RNX - Renegade Exploration
- Thread starter Snakey
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Re: OVR - Overland Resources Ltd.
yeah, a good 10 min trade for me, i am out, though i believe still may go up for tomorrow, at one stage there wasn't even one seller!
yeah, a good 10 min trade for me, i am out, though i believe still may go up for tomorrow, at one stage there wasn't even one seller!
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No brainer for me....alas I didn't notice it until lunch time but picked up a good pile of OVR between 40 and 50c....
With Zinc results like that even at $1 it is only a $30mn company....also don't forget the other projects...decent CU results as well...
17mn shares quoted and about 32mn in total....
So imo there is at least 35c upward momentum to look forward to tomorrow....with that much zinc and a massive share price hike today it will get overnight press comment which will push it higher tomorrow...
Just a shame there are no OVRO quoted...
EB
With Zinc results like that even at $1 it is only a $30mn company....also don't forget the other projects...decent CU results as well...
17mn shares quoted and about 32mn in total....
So imo there is at least 35c upward momentum to look forward to tomorrow....with that much zinc and a massive share price hike today it will get overnight press comment which will push it higher tomorrow...
Just a shame there are no OVRO quoted...
EB
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And just so the zinc doesn't get lonely OVR also has this CU project...
From the IPO last year:
Historical drilling data indicates significant subsurface copper mineralisation at Harrisons Cu-Ni Mine
Overland Resources is pleased to announce that it has located two historical reports containing information indicating significant grades of copper mineralisation in reconnaissance drilling beneath the Harrisons Cu-Ni Mine.
Significant results detailed in these reports include;
20m @ 1.89%Cu from surface
7.5m @ 1.62% Cu from 12m
3m @ 0.98% Cu from 3 m
14m @ 0.88% Cu from surface
5m @ 0.65%Cu from 11m
All drilling is shallow (less than 34m) and the mineralisation is interpreted to remain open along strike and at depth.
The results from the historical reports comprise composite samples for the drilled intervals. The Company has commenced a soil and rock chip sampling programme over the Harrisons Cu-Ni Mine and surrounding areas and will immediately follow this up with a drilling programme in early 2007.
Overland Resources Limited listed on the ASX on November 14, 2006. The Company is committed to the exploration and development of the Peel Ni-Cu project in New South Wales and the Riwaka Ni-Cu-PGE project in New Zealand. Overland Resources is also in advanced stages of negotiation to acquire several base and precious metal projects outside of Australia.
Hugh Bresser
Managing Director
Very shallow.....very sexy
;-)
EB
From the IPO last year:
Historical drilling data indicates significant subsurface copper mineralisation at Harrisons Cu-Ni Mine
Overland Resources is pleased to announce that it has located two historical reports containing information indicating significant grades of copper mineralisation in reconnaissance drilling beneath the Harrisons Cu-Ni Mine.
Significant results detailed in these reports include;
20m @ 1.89%Cu from surface
7.5m @ 1.62% Cu from 12m
3m @ 0.98% Cu from 3 m
14m @ 0.88% Cu from surface
5m @ 0.65%Cu from 11m
All drilling is shallow (less than 34m) and the mineralisation is interpreted to remain open along strike and at depth.
The results from the historical reports comprise composite samples for the drilled intervals. The Company has commenced a soil and rock chip sampling programme over the Harrisons Cu-Ni Mine and surrounding areas and will immediately follow this up with a drilling programme in early 2007.
Overland Resources Limited listed on the ASX on November 14, 2006. The Company is committed to the exploration and development of the Peel Ni-Cu project in New South Wales and the Riwaka Ni-Cu-PGE project in New Zealand. Overland Resources is also in advanced stages of negotiation to acquire several base and precious metal projects outside of Australia.
Hugh Bresser
Managing Director
Very shallow.....very sexy
;-)
EB
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I posted this on HC today......anyone got any comments??
_____Post Reads____
I think the main thing to bear in mind here is that OVR is a tiny micro cap company that has 2 very good projects underway now...
While it is very difficult to ascertain an in situ value based upon the ann. of this morning it beholds us speculative investors to try.
The following is therefore, after looking at the map supplied with today's ann and should be considered a "back of the envelope" type calculation as the strike remains open in length and depth. What I am saying is therefore that this is the absolute minimum in situ value which further drilling can and will only increase.
Depth of the higher grades varies between 30m and 6m - so lets take an average of 18m
Current length of the strike is 2000m
Width - again looking at the map seems to vary between 100m and 300m so let's call it 150m average
%ZN varies between 14.89 and 5.02 - call it 9% for a simple average.
I have no idea about the SG but let's take a guess at 3
So we get:
18 X 2000 X 150 X 3 = 16,200,000 tonnes
16.2mn at 9% = 1,458,000 tonnes of zinc.
Zinc is about US$ 3,100 per tonne or AU$4,108 per tonne.
so we get 1,458,000 X 4,108 = AU$5,989,464,000
or close on AU$6bn
Remember this find remains open at depth and strike length so the AU$6bn based on my conservative calculations should be considered the absolute minimum.
