MXR - Maximus Resources
- Thread starter Riesling
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I dont consider the announcement that positive when if anyone spoke to them over the telephone they indicated a far greater JORC than they had previously anticipated and all we got was 16k total ...before you say it yes the bedrock nuggets are not included but even their own people are stating that these nuggets are unreliable cream.
I and others in here I presume were expecting 16k a yr for 5 yrs or 90k, this expectation wether realistic or not and the failure to achieve this has resulted inthe SP. I to be honest had half hoped that they announced a correction and stated we had a misprint jorc is not 16k but 16k a yr for x yrs. This didnt occurs so on the back burner this goes as far as im concerned.
Dont get me wrong I still believe in the potential for this mob but in future will take with a grain of salt what thay say until i can see the results. I believe a further larger scale test run is planned for the next 3 months lets see what ACTUAL OZ's are retrieved then I feel we will be in a better position to value this SP
SEMPER UBI SUB UBI
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Hmmm MXR at 13.5c just above cash backing, i couldn't resist grabbing a few more,
I'm actually surprised that people are selling on the back of todays ann,
It shows that MXR are getting ready to move towards mining at Bird In Hand, that would be 2 gold projects coming into production, additionally they highlight that as with the last drill hole BIH 42 which had visual gold present, BIH 43 does too, so we're just waiting on assays to confirm what we already know,
Buts thats not all, here's the list of ann's I'm expecting
1. BIH 43 12m hit, I reckon it'll be 12g/t Au - 15g/t Au
2. BIH 44 this is another important hole, if it hits 15m's at 12g/t Au it will confirm the 250k oz potential (per MD's guidance on Board Room Radio interview)
3. At Cromer, a prospect near BIH, we are waiting on 6 RC Drill Holes,
4. At the Narndee Ferro Vanadium prospect Canegrass we are expecting survey results which will firm up target size potential etc etc
6. Also at the Narndee Ferro Vanadium area SHEPARDS we are waiting on drill results
7. ERO (MXR holds heaps) has completed some very deep IOCG holes looking for Olympic Dam style structures, a find here (though unlikely) would seriously boost ERO's SP and thus MXR's NTA
8. Kapunda a historical copper deposit thats JV'd with CRJ is having an intial JORC estimate done
As you can see lots of news flow expected over the month of April, I am particularly intreseted in the survey being done at Canegrass, it was this kind of magnetic survey that allowed MDX to come out with its target which cause the subsequent SP rally from 10c to 40c
Also I can't wait for drill results at the other FerroVanadium project Shepards, I'm sure WVL will be watching too
I'm actually surprised that people are selling on the back of todays ann,
It shows that MXR are getting ready to move towards mining at Bird In Hand, that would be 2 gold projects coming into production, additionally they highlight that as with the last drill hole BIH 42 which had visual gold present, BIH 43 does too, so we're just waiting on assays to confirm what we already know,
Buts thats not all, here's the list of ann's I'm expecting
1. BIH 43 12m hit, I reckon it'll be 12g/t Au - 15g/t Au
2. BIH 44 this is another important hole, if it hits 15m's at 12g/t Au it will confirm the 250k oz potential (per MD's guidance on Board Room Radio interview)
3. At Cromer, a prospect near BIH, we are waiting on 6 RC Drill Holes,
4. At the Narndee Ferro Vanadium prospect Canegrass we are expecting survey results which will firm up target size potential etc etc
6. Also at the Narndee Ferro Vanadium area SHEPARDS we are waiting on drill results
7. ERO (MXR holds heaps) has completed some very deep IOCG holes looking for Olympic Dam style structures, a find here (though unlikely) would seriously boost ERO's SP and thus MXR's NTA
