This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

MDX - Mindax Limited

Jump to new
Whiskers said:
From the latest 'Change of Directors Notice' it seems that Mr Andrew Tsang and his wife now holds 26.6m shares... over 29% of Mindax.

Seems like mr Wang and JMS is shut out for the moment.

But the question is, what's Andrew Tsang's intentions!
Click to expand...

Oops... I made a blue.

Make that Mr Andrew Tsang and his wife now holds 26.6m shares... over 20% of Mindax.
 
Anyone still following this stock?

What's your thoughts as to the decline in value?

I would have thought with the director buying that this stock would be a bit more stable in value.

thanks
 
I am watching this stock..have even thought to contact Gregory Bromley to enquire the reason/strategy for the downturn. Has anyone any thoughts as to whether this is the demise of Mindax now that Pallinghurst appears to have the company in its sights?
 
The downturn, IMO, is mostly due to delays with getting their drilling permit application through the ACMC. This has been going on for most of this year with still no end in sight. Makes you want to when after 8 months of information requests, the ACMC decided not to make a decision on the permit. The holdup is due to a mythological site that is in the middle of the Mining Lease area at Mt Forrest. The registered native title claimants in the area are partners in the project and do not support this claim.

On the ACMC website
http://www.dia.wa.gov.au/Documents/HeritageCulture\/ACMC/Ministerial Decisions 4-11-08.pdf

there are nearly 40 applications awaiting approval stretching back to June. This is partly due to the recent change in governement in WA. So Mindax isnt the only company being frustrated by delays.

The recent declines have been on pretty low volume. There arent many buyers apart from Andrew Tsang so the price can drop pretty rapidly. There still isnt that many for sale under 40c, its just a matter of being patient while the drilling application gets processed.
 
Is anyone still following this?

It has recovered quite well from its lows made in December 09, albeit on lowish volume. Price rise has been mainly due to Andrew Tsang continuing to build his stake, now up to 22.4%. He has also been busy buying up DRX - Diatreme Resources.

Exploration still being delayed by heritage issues, although they are due to start drilling in some parts of Mt Forrest this quarter.

 
Yes, I have been following the share - much appreciate your chart it just shows me so clearly where I should have bought again! Had expected a further pull-back not such an increase - especially when only interest over the last couple of months appears to be Mr Wang.
 
Whoops! A correction needed to my message above - of course I have spelt Mr Tsang's name incorrectly. Most remiss of me.
 
After an 18 month delay, Mindax have been been granted approval to begin exploratory drilling in part of their Mt Forrest lease.

http://imagesignal.comsec.com.au/asxdata/20090714/pdf/00968479.pdf

Although they now have to reapply for drilling approval over the remainder of their site, at least some progress can now be made towards the commencement of a drilling program.

Im a little surprised there was no response from the market today, this is good news after such a long delay.
 
Mindax has touched a new all time high of 55c before closing at 52c, albeit on lowish volume. Market Map is $67 million currently.



Drilling is due to start at Mt Forrest in November on a portion of the site, drilling clearance for the rest of the site is being sought at the November meeting of the ACMC. They are also set to release an upgraded exploration target in November.

Top 20 hold 81.8% of stock, so it is tightly held but thinly traded.

Apart from Iron Ore, Mindax have also recently discovered a potential new Uranium province recently during Scout Drilling at Mukinbudin. Interesting times ahead for the company, will be interesting to see what results they get in the future.
 
After a two year delay, drilling is set to commence at Mt Forrest Iron Project this week.

http://www.asx.com.au/asxpdf/20091211/pdf/31mpr93nl3zyjc.pdf

The Directors of Mindax Limited are pleased to advise that
drilling is set to begin at the Mt Forrest Iron Project, in the
Richardson Ranges, on 15 December 2009.

Mt Forrest is located 150 km north-west of Menzies, WA and
the railway line which connects with the Port of Esperance.
All necessary approvals are in place and 14 holes are to be
drilled in the Toucan prospect at the northern part of a block
of seven mining leases covering 50 sq km. The leases are held
by Mindax's 100 percent-owned YilgIron Pty Ltd.

Systematic detailed mapping and rock chip sampling
indicates extensive hematite-magnetite mineralisation at
surface extending over 17km of strike.

With the project gaining momentum, Mindax has appointed
Mr John Vinar as General Manager – Mt Forrest Iron Project.
 
Mindax have announced a Share Purchase Plan and bonus option issue.

http://www.asx.com.au/asxpdf/20091215/pdf/31mr30gdksygc7.pdf

Shareholders can subscribe for up to $15k in shares at 50c each.

Additionally, they are proposing a bonus option issue of 1 option for every two Mindax shares held with an exercise price of 75c and expiry of 1 December 2011.

Proceeds from the Share Purchase Plan are going to be used to fund the accelerated Mt Forrest exploration program as well as exploration at the Yilgarn-Avon Uranium prospects.

As the current share price is 52c, for me the price would have to rise a bit before the closing date of 8 January 2011 in order for me to participate, otherwise it is just as easy to buy on market.
 
