MDX - Mindax Limited

[adobee]

I think there may be some more annoucements coming re iron ore.. today may be released so that they dont get a speeding ticket..

 

[exberliner1]

I have also posted this on another site:

_____________

I have done a bit of digging around, looked at some of the old ANNs from MDX and taken on board some of the comments on the forums and tried to put everything together in one post. A sort of reference point as to where things stand now:

First of all the simple stuff:

Number of shares : 56,428,467
Number of options : 26,214,224 – options mature 30th June 2008 exercise price 20c
Employee options: 700,000 – options mature December 2008 exercise price 25c

So at today's close of 19c we get the following mkt cap:

Undiluted: $10,721,408
Diluted: $15,835,111

Although of course the diluted mkt cap is only applicable once the heads go over 20c and if you take the employee options into account full dilution will only happen with the heads above the employee strike price of 25c.

Full exercise of the options in June of 2008 will raise $5,242,845 for the company with a further $175,000 coming at the end of 2008 once the employee options are exercised.

MDX is focusing on Uranium, Iron and Gold.

First the Iron

The ANN of 12th September describes the Mr Forrest iron formation as:

Extending over 17Km in length, widths up to 2km, within this there are “Mount Mason type targets” of 500m X 100m in areas of “intensive faulting of silicecous iron formation.”

Traversing of 3 selected wide spaced sections indicates multiple silicecous hermatite-magnetite units varying from 30m to 200m in thickness.

Samples confirm very low levels of contaminants.

Finally, Mt Forrest is 60 Kms from Jupiter's Mt mason hermatite deposit.

The ANN of 12th September also states that results from the systematic mapping and surface sampling are expected in early to mid October.

That means results are due out now.....one recalls JMS releasing an ANN last November and (admittedly with the help of nice Mr Talbot) seeing their SP shoot up to 40c from mid teens and more profitably causing the JMSO options to go from 2c to 20c in one week.

Lets face it with MDX, a 17Km long strike with widths upto 2km and a thickness varying between 50m and 200m is certainly not to be sniffed at if the grades are good. As MDX keeps describing the formation as a “Mt Mason type” deposit then perhaps good grades are a strong possibility. The sampling should give us a big clue here and as already mentioned the sampling results are due early to mid October.

Could one reason for today's action mean a juicy ANN is imminent? .... Just a guess....

Uranium project.

MDX has a JV with Heathgate Resources (itself somewhat unusual for such a small junior). Heathgate of course also had a JV with AGS – they went from 5c to more than $2. The project is using sampling of groundwater to use it as an indicator for identifying drilling targets should help speed up the discovery of prospective U308 deposits.

For more details on this do see the ANN of 10th October – warning it is a bit complicated but nevertheless a good read.

The U308 project JV has area of interest of 100,000Sq.KMs of which 5,500Sq.Kms has been granted tenure.

A further 12 applications covering 2,800Sq.Kms have also been lodged where paleodrainages (again using water sampling to identify targets) are considered prospective for roll front uranium.

Gold Projects

MDX has a number of prospective gold tennements under development, The most interesting of these being the Bulga Downs project.

Bulga Downs is described as currently having 36,000 ounces of indicated / inferred gold. What makes this interesting is that the April 2007 quarterly staes that this area includes a “mineralised structure” that reurned drill intersections greater than 3 g/t over 10Kms....a fair bit of potential there then.

At Bulga Downs MDX has their Toucan Gold prospect. Some grading from this area includes:

3m @ 6.17 g/t from 14m
1m @ 21.2g/t from 56m
13m @ 2.93g/t from 35m

The ANN of today was the rather pleasing news that MDX have just started drilling 10 further holes at this prospect.

For details of all the gold projects underway you will have to read the July quarterly.

The only top 20 I could find was from 2006 so it is a bit old but that gave figures of 46% of the heads and 46% of the oppies were held by the top 20.

The 3 main Directors of MDX hold the 12,885,822 heads and 5,632,410 oppies between them. This means the 3 directors own between them 22.8% of the issued heads and 21.5% of the issued oppies.

Our of the three main areas the Iron project looks potentially huge. Remember an ANN is due early – mid October giving further details on the Mt Forrest Fe project with more grades expected from the sampling. It is 17KMs long and upto 2KMs wide.

The gold drilling started today and the U308 project with Heathgate certainly looks exciting.

Today about 10% of the company changed hands with a 65% rise is the SP and an 83% rise in the oppies yet the company is still only valued at $10.7mn

The upside is obviously huge. The oppies have a strike price of 20c and at the 4.4c close offer 4X leverage and almost 9 months to maturity.