8. Kapunda a historical copper deposit thats JV'd with CRJ is having an intial JORC estimate done
As you can see lots of news flow expected over the month of April, I am particularly intreseted in the survey being done at Canegrass, it was this kind of magnetic survey that allowed MDX to come out with its target which cause the subsequent SP rally from 10c to 40c
Also I can't wait for drill results at the other FerroVanadium project Shepards, I'm sure WVL will be watching too
Hmmm MXR at 13.5c just above cash backing, i couldn't resist grabbing a few more,
I'm actually surprised that people are selling on the back of todays ann,
It shows that MXR are getting ready to move towards mining at Bird In Hand, that would be 2 gold projects coming into production, additionally they highlight that as with the last drill hole BIH 42 which had visual gold present, BIH 43 does too, so we're just waiting on assays to confirm what we already know,
Buts thats not all, here's the list of ann's I'm expecting
1. BIH 43 12m hit, I reckon it'll be 12g/t Au - 15g/t Au
2. BIH 44 this is another important hole, if it hits 15m's at 12g/t Au it will confirm the 250k oz potential (per MD's guidance on Board Room Radio interview)
3. At Cromer, a prospect near BIH, we are waiting on 6 RC Drill Holes,
4. At the Narndee Ferro Vanadium prospect Canegrass we are expecting survey results which will firm up target size potential etc etc
6. Also at the Narndee Ferro Vanadium area SHEPARDS we are waiting on drill results
7. ERO (MXR holds heaps) has completed some very deep IOCG holes looking for Olympic Dam style structures, a find here (though unlikely) would seriously boost ERO's SP and thus MXR's NTA
8. Kapunda a historical copper deposit thats JV'd with CRJ is having an intial JORC estimate done
As you can see lots of news flow expected over the month of April, I am particularly intreseted in the survey being done at Canegrass, it was this kind of magnetic survey that allowed MDX to come out with its target which cause the subsequent SP rally from 10c to 40c
Also I can't wait for drill results at the other FerroVanadium project Shepards, I'm sure WVL will be watching too
Hi Youngtrader,
pretty quiet around here. But looks like that counts for a lot of resource stocks at the moment.
Good work on providing us with an update of what's to come.
I'd like to add some expected anns to your list tho:
- We should get a report about Scoping studies for Bird in Hand in late April
- ERO finished drilling for Uranium at Abminga East as well as for IOCGU at Welbourn Hill with results pending.
Buyers are building around 13- 13.5c ... irrational prices considering what resources MXR managed to prove up and that they're very close to gold production.
Cheers
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Yeah I've been watching the bottom feeders build at 13c and 13.5c
I think barring an apocolyptic meltdown, 13c is the absolute base backed up by the NTA, yet any one of those pending ann's (if positive) could launch MXR back up to 16c/17c quite easily,
Drilling results at Shepards Ferro Vanadium has the potential to be company mkaing, as does the outcome from the Canegrass surveys
I think the BIH 43 Interecept is a given to be a 12g/t -15g/t Au hit and like the previous BIH 42 hit will cause a price spike
I think barring an apocolyptic meltdown, 13c is the absolute base backed up by the NTA, yet any one of those pending ann's (if positive) could launch MXR back up to 16c/17c quite easily,
Drilling results at Shepards Ferro Vanadium has the potential to be company mkaing, as does the outcome from the Canegrass surveys
I think the BIH 43 Interecept is a given to be a 12g/t -15g/t Au hit and like the previous BIH 42 hit will cause a price spike
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Interesting to see an Appendix 3B just before the close today.
If you look back through the Ann's, approximately between 3 to 8 days after a 3B a price sensitive announcement is issued.
Just speculation but
I hope your right JTLP - but it was only for approx 4500 shares so not really anything to right home about imo.
