MKY - MKY Resources

[shaunm]

Re: MKY - MKY Corporation

I wonder if the announcement by USA regarding their (small) uranium find has re-ignited some interest in uranium explorers today? Either way it is great to see the SP creeping up.
Sydneysider, your posts certainly make an exciting read on the "what if" side; we can only hope.

 

[sydneysider]

Re: MKY - MKY Corporation

The very interesting thing about MKY is the (potential) size of the target. Wallys Cluster is 12x 12 kms as the "target" hi grade area. that is 144 sq kms. The rock type that has been identified as highly uraniferous is loveringite which is volcanic in nature. Speaking in a very speculative manner, there is potential that the highly uraniferous veins refered to in to-days report may come from a great depth. Assuming a "first pass" target depth of 500 meters, we have a block of rock that is absolutely massive in size and "may" be laced with veins of uranium. This is pure speculation on my part BUT (1) hi grade u rocks reported all over Wally's Cluster (2) first trenches identified as carrying hi grade u rocks (3) rocks are volcanic in nature and vein's may have come from a great depth.

This thing may at the end of the day be a complete dud (which is the downside risk) but there have been rumors circulating on the web that a JV might be coming and this may IMHO be due to the massive size of the target. This thing is completely different to your typical Aussie paleo channel deposit of a few hundred ppm per tonne. MKY is talking sample grades that top out at 45,000 ppm. and now they will be chasing a vein system of potentially very hi grade u. Watch for trenching grades and locations to follow shortly. Good luck to all longs.

Correction: Wally's Cluster is actually 12 square kilometers in size (my apologies) not as posted above. This is the "core" area that appears to host the very hi grades and has been subject to trenching.

 

[TMC19]

Re: MKY - MKY Corporation

Great to see this one actually heading in the right direction or a least hold its current lofty heights. Lets hope the results of the assays expected next week are positive. Does anyone know what day they are due for release ?

 

[shaunm]

Re: MKY - MKY Corporation

It might be worth a call to the company to find out when the results are coming out. I think the market could do with some good news.

 

[henry vanderhave]

Re: MKY - MKY Corporation

They are saying on HC that the results are in,they are being examined and possibly released on thurs after opening as soon as they can.Someone said they spoke to office and they supplied this info.We`ll see if they speak with forked tongue,if true could be late chrissie present,good luck all.Thanks.:

 

[henry vanderhave]

Re: MKY - MKY Corporation

The company says they have received assay results and are collating them for release as soon as.

Definitely worth a look,if the u grades are anything like the samples they have already reported on i.e. 37000ppm per tonne.

I am in,hope its not been a big ramp,but I dont think so,I bought more this morning as info will soon be out.Good luck all.

 

[shaunm]

Re: MKY - MKY Corporation

Yeah Henry you and me both. I am trying not to think about it too much as I'm sure I'll curse it if I do or go crazy in the process.:silly:
I am holding a reasonable amount of stock and will have a packet of cash ready to throw in on the day if the results create a frenzy.

 

[kransky]

Re: MKY - MKY Corporation

This one is has some serious potential due to the very high grades being talked about and the low market cap of around $25M.. holding a little.

 

[shaunm]

Re: MKY - MKY Corporation

Ooh the tension is building in the lead up to the results; 14% today.
The temptation of taking some profit today and buying back in to the "fire storm" if the news is good.:blaah:

 

[sydneysider]

Re: MKY - MKY Corporation

MKY has broken out on moderate volume over the last few days. U really need to look at a two year chart to appreciate the upside potential here. IF she clears 9.8 cents then we have upside targets that may possibly (very speculative) carry us above 17 cents.

 

[JTLP]

Re: MKY - MKY Corporation

WOW...talk about a reverse slammo!

Apparently good news released and down she goes...i got out early but lost a bit but some are still going down...

 

[TMC19]

Re: MKY - MKY Corporation

This is incredible - was it good news ??

It certainly read like good news to me!! This stock has done this same thing quite a few times in the past.

 

[shaunm]

Re: MKY - MKY Corporation

Well 2lbs of uranium per tonne is a reasonable amount so I guess people were expecting much higher results. I am going to stay in. Sure I'm down a bit but there are still plenty of buyers so it should eventually bubble back up....fight the panic urge....fight the panic sell!?!?!?

 

[newbie]

Re: MKY - MKY Corporation

Should I sell or not? I can't decide whether to take a loss and risk a bigger loss or what? If it goes to 3c or less does anyone think it will bounce?

 

[shaunm]

Re: MKY - MKY Corporation

Newbie,
I know exactly how you are feeling. At the moment the market depth indicates that the price should settle around 4 - 4.5 cents; of course that will depend on the holders sentiment at opening. There appears to still be interest from buyers.
Remeber, it's only a loss if you sell.

The announcement yesterday, while not having the "bonanza" grades confirmed was still quite positive so for me MKY becomes a longer term hold.

I welcome anyone else to offer their thoughts on the results and prospects for this one.

 

[joewoo]

Re: MKY - MKY Corporation

Newbie,
I know exactly how you are feeling. At the moment the market depth indicates that the price should settle around 4 - 4.5 cents; of course that will depend on the holders sentiment at opening. There appears to still be interest from buyers.
Remeber, it's only a loss if you sell.

The announcement yesterday, while not having the "bonanza" grades confirmed was still quite positive so for me MKY becomes a longer term hold.

I welcome anyone else to offer their thoughts on the results and prospects for this one.