Big fan of MDX, they have helped hold my little portfolio higher in the water than it should have over the past 2 years. Will participate in this offer
 
High grade (63.4% Fe) intersections from Mt Forrest Iron Project
drilling

http://www.asx.com.au/asxpdf/20091231/pdf/31n06hcspvnwrj.pdf

These very early results in our reconnaissance of the Mt
Forrest ironstone system bear out the modelling generated
from systematic detailed surface mapping and rock chip
sampling. Prospective ironstones shown by surface mapping
are confirmed by intersections at depths up to 50 metres
below the surface.
These confirm the presence of high-grade haematites:
· 5m @ 63.4% Fe from 31m in MFC0003
· 4m @ 62.9% Fe from 13m in MFC0007
· 3m @ 61.7% Fe from 7m in MFC0001
within wider iron rich (haematite and geothitic) zones of
various widths ranging up to 19 metres thickness.

All necessary approvals are in place for 14 holes to be drilled
in the Toucan prospect at the northern part of the project
area. Drilling is expected to resume on 6 January and full
results should be available in late January.
 
Stage 2 drilling now underway at Mt Forrest

http://mindax.com.au/upload/documen..._20100326ExplorationUpdate-MtForrestFINAL.pdf

The RC Drilling program is focusing on highly ranked prospects; Cassowary, Rosella, Parrot, Corella, Mitchell, Cabaret Bore and Toucan North. They are currently targeting 90-100MT of DSO Iron Ore at Mt Forrest. Mindax has been plagued by heritage issues but have permission to drill on about half their Mt Forrest site with an application for the remainder of the site heard at the March ACMC meeting, results pending.

Drilling has also commenced on the Yilgarn Avon Joint Venture searching for Uranium. This drilling will further define the Jindarra area whereYAA0184 encountered 37-38m 1m @ 1690ppm U(equivalent to 0.20% U3O8) and YAA0188 encountered 38-41m 3m @ 1243ppmU (equivalent to 0.15% U3O8).

Looking forward to some drilling results over the next few months.
 
Yeah JimBob, good to see some progress being made here. I'm out atm but looking to get back in sometime down the track.

I'm thinking the price will probably correct back a bit further until all these heritage issues are sorted and some good exploration results come in.

My weekly log chart confirms it could break south anytime.

I expect it to coincide with the completion of a Flat (EW) correction in the wider market soon.
 

Attachments

  • MDX.JPG
    64 KB · Views: 4
Revised Exploration Targets released today:

Now targetting 2.5-2.8 billion tonnes or magnetite (up from 650-750MT) and targetting up to 105MT DSO.

Initial JORC DSO resource of 1.2MT @ 54.8%Fe and 387MT @ 31.4%Fe Inferred. The current 9000m drilling program is looking to confirm or upgrade the DSO target.
 
Mindax concludes a capital raising of $7.8 million with the issue of 15,000,000 shares to Lion Asiapac (LAP) at 52c per share, a 5c premium to the current share price.

http://www.asx.com.au/asxpdf/20100524/pdf/31qgwjmmy4lnrn.pdf

Funds from the placement will be primarily used to fund further drilling at Mt Forrest where Mindax is targetting up to 105MT of DSO Iron Ore and up to 2.8billion tonnes of Megnetite.

Following the placement, Mindax will have approximately $12.35 million cash in the bank.
 

Yes, they are plugging along quite nicely. I'm keeping a close eye on them looking for a nice dip in price to buy back into, probably sometime 'just' before all this mineral tax business is sorted out.
 
Mindax quarterly report with updates on the Mt Forrest Iron Ore Project and their Uranium projects.

6897m of drilling testing 8 out of 17 targets have been drill tested with 3 new target areas identified in the initial scout drilling phase. 4000m of second round drilling is underway in order to release a DSO JORC resource at the end of September. Grades and depths vary quite a bit but the initial drilling phase was more to pin point areas of higher grade Iron ore with the second round to determine a resource size.


Further Uranium mineralisation has been uncovered at Jindarra over an area 2km long by up to 300m width. Further Drilling is underway in order to establish a resource size. They have stated that the current results are sub-economic, not sure if this is due to a low resource size or due to the current uranium prices making extraction unviable at present.

The next quarter should see more news than the first half of the year. Im interested to see what sort of resource they come out with at the end of September. With further areas of high grade Iron Ore being uncovered during drilling, they have a good chance of acheiving their 75-105MT DSO target IMO.
 
Does anyone know how to calculate a potential Uranium resource size at Jindarra?

A zone at a nominal depth of 60 metres appears to be geologically consistent and extends over 1000 m length by 100 to 300 m width and with intervals of 1 to 5 metres of >100ppm U.

1000m x 200m (average) x 2.5m (average) = 500,000m3.
Specific gravity of Uranium is 19.05
Do you multiply 500,000 x 19.05 to get 9.75MT of 250ppm (average) Uranium or 2437T Uranium?

I realise these figures are just rough, just trying to work out what sort of resource they might be looking at.
 
You must log in or register to reply here.

Similar threads

MRD - Mount Ridley Mines
2
Replies
22
Views
8K
Dona Ferentes
BLZ - Blaze Minerals
7 8 9
Replies
176
Views
28K
frugal.rock
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...