Looking forward to a juicy ANN on the Fe next week.... now what will that do to the SP?

Guess what ... I bought quite a few of these today ;-)

EB

 

[roland]

I have also posted this on another site:

_____________

I have done a bit of digging around, looked at some of the old ANNs from MDX and taken on board some of the comments on the forums and tried to put everything together in one post. A sort of reference point as to where things stand now:

First of all the simple stuff:

Number of shares : 56,428,467
Number of options : 26,214,224 – options mature 30th June 2008 exercise price 20c
Employee options: 700,000 – options mature December 2008 exercise price 25c

So at today's close of 19c we get the following mkt cap:

Undiluted: $10,721,408
Diluted: $15,835,111

Although of course the diluted mkt cap is only applicable once the heads go over 20c and if you take the employee options into account full dilution will only happen with the heads above the employee strike price of 25c.

Full exercise of the options in June of 2008 will raise $5,242,845 for the company with a further $175,000 coming at the end of 2008 once the employee options are exercised.

MDX is focusing on Uranium, Iron and Gold.

First the Iron

The ANN of 12th September describes the Mr Forrest iron formation as:

Extending over 17Km in length, widths up to 2km, within this there are “Mount Mason type targets” of 500m X 100m in areas of “intensive faulting of silicecous iron formation.”

Traversing of 3 selected wide spaced sections indicates multiple silicecous hermatite-magnetite units varying from 30m to 200m in thickness.

Samples confirm very low levels of contaminants.

Finally, Mt Forrest is 60 Kms from Jupiter's Mt mason hermatite deposit.

The ANN of 12th September also states that results from the systematic mapping and surface sampling are expected in early to mid October.

That means results are due out now.....one recalls JMS releasing an ANN last November and (admittedly with the help of nice Mr Talbot) seeing their SP shoot up to 40c from mid teens and more profitably causing the JMSO options to go from 2c to 20c in one week.

Lets face it with MDX, a 17Km long strike with widths upto 2km and a thickness varying between 50m and 200m is certainly not to be sniffed at if the grades are good. As MDX keeps describing the formation as a “Mt Mason type” deposit then perhaps good grades are a strong possibility. The sampling should give us a big clue here and as already mentioned the sampling results are due early to mid October.

Could one reason for today's action mean a juicy ANN is imminent? .... Just a guess....

Uranium project.

MDX has a JV with Heathgate Resources (itself somewhat unusual for such a small junior). Heathgate of course also had a JV with AGS – they went from 5c to more than $2. The project is using sampling of groundwater to use it as an indicator for identifying drilling targets should help speed up the discovery of prospective U308 deposits.

For more details on this do see the ANN of 10th October – warning it is a bit complicated but nevertheless a good read.

The U308 project JV has area of interest of 100,000Sq.KMs of which 5,500Sq.Kms has been granted tenure.

A further 12 applications covering 2,800Sq.Kms have also been lodged where paleodrainages (again using water sampling to identify targets) are considered prospective for roll front uranium.

Gold Projects

MDX has a number of prospective gold tennements under development, The most interesting of these being the Bulga Downs project.

Bulga Downs is described as currently having 36,000 ounces of indicated / inferred gold. What makes this interesting is that the April 2007 quarterly staes that this area includes a “mineralised structure” that reurned drill intersections greater than 3 g/t over 10Kms....a fair bit of potential there then.

At Bulga Downs MDX has their Toucan Gold prospect. Some grading from this area includes:

3m @ 6.17 g/t from 14m
1m @ 21.2g/t from 56m
13m @ 2.93g/t from 35m

The ANN of today was the rather pleasing news that MDX have just started drilling 10 further holes at this prospect.

For details of all the gold projects underway you will have to read the July quarterly.

The only top 20 I could find was from 2006 so it is a bit old but that gave figures of 46% of the heads and 46% of the oppies were held by the top 20.

The 3 main Directors of MDX hold the 12,885,822 heads and 5,632,410 oppies between them. This means the 3 directors own between them 22.8% of the issued heads and 21.5% of the issued oppies.

Our of the three main areas the Iron project looks potentially huge. Remember an ANN is due early – mid October giving further details on the Mt Forrest Fe project with more grades expected from the sampling. It is 17KMs long and upto 2KMs wide.

The gold drilling started today and the U308 project with Heathgate certainly looks exciting.

Today about 10% of the company changed hands with a 65% rise is the SP and an 83% rise in the oppies yet the company is still only valued at $10.7mn

The upside is obviously huge. The oppies have a strike price of 20c and at the 4.4c close offer 4X leverage and almost 9 months to maturity.

