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MDX - Mindax Limited

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YOUNG_TRADER

Joined
18 February 2006
Posts
4,200
Reactions
2
MDX​


Mkt Structure

Shares
55m +25m 20c 30/6/08 Options

Mkt Cap @ 15c = $8m
Mkt Cap @ 30c = $24m
Mkt Cap @ 45c = $36m


Cash
$1m + $5m from opies


Projects

Avon JV Uranium, 50% JV with Quasar/heathgate Resources, W.A.

Some very large land holdings, but so far only very low grade U samples ie 0.01% returned, but the interesting thing here is why have Heathgate/Quasar done a JV here, do they see something they like?


Lake Noondie Uranium 100%, W.A.
A few licences, drilling so far hasn't found anything


Summary
I took a small punt primarily because of the JV presence of Quasar/Heathgate, the only other JV I know of involving Heathgate/Quasar is with AGS and thats gone from 5c to over $2.

Very very high risk spec play
 
Not sure if it's a typo, or my understanding of U readings needs work, but in the qtrly actvities report, they are quoting U values of ppB (billion!)...instead of the usual ppM (million)...if this is correct, there's more U in my watchface.
 
Hi YT,

THe Avon JV with Heathgate/Quasar looks very interesting. They are excellent names to be associated with in the business. Its amazing how you select such interesting overlooked stocks. I'll put this one on my watch list.
DYOR
 
Heathgate/Qasar also has a JV with Adelaide Resources, ADN.ax, on similar low grade showings --- soil samples of about 36 ppm -- I suppose H/Q are better at judging the value of such showings than I am.

(Don't want to turn this into a ADN thread, but my reason for holding ADN is really the high grade zirconium deposit they are sitting on.)
 
Mkt update, drilling in April

High Uranium Content Water Sampling Results
Mindax Ltd (ASX: MDX) is pleased to report encouraging results
from water sampling conducted throughout its Yilgarn Avon
Uranium Joint Venture Project during February.
A sample from the Lake Campion project area measured
1128ppb U, the highest value to date from the Yilgarn Avon
Uranium Project and directly comparable to the 1200ppb U
historically reported from waters within the Yeelirrie uranium(carnotite) orebody. The outstanding value was part of a cluster of high results (> 100ppb U), including another of 843ppb U, from sampling in the
Elachbutting Hill area.

Planning is well advanced for a follow up drilling program
commencing in April.
 
Looks like ppb is a standard measurement for water uranium levels, as opposed to ppm for earth based sampling.
 
Appear to be stepping up their U game, another ann regarding more tennements and their presenting at the upcoming U-Conference this week
 
Just announced that they have doubled their land holdings in the Yilgarn Avon JV (JV with Quasar/Heathgate)

They seem to be serious about their W.A. Uranium ambitions
 
Note chairman's address to sharholders Nov 2006 re U assets.

"As has been indicated in the past, it may be the case that the best way to achieve proper recognition for the true value of the assets will be to sponsor a disaggregation of the company’s assets, by way of a spin off of the uranium properties. Your directors continue to examine this possible scenario very closely ... I can say that if such a disaggregation occurs, any spin off would most likely involve some distribution in specie to Mindax shareholders and would almost certainly involve shareholders having priority rights of subscription in any Initial Public Offering."

I'd like to see that happen!
 
Well it looks like MDX has joined the Iron Ore bandwagon,

Surface and rockchip samples are due soon from the Mt Forrest Bulga Downs project, which is near JMS's Mt Ida,which happens to be where IRM and GNL both recently had some work done,

Given IRM and GNL went to the moon on the back of there limited work/surface samples I think MDX presents a very high risk speculative opportunity

Current Market Cap = $5m

I've grabbed a couple 100k options at 2-2.3c today


This is a very high risk hit or miss play folks
 

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Fired an email off this afternoon to the company,response was short and sweet"Field work completes this weekend. Awaiting assays"
 
alankew said:
Fired an email off this afternoon to the company,response was short and sweet"Field work completes this weekend. Awaiting assays"
Click to expand...
Thanks for the info Alankew. This is certainly high risk, but its market cap is very low. Having joined the iron ore bandwagon things might really pay off should they come up with positive results.
DYOR
 
I can't figure out why this one has snuck under everyones radars.

Historically we are at the cheapest (or close to) buying prices, and with IRM and others running hard on rock chip samples - I would have expected this one to as well.

Maybe just a matter of time before the greater public coins on to it?

It's up to 12.5c this morning on low volume, but looks like it is holding. Will definitely be interesting if it runs as hard as IRM has.

EDIT: while I was typing someone took out the 14c region.
 
This market is absolutely amazing.

That or it's another case of people following YT ?

14c has gone, 14.5c is slowly being eaten away.
 
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