I agreed, it definitely looked like a good news to me. Even thought the share might go down a little bit more but the upper sky is quite large~

 

[sydneysider]

Re: MKY - MKY Corporation

To my chagrin we got slammed in this one. The wording in the report was somewhat confusing but my understanding of the report is as follows (1) only a very small number of u samples were taken (i think nine) (2) seven trenches were dug across several lines of potential mineralization (3) four of those trenches were across a single line of u mineralization extending about 85 meters and open in both directions (4) each trench was about 45 meters across and all trenches carried scintillometer readings at or above 100 cps for approximately 20 meters (5) the highest reading in each trench was sampled for one meter (6) one sample was misplaced from the mineralized line (7) the remaining four samples averaged 4.77 pounds per ton of u (8) the remaining three trenches away from this mineralized line carried thorium which opens up the potential for rare earths on the property??

Most of the selling seemed very uninformed and may have been based on some confusion where typical depositional deposits may be several hundred meters wide but tend to be shallow (1) MKY's property carries loveringite which was "implaced" by a volcanic event (mafic intrusion) (2) these type of events are rare but mafic intrusions supply Australia with much of its mineral wealth especially in WA (3) being volcanic by nature it opens up the potential to go very deep, especially as it is located along a fault line called the Palmerville Fault (from memory?) (4) other loveringite occurences have been defined by MKY and i assume that they have had the added benefit of running scintillometers over those targets.

From all of this my sense is that MKY has many hundreds of meters of new targets to examine. Because MKY has found u in a nu setting (they state that u is found in loveringite only in North Queensland) and has led them to stake out a number of new leases to capture additional extensions of this mineral (which was only very recently recognized as a mineral in 1978 being found in the Yilgarn?).

Most brokers avoid the unusual because their geo's doing research stick to bread and butter stuff like roll front deposits in SA. Considering that MKY is run on a shoestring they have so far had a 100% success rate in finding hi grade samples of u and identifying mineralized zones of the stuff that carry potential economic values. IMHO this is tru frontier exploration that is yielding very positive results so far. IF they drill a few holes over several hundred meters and find that the loveringite ore carries similar u grades at depth then MKY will be sitting on millions of pounds of u ( in a very small area). Say, assume 100 metrs of strike by 15 meters width and 100 meters depth equates to 375,000 tons. Assuming 2.5 - 5.00 pounds per ton equates to 937,500 - 1,875,000 pounds of u with a ton value of between A$285-570 or totall insitu value of A$106,875,000-213,750,000 for each 100 meters of strike and depth. These numbers are EXTREMELY SPECULATIVE but they indicate the type of potential that is being aimed at, all at very shallow open pittable low cost depth. IMHO the sell-off was very misinformed.

 

[shaunm]

Re: MKY - MKY Corporation

Wow Sydneysider, very impressive analysis and once again serving to reaffirm why I have held my 200k plus shares.
The potential is definitely there as you have summised and I am happy to sit on these for quite a while.
I read the drilling will be in 2Q of this year so let's wait and see.

 

[TMC19]

Re: MKY - MKY Corporation

Sydneysider thanks for the analysis, appreciated and very informative indeed. The sell off after the announcement was huge though. What were shareholders expecting that obviously didn't happen that caused a drop of over 30% post announcement, I certainly didn't read anything in the announcement that would cause such a drastic turn of sentiment towards the stock. I know you believe the sell off was mis informed, my problem is understanding how shareholders deduced the announcement was negative enough to drop 30% as I can't see this, having read it many times.

I have owned for a while now and have had a few false dawns with this one but will be sitting on these as I believe the potential is huge with this stock

 

[sydneysider]

Re: MKY - MKY Corporation

Sydneysider thanks for the analysis, appreciated and very informative indeed. The sell off after the announcement was huge though. What were shareholders expecting that obviously didn't happen that caused a drop of over 30% post announcement, I certainly didn't read anything in the announcement that would cause such a drastic turn of sentiment towards the stock. I know you believe the sell off was mis informed, my problem is understanding how shareholders deduced the announcement was negative enough to drop 30% as I can't see this, having read it many times.

I have owned for a while now and have had a few false dawns with this one but will be sitting on these as I believe the potential is huge with this stock

IMHO the resaons for the sell-off were multiple (1) Many of the surface samples / float collected and reported by MKY had extremely hi values running up to 100 pounds per ton so there was an expectation of a major
bonanza. No-one knows where these hi values came from. Althou assayed trench values are economic, they may be coming from other sections of the loveringite system (2) Many holders thought that there were hundreds of new samples collected and assayed AND only four of those samples were positive. This would be fairly typical IF u were assaying an old river bed for depositional type of deposit. SO it was automatically assumed that the whole thing was a bust. In this case MKY was trying to establish that they were onto a new type of mineralized u system so it was sufficient to run scintillometers across the trench and take a few samples to establish this fact (3) We are looking at a totally new type of geology which is volcanic in nature and not found anywhere else. (4) Because no-one in the broker community really understand this stuff (has no prior experience with this type of geology) they were disparaging AND it happened over Christmas when most folk are on holidays (5) MKY has virtually no PR and the recent Press Release was somewhat confusing (6) In ligth of these facts it led to a melt down. U might note that over 100 million shares got soaked up fairly quickly over the last few days, so the folks with money are happy to "punt" this one (7) North Queensland has some very major deposits of minerals and the MKY loveringite u discovery may just be the begining of another very interesting search that may have very substantial upside because of its volcanic nature. Good luck to the beat up longs.