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Hey JTLP
BIH 43 is overdue now so we can expect that soon, along with a bunch of other ann's, like I said Shepards or Canegrass news are the company makers so I've got my eye's peeled for those
here's that list of ann's I'm expecting
1. BIH 43 12m hit, I reckon it'll be 12g/t Au - 15g/t Au
2. BIH 44 this is another important hole, if it hits 15m's at 12g/t Au it will confirm the 250k oz potential (per MD's guidance on Board Room Radio interview)
3. At Cromer, a prospect near BIH, we are waiting on 6 RC Drill Holes,
4. At the Narndee Ferro Vanadium prospect Canegrass we are expecting survey results which will firm up target size potential etc etc
6. Also at the Narndee Ferro Vanadium area SHEPARDS we are waiting on drill results
7. ERO (MXR holds heaps) has completed some very deep IOCG holes looking for Olympic Dam style structures, a find here (though unlikely) would seriously boost ERO's SP and thus MXR's NTA
8. Kapunda a historical copper deposit thats JV'd with CRJ is having an intial JORC estimate done
BIH 43 is overdue now so we can expect that soon, along with a bunch of other ann's, like I said Shepards or Canegrass news are the company makers so I've got my eye's peeled for those
here's that list of ann's I'm expecting
1. BIH 43 12m hit, I reckon it'll be 12g/t Au - 15g/t Au
2. BIH 44 this is another important hole, if it hits 15m's at 12g/t Au it will confirm the 250k oz potential (per MD's guidance on Board Room Radio interview)
3. At Cromer, a prospect near BIH, we are waiting on 6 RC Drill Holes,
4. At the Narndee Ferro Vanadium prospect Canegrass we are expecting survey results which will firm up target size potential etc etc
6. Also at the Narndee Ferro Vanadium area SHEPARDS we are waiting on drill results
7. ERO (MXR holds heaps) has completed some very deep IOCG holes looking for Olympic Dam style structures, a find here (though unlikely) would seriously boost ERO's SP and thus MXR's NTA
8. Kapunda a historical copper deposit thats JV'd with CRJ is having an intial JORC estimate done
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Buts thats not all, here's the list of ann's I'm expecting
1. BIH 43 12m hit, I reckon it'll be 12g/t Au - 15g/t Au
2. BIH 44 this is another important hole, if it hits 15m's at 12g/t Au it will confirm the 250k oz potential (per MD's guidance on Board Room Radio interview)
3. At Cromer, a prospect near BIH, we are waiting on 6 RC Drill Holes,
4. At the Narndee Ferro Vanadium prospect Canegrass we are expecting survey results which will firm up target size potential etc etc
6. Also at the Narndee Ferro Vanadium area SHEPARDS we are waiting on drill results
7. ERO (MXR holds heaps) has completed some very deep IOCG holes looking for Olympic Dam style structures, a find here (though unlikely) would seriously boost ERO's SP and thus MXR's NTA
8. Kapunda a historical copper deposit thats JV'd with CRJ is having an intial JORC estimate done
As you can see lots of news flow expected over the month of April, I am particularly intreseted in the survey being done at Canegrass, it was this kind of magnetic survey that allowed MDX to come out with its target which cause the subsequent SP rally from 10c to 40c
Also I can't wait for drill results at the other FerroVanadium project Shepards, I'm sure WVL will be watching too
Ann out but its about the Sellhiem resource, so its not even one I was expecting
It looks like the ASX has recieved complaints/query's from shareholders regarding the Sellhiem project, interesting to read MXR's response, especially the bit about 15k oz p.a. production target vs 16koz JORC
ASX has also queried how Maximus believes a
production objective of 15,000 ounces per year can be
estimated when the current Inferred Resource is only
16,000 ounces. As stated in the 2 April release under the
heading “Additional Alluvial Gold Potential” significant
numbers of gold nuggets were recovered during the
exploration program. It was also reported that five
additional areas have returned results above cut off
grade and are expected to lead to additional resources.
There are also many other areas outside Mining Lease
10328 where previous exploration has shown alluvial
gold to be present. Predictions of future production
objectives are therefore based on Maximus assessment
of its results to date.
So many anns still to come, bring on Shepards drill results, Canegrass survey results and latest BIH intercept
Hi Youngtrader,
Sellheim looking good. MXR are gonna treat 100 lcm / hour in a 24h / day operation.
Preproduction is scheduled to start in about a month. September quarterly should look good with Sellheim being in full production and accumulating cash.
Kevin Wills is currently talking to a mining engineer regarding Sellheim's production capacity. I suppose with all those nuggets scattered in the alluvials it should be possible to ramp up the production target to around 26.000 ounces a year ( possible revenue of 26M$/year = 6,5M$/quarter).
Next update on Bird in Hand, ERO drilling and Sellheim should be out soon. Haven't heard much of the Shephard drilling and the Canegrass EM survey lately, maybe we'll get some results or updates on them by surprise.
Let's see.
Cheers
Sellheim looking good. MXR are gonna treat 100 lcm / hour in a 24h / day operation.
Preproduction is scheduled to start in about a month. September quarterly should look good with Sellheim being in full production and accumulating cash.