Looking forward to a juicy ANN on the Fe next week.... now what will that do to the SP?

Guess what ... I bought quite a few of these today ;-)

EB

Thanks for the wrap, very well written. Nothing beats having lots of ground to work over - given the expertise and the capital to exploit it. Needless to say, I put a few G's into this as well. Looking forward to some more anns.

 

[kevinecom]

Yeah but if you paid attention to my post yesterday when it was 10c you would be happy

I think this is wayy too much and is not based on fundamentals so can't really comment any more, but the mkts are crazy at the moment so wo knows anything is possible

Sir YT,

U're better than my broker , I've sent you an email suggesting you should start charging ASF members for your research and analysis.

I did make some good $$ following your posts, once again thanks.

 

[Gekko]

Sir YT,

You can be my broket too!

I bought some heads on fri morning and couldnt believe what later eventuated

I am very new to this forum - despite having being investing for years and years - but have followed your selections closely this year

I, like many on here, am gracious of your work

Keep it up

 

[YOUNG_TRADER]

lol, thanks guys,

But becareful not to create "much ado about nothing" (thanks Shakespeare) with this one,

Yes it was cheap at $5m when it was 10c and yes it may offer potential, but I think the market will and is getting more caught up with the fact of its proximity to the IRM and GNL projects which caused huge runs of late,


I can't stress enough, until we see more results, its still speculative

Thankfully we shouldn't have to wait long, as more rock chip and surface samples are due any day, as more results flow, a clearer picture of what MDX has on its hands will emerge.

Cheers

 

[kpas]

Did you mean MDX (not ACS) in your last post?

I am just curious what MDX has in common with ACS ?

 

[YOUNG_TRADER]

Whoops,

Good pick up Kpas, that should me MDX, this stock has nothing to do with ACS, pure typo

lol, thanks guys,

But becareful not to create "much ado about nothing" (thanks Shakespeare) with this one,

Yes it was cheap at $5m when it was 10c and yes it may offer potential, but I think the market will and is getting more caught up with the fact of its proximity to the IRM and GNL projects which caused huge runs of late,


I can't stress enough, until we see more results, its still speculative

Thankfully we shouldn't have to wait long, as more rock chip and surface samples are due any day, as more results flow, a clearer picture of what MDX has on its hands will emerge

Cheers

 

[kpas]

The current spread is quite interesting. If they aren't dummy bidders then it should easily open at 20c.

I expect a few of them to disapeer but I also expect some larger bids to come on just before MDX starts trading.

Good possibility for an IRM like move today - what do you guys think?

 

[dubiousinfo]

The opies still look cheap at the moment. Very small premium to the heads with 8 months to expiry. Thought these might have run harder this morning.

 

[Gekko]

Certainly looks like someone is accumulating in 100k parcels @ 5.1

As i type a second 100k order at 5.1 comes up

 

[adobee]

dropping a bit now.. would be a bit upset if I was the person who bought at 23.5c - If retraces to 14c I will be buying more..

 

[aussieboy2010]

Surely just some profit taking after the great run on Friday. Should rebound again at some stage, if it continues to drop further may be a good chance to get in again....

 

[SevenFX]

Should rebound again at some stage,

If it continues to drop further may be a good chance to get in again....

Sure buying lower maybe a good thing, but how much lower is too low...????

Below 14.3c may see this stock take some time to recover if at all.

SevenFX

 

[adobee]

I will buy at 14c and wait until there are some iron ore results announced... before considering selling..

 

[moolah]

MDX

An overlooked Iron share with gold. 17 km of hematite with low contaminants. I think this is worth looking at.

 

[exberliner1]

Trading halt and a cap raising...

With the sampling results from Mt Forrest due around now ... surely it would have made sense to go for a cap raising after the results are out and take advantage of a higher SP.

Oh well - let's see what they say when the ANN is issued.

EB

 

[adobee]

I can see that they are in a trading halt but where are you seeing the announcement on capital raising.. ?

 

[alankew]

Adobee it is on the second page of the announcement-I missed it as well speed reading it.Hope this helps

 

[exberliner1]

Can someone who knows more about geology then me answer this:

On page one of the ANN from 12th September there is a table showing some grades from the preliminary traversing.
>
> Under Fe203 it quotes
>
> 71.6%
> 67.97%
> 65.01%
> 64.66%
>
> Underneath this it gives the average (Fe) as being
> 47.07%
>
> Now the average of the 4 grades given above is 67.31%
> and NOT 47.07%

Does Fe203 really reduce by a third when it is processed to Fe... or is this a mistake in the calculation of the average?

EB
>