned a very important lesson with these spec stocks.
Alot of investors will be still angry with Talot when he sold and the price dropped like a lead sinker.
And now with results like this.
Guess l learned a very important lesson with these spec stocks.
I dont think the grades are rubbish. And they are expanding the brockman tenemant with application PLA47/1314.(which i have no idea where its located near the current Brockman tenemant.) I agree some grades are low, but some are high too.
The only dissapointment i have is the shallow drilling, as YT said. And we will most likely wait another 9 years for more deeper drilling results.
The only dissapointment i have is the shallow drilling, as YT said. And we will most likely wait another 9 years for more deeper drilling results.
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Hey Kenna,
I know it baffles me why they went so Shallow,
RIO's Brockman is not a CID ie its not a 15m-20m thick layer of Iron Ore, no its a 100m-150m thick layer of Iron ore so why on earth have JMS drilled their Brockman as if it were a CID???
The company continues to dissapoint
RIO's Brockman mines are detrital deposits (well brockman no 2 is for sure) which are similar to CIDs in that the ore is eroded primary ore and consolidated on the flanks of mesas and the like. They look to have drilled it with this is mind given most of the significant intersections are on the flank of the mesa.
doctorj
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The grades may or may not be 'rubbish' (I don't think they're fantastic, but I wouldn't describe them as rubbish), but the question is where is the downside from here?
Perhaps opportunity cost, if everything they do is 3 months late and they remain as quiet as they have been...
Perhaps opportunity cost, if everything they do is 3 months late and they remain as quiet as they have been...
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It's always difficult to make a decision when the stock reaches a target price. One stock I hold hit 51 cents and slumped to 17.5 cents and I mean't to sell at 50 cents. Another I mean't to sell at $2.00 and held on and they're now around $9.00. So it goes both ways as well.
One stock I bought at $3.90 and sold at my target of $5.50. Then I bought back at $6.20 and they're now $6.88.
What a puzzle this buying and selling is.
I had a second look through the grades last night. Their above average in my opinion. Alot of companies just print out the best intersections the drill holes had. If u print out each holes peak,from lowest to highest, that had grades over 50% Fe, it looks like this:
brc017 - 50.6%fe
brc018 - 51.1%fe
brc014 - 51.2%fe
brc013 - 51.6%fe
brc019 - 51.8%fe
brc032 - 51.8%fe
brc024 - 53.9%fe
brc001 - 54.5%fe
brc009 - 56%fe
brc002 - 56.1%fe
brc003 - 56.5%fe
brc006 - 57.4%fe
brc011 - 57.4%fe
brc022 - 57.5%fe
brc025 - 58.1%fe
brc020 - 58.9%fe
brc021 - 58.9%fe
brc004 - 61.4%fe
brc005 - 61.8%fe
If u look at the results this way, its not too bad. It wont break any records or reach a high share price like FMG/RIO, but its ok.
The new tenemant PLA47/1314 is quite small, but further surrounds the rio tenemant. It joins the the south west of the current JMS tenemant.
brc017 - 50.6%fe
brc018 - 51.1%fe
brc014 - 51.2%fe
brc013 - 51.6%fe
brc019 - 51.8%fe
brc032 - 51.8%fe
brc024 - 53.9%fe
brc001 - 54.5%fe
brc009 - 56%fe
brc002 - 56.1%fe
brc003 - 56.5%fe
brc006 - 57.4%fe
brc011 - 57.4%fe
brc022 - 57.5%fe
brc025 - 58.1%fe
brc020 - 58.9%fe
brc021 - 58.9%fe
brc004 - 61.4%fe
brc005 - 61.8%fe
If u look at the results this way, its not too bad. It wont break any records or reach a high share price like FMG/RIO, but its ok.
The new tenemant PLA47/1314 is quite small, but further surrounds the rio tenemant. It joins the the south west of the current JMS tenemant.
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That's not the way it works mate. To define a resource you want a number of intersections of at least 10m or more, most companies use a grade cut-off of 55%. Most companies also have reporting rules regading grades such no top cut, no more than two consecutive intervals less than 55% within the intercept they are calculating.
That prospecting license is not worth squat either. Prospecting licenses don't entitle you to drill and you can get a prospecting license to prospect over an area that is already under a mining lease by another company, what is to say that is not the case in this instance? Hell, even I could get a prospecting license on RIO's tenement and start taking rock chip samples, with their permission.
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Well, they have potential for another 20Mt based on aeromag data and regional drilling, good intercepts to date, frankly I can't believe they've done nothing for 18 months. It's like someone saying, here's a treasure map for your back yard, pirate treasure has been buried where the x is and then taking your metal detector down to the dog beach looking for pennies instead.
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Just to clarify, Prospecting Licences can be explored on as per any other mining/exploration lease P's, E's or M's. The difference being with the maximum size, length of tenure, required expenditure and allowed disturbance by tonnage. Mining can usually only be carried out on a mining lease.
Granted tenure (P's, E's and M's) is exclusive and cannot overlie other granted tenure. Applications can overlie other granted and pending applications.
Check out: http://www.doir.wa.gov.au/documents/mineralsandpetroleum/Info1.pdf
Section 14 for prospecting licences.
To proceed to mining on Prospecting Licence the holder would place a Mining Lease Application over the P or would have to get Ministerial approval to disturb greater than 500 tonnes.
Granted tenure (P's, E's and M's) is exclusive and cannot overlie other granted tenure. Applications can overlie other granted and pending applications.
Check out: http://www.doir.wa.gov.au/documents/mineralsandpetroleum/Info1.pdf
Section 14 for prospecting licences.
To proceed to mining on Prospecting Licence the holder would place a Mining Lease Application over the P or would have to get Ministerial approval to disturb greater than 500 tonnes.
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JMS did a bit of Work on Brockman back in Dec 06,
They did rock chips, surveys, geo assesment etc etc
Go back through the thread and you should be able to find it all,
What I can't understand is
1. Why they've sat on Mt Mason for so long and haven't got the ball rolling as GGrevious said
2. Why on earth they made us wait 12months for Brockman drilling to only drill to 15m's depth
They did rock chips, surveys, geo assesment etc etc
Go back through the thread and you should be able to find it all,
What I can't understand is
1. Why they've sat on Mt Mason for so long and haven't got the ball rolling as GGrevious said
2. Why on earth they made us wait 12months for Brockman drilling to only drill to 15m's depth
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I was referring to CYIP on my last post re areomag data etc. They think there is continuity b/w Mt Mason and Mt Ida, another company (GNL I think?) has demonstrated continuity north from Mt Mason with drilling. There is no dispute that the area hosts ore.
doctorj
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Call the company, let us know how you go. Everyone agrees with you here, why not get the final word from directors.
^^
Yeah i cant understand all this either. I was going through old JMS archives, and found an announcment on the CYIO:
07/09/2006 Stage One Central Yilgarn Iron Project
Its states that by JQ 2008, iron ore will be ready to ship. What are the chances of that?
Yeah i cant understand all this either. I was going through old JMS archives, and found an announcment on the CYIO:
07/09/2006 Stage One Central Yilgarn Iron Project
Its states that by JQ 2008, iron ore will be ready to ship. What are the chances of that?