Kevin Wills is currently talking to a mining engineer regarding Sellheim's production capacity. I suppose with all those nuggets scattered in the alluvials it should be possible to ramp up the production target to around 26.000 ounces a year ( possible revenue of 26M$/year = 6,5M$/quarter).
Next update on Bird in Hand, ERO drilling and Sellheim should be out soon. Haven't heard much of the Shephard drilling and the Canegrass EM survey lately, maybe we'll get some results or updates on them by surprise.
Let's see.
Cheers
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Herbert - I really hope your optimism is correct.
My pessimism unfortunately says that the ASX had every right to ask that very same question that most here (and on other, less reputable forums) had instantly stated once the announcement was released (I do believe "WTF" summarized it best!)
Can't say I like the MXR response as they're almost implying that they "know better than the JORC". They indeed probably DO know better, but what they KNOW and what they can STATE are two entirely different matters.
I've categorized my holding in MXR as one that will come into fruition in the mid term, probably 18 to 24 months we MAY see this stock up near its record highs - my rationale is based upon the fact that the US economic woes haven't even started and will only be resolved when the presidency is changed (regardless of party affiliation) and the US actually acknowledge they have a full blown recession on their hands. During this time gold will be King and if MXR are in production - I do believe the long term holder will ultimately be well rewarded for their patience.
My pessimism unfortunately says that the ASX had every right to ask that very same question that most here (and on other, less reputable forums) had instantly stated once the announcement was released (I do believe "WTF" summarized it best!
)Can't say I like the MXR response as they're almost implying that they "know better than the JORC". They indeed probably DO know better, but what they KNOW and what they can STATE are two entirely different matters.
I've categorized my holding in MXR as one that will come into fruition in the mid term, probably 18 to 24 months we MAY see this stock up near its record highs - my rationale is based upon the fact that the US economic woes haven't even started and will only be resolved when the presidency is changed (regardless of party affiliation) and the US actually acknowledge they have a full blown recession on their hands. During this time gold will be King and if MXR are in production - I do believe the long term holder will ultimately be well rewarded for their patience.
Hi guys,
i mailed the company yesterday because i had some questions regarding the Canegrass and Shephard drilling.
Here's my mail and the answer from Gary Maddocks, exploration manager of MXR:
" Good evening Mr. Wills,
I am a long term holder of MXR and have been keenly following MXR's progress and development of several of its projects.
In the March quarterly i noticed that MXR mentioned a delay of the Shephards drilling until late February and an EM survey of Canegrass to be undertaken in April.
Are there going to be any updates about these two programmes in the foreseeable future ? Are these programmes currently running or have they been delayed ?
I look forward to reading your answer.
Thanks.
With kind regards
xxxx
"
Hi xxxx,
Thanks for your interest in Maximus and its Narndee project in WA.
While I am unable to give you any direct news, we are continuing to assess the Shephard and Canegrass prospects for their magnetite iron and vanadium potential and expect to be making comment on both areas in ASX releases during the latter part of April.
With regard to the EM survey, this has been slightly delayed but should be underway in early May. Again, a release on this will be forthcoming.
We look forward to your continuing support and if you have any further enquiries, I would be pleased to answer them.
Regards
Gary Maddocks
Exploration Director
"
Looks like we'll get results about these two prospects pretty soon. Might lead to a nice SP boost.
Cheers
i mailed the company yesterday because i had some questions regarding the Canegrass and Shephard drilling.
Here's my mail and the answer from Gary Maddocks, exploration manager of MXR:
" Good evening Mr. Wills,
I am a long term holder of MXR and have been keenly following MXR's progress and development of several of its projects.
In the March quarterly i noticed that MXR mentioned a delay of the Shephards drilling until late February and an EM survey of Canegrass to be undertaken in April.
Are there going to be any updates about these two programmes in the foreseeable future ? Are these programmes currently running or have they been delayed ?
I look forward to reading your answer.
Thanks.
With kind regards
xxxx
"
Hi xxxx,
Thanks for your interest in Maximus and its Narndee project in WA.
While I am unable to give you any direct news, we are continuing to assess the Shephard and Canegrass prospects for their magnetite iron and vanadium potential and expect to be making comment on both areas in ASX releases during the latter part of April.
With regard to the EM survey, this has been slightly delayed but should be underway in early May. Again, a release on this will be forthcoming.
We look forward to your continuing support and if you have any further enquiries, I would be pleased to answer them.
Regards
Gary Maddocks
Exploration Director
"
Looks like we'll get results about these two prospects pretty soon. Might lead to a nice SP boost.
Cheers
Thanks for sharing the info Herbert it is much appreciated. IMHO i still think that iron ore and vanadium has the most upside for MXR. Will be interesting to see if infact news regarding Shephard and Canegrass are released later this month. MXR are not so reliable lately when it comes to this... Lets hope that when these ann are released the SP will move up....still great buying at these prices good luck to all holders.....
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If MXR's true value is as a Vanadium play rather than a gold play - I can't understand why MXR is stagnant yet similar Vanadium plays like IRC are climbing solidly...
Hi guys,
I wrote two more mails to Gary Maddocks and got some very interesting replies:
"
Hi Gary,
thanks for your quick reply.
While the market seemed disappointed about the latest Canegrass drilling results I considered them pretty encouraging.
You as an expert, what is your opinion regarding the Canegrass drilling intercepts ? Are the grades encountered potentially economic ?
I know, it's an early stage of the project but I'd like to hear your opinion since you were directly at the side.
Thanks for taking the time.
Have a good evening.
Chris
"
"
Hi Chris,
Not sure what you are meaning about 'latest drilling results' as we have not reported anything since our Dec qtrly at the end of Jan. However, we also think these initial drill intersections were encouraging and that is why we decided to do an extensive program of geophysics to outline the better areas in which to undertake further drill testing. This work will be in a release as soon as geophysical interpretations are finished and certainly before the end of this month.
With regard to grades, the 16m at 44% Fe reported in Jan was well above the lower range of 35% we would still consider interesting. Further work on beneficiation is need to determine what this lower level should be for the style of mineralisation seen at Canegrass but we would expect that plus 35% values will be worth further consideration as significant concentrations of iron.
Hope this is of help.
Regards GEM
"
"
Hi Gary,
thanks again for your quick answer.
You mentioned the initial Fe grades at Canegrass in your mail. But isn't the Vanadium concentration of more importance than the Fe grades ?
1.2% Vanadium in that 17m intervall looked like quite a considerable concentration when comparing it to the average Vanadium grades of the WVL mine in the north of the Shephard zone. So is it more important for the resource to be higher grade Fe or higher grade Vanadium ?
Sorry for these questions, but as a non-geologist it would be interesting to know more about the details.
Thanks.
Regards
Chris
"
Gary Maddocks's answer:
"
Hi Chris,
Yes, the V values at ~1.2% V2O5 are considered very interesting but the current market interest in iron ores and the fact that such V rich ores can be treated as iron ores in countries such as China, Russia and Sth Africa makes us believe that promotion of iron content is in the best interest of Maximus at this time.
A 'second prise' at Canegrass would be the outlining of a fresh magnetite containing +1%V2O5 that would be of strong interest to nearby Windimurra Vanadium Limited as I understand much of their known resources are partially oxidised and their processing technique requires some level of non-oxidised magnetite.
Regards GEM
"
Cheers
I wrote two more mails to Gary Maddocks and got some very interesting replies:
"
Hi Gary,
thanks for your quick reply.
While the market seemed disappointed about the latest Canegrass drilling results I considered them pretty encouraging.
You as an expert, what is your opinion regarding the Canegrass drilling intercepts ? Are the grades encountered potentially economic ?
I know, it's an early stage of the project but I'd like to hear your opinion since you were directly at the side.
Thanks for taking the time.
Have a good evening.
Chris
"
"
Hi Chris,
Not sure what you are meaning about 'latest drilling results' as we have not reported anything since our Dec qtrly at the end of Jan. However, we also think these initial drill intersections were encouraging and that is why we decided to do an extensive program of geophysics to outline the better areas in which to undertake further drill testing. This work will be in a release as soon as geophysical interpretations are finished and certainly before the end of this month.
With regard to grades, the 16m at 44% Fe reported in Jan was well above the lower range of 35% we would still consider interesting. Further work on beneficiation is need to determine what this lower level should be for the style of mineralisation seen at Canegrass but we would expect that plus 35% values will be worth further consideration as significant concentrations of iron.
Hope this is of help.
Regards GEM
"
"
Hi Gary,
thanks again for your quick answer.
You mentioned the initial Fe grades at Canegrass in your mail. But isn't the Vanadium concentration of more importance than the Fe grades ?
1.2% Vanadium in that 17m intervall looked like quite a considerable concentration when comparing it to the average Vanadium grades of the WVL mine in the north of the Shephard zone. So is it more important for the resource to be higher grade Fe or higher grade Vanadium ?
Sorry for these questions, but as a non-geologist it would be interesting to know more about the details.
Thanks.
Regards
Chris
"
Gary Maddocks's answer:
"
Hi Chris,
Yes, the V values at ~1.2% V2O5 are considered very interesting but the current market interest in iron ores and the fact that such V rich ores can be treated as iron ores in countries such as China, Russia and Sth Africa makes us believe that promotion of iron content is in the best interest of Maximus at this time.
A 'second prise' at Canegrass would be the outlining of a fresh magnetite containing +1%V2O5 that would be of strong interest to nearby Windimurra Vanadium Limited as I understand much of their known resources are partially oxidised and their processing technique requires some level of non-oxidised magnetite.
Regards GEM
"
Cheers
From GM's reply it looks like the primary objective is iron ore, with a secondary (if found) vanadium rich non-oxidized area to blend with WVL's oxidized stuff.
Would this change the valuation much? I understand there is a high CAPEX and high OPEX for V mine, with the subsequent high V price. Anyone have any idea how much V rich magnetite iron ore (is this called vandiferrous magnetite ore?) sells for? Would MXR have to beneficate, or do they just dig it up (+/- blasting) and send it to port? Any one heard of Chinese, Russian or SA mills that take this product?
Would be interesting to see the difference in value of treating it as iron ore vs treating it as a source of V2O5 flakes and ferrovanadium. I think the option of using it as iron ore may reduce high costs and seems a lot simpler process.
Would this change the valuation much? I understand there is a high CAPEX and high OPEX for V mine, with the subsequent high V price. Anyone have any idea how much V rich magnetite iron ore (is this called vandiferrous magnetite ore?) sells for? Would MXR have to beneficate, or do they just dig it up (+/- blasting) and send it to port? Any one heard of Chinese, Russian or SA mills that take this product?
Would be interesting to see the difference in value of treating it as iron ore vs treating it as a source of V2O5 flakes and ferrovanadium. I think the option of using it as iron ore may reduce high costs and seems a lot simpler process.
say we're looking at a 200Mt vanadium rich 40%Fe Iron ore resource.
Just having a stab in the dark, but say they can receive $50/T for the vanadium rich ore from china russia etc
At costs of $40/T to dig it up and get it to port (another stab in the dark) i think the stuff is at surface down to 40-80m so shouldn't be massively expensive.
That's a margin of $10/T. Times by the 200Mt we're looking at $2bill
CAPEX say $500M (another guesstimate) so say about $1.5bill, tax, discount rate, dilution could take that down to about $1bill maybe
Just getting things started hopefully
definitely don't take this as anything but guesswork
cheers
Skegs
Just having a stab in the dark, but say they can receive $50/T for the vanadium rich ore from china russia etc
At costs of $40/T to dig it up and get it to port (another stab in the dark) i think the stuff is at surface down to 40-80m so shouldn't be massively expensive.
That's a margin of $10/T. Times by the 200Mt we're looking at $2bill
CAPEX say $500M (another guesstimate) so say about $1.5bill, tax, discount rate, dilution could take that down to about $1bill maybe
Just getting things started hopefully
definitely don't take this as anything but guesswork
cheers
Skegs
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Skegsi I know the company has released its estimates for Shepards and Canegrass previously, however I think that the upcoming drillingresults from Shepards as well as the survey at Canegrass will shed alot more light on what can reasonably be expected to be found here
At current levels of cash/NTA the only way is up really, its just a matter of time
At current levels of cash/NTA the only way is up really, its just a matter of time