The Zinc is also shallow from surface not 200m down hole and will be quite easy to make into a JORC compliant quote . OVR has already said it will be doing this forthwith. It will also be very easy to mine.
Then there is the copper find already well reported in the IPO document....although I will not confuse myself and others by doing sums on OVR's CU as the excitement today was over the ZN ann.
Now let's look at the number of shares and the current market value of OVR after today's stellar performance.
Number of shares in issue 34mn
Of these 26,400,000 are held by the top 20
Of the 34mn only 17mn are quoted. I do not know how many of the quoted shares are helf by the top 20.
But at the worst case scenario there are only 7.6mn shares available as quoted and outside the top 20. This figure will in reailty be much less as some of the quote's float will be held by longer term investors too.
We saw today in the market action that there was very little selling going on....buyers had to bid up the SP to get a holding.
Now let's go back to the zinc - how do you value an in situ - I have heard lots of people give theories here is it 10% or 5%......how about we be super conservative and give the ZN strike a value of 1% while it is in situ.
That would put a value of AU$60mn on the zinc find against the company's value at today's close of AU$22.1mn
Plus add in the CU project as well - although I do not have time to calculate that right now - perhaps someone else could do this and combine it with my figures.
So back to the ZN to get to the AU$60mn figure with a mkt cap we find ourselves with an SP of AU$1.76 - this is just valuing the ZN at 1% while it is in situ and before OVR produces a JORC comliant quote on a strike that remains open at depth and in length and ignoring the CU strike underway in another OVR project.
Bearing that in mind AU$1.76 is therefore cheap and I say again an absolute minimum.
Finally for those of you who might be concerned about the location of the strike I have an answer. Transport becomes a big and expensive issue here. Over Christmas I was visiting my parents in WA and I met a geologist who works primarily with the juniors. I asked him about MMB and their CU being in the middle of Canada and mostly under a lake.
He told me transport is not an issue - the companies just stockpile the ore and drive it across the frozen lakes to the nearest road. The image of 80 tonne lorries driving across ice I found a bit wierd but that is apparently what they do.... and yes occasionally a truck does fall through the ice... transport will not be a problem especially for a resource with a minimum value of AU$6bn.
Anyway what I was trying to do here was to give a reason why the SP had a good run today and while it will do so again tomorrow.
To further add spice to the situation there are hardly any shares available so the moment a good parcel comes up for sale it will be bought....the only other alternative is to keep bidding up the market in multiple stages as I had to do today in the 40s to get the number of shares I wanted.
To conclude....this is only the beginning OVR has only just begun a huge market re rating...
Any sensible comments on the above would be greatly appreciated...
EB
_____Post Reads____
I think the main thing to bear in mind here is that OVR is a tiny micro cap company that has 2 very good projects underway now...
While it is very difficult to ascertain an in situ value based upon the ann. of this morning it beholds us speculative investors to try.
The following is therefore, after looking at the map supplied with today's ann and should be considered a "back of the envelope" type calculation as the strike remains open in length and depth. What I am saying is therefore that this is the absolute minimum in situ value which further drilling can and will only increase.
Depth of the higher grades varies between 30m and 6m - so lets take an average of 18m
Current length of the strike is 2000m
Width - again looking at the map seems to vary between 100m and 300m so let's call it 150m average
%ZN varies between 14.89 and 5.02 - call it 9% for a simple average.
I have no idea about the SG but let's take a guess at 3
So we get:
18 X 2000 X 150 X 3 = 16,200,000 tonnes
16.2mn at 9% = 1,458,000 tonnes of zinc.
Zinc is about US$ 3,100 per tonne or AU$4,108 per tonne.
so we get 1,458,000 X 4,108 = AU$5,989,464,000
or close on AU$6bn
Remember this find remains open at depth and strike length so the AU$6bn based on my conservative calculations should be considered the absolute minimum.
The Zinc is also shallow from surface not 200m down hole and will be quite easy to make into a JORC compliant quote . OVR has already said it will be doing this forthwith. It will also be very easy to mine.
Then there is the copper find already well reported in the IPO document....although I will not confuse myself and others by doing sums on OVR's CU as the excitement today was over the ZN ann.
Now let's look at the number of shares and the current market value of OVR after today's stellar performance.
Number of shares in issue 34mn
Of these 26,400,000 are held by the top 20
Of the 34mn only 17mn are quoted. I do not know how many of the quoted shares are helf by the top 20.
But at the worst case scenario there are only 7.6mn shares available as quoted and outside the top 20. This figure will in reailty be much less as some of the quote's float will be held by longer term investors too.
We saw today in the market action that there was very little selling going on....buyers had to bid up the SP to get a holding.
Now let's go back to the zinc - how do you value an in situ - I have heard lots of people give theories here is it 10% or 5%......how about we be super conservative and give the ZN strike a value of 1% while it is in situ.
That would put a value of AU$60mn on the zinc find against the company's value at today's close of AU$22.1mn
Plus add in the CU project as well - although I do not have time to calculate that right now - perhaps someone else could do this and combine it with my figures.
So back to the ZN to get to the AU$60mn figure with a mkt cap we find ourselves with an SP of AU$1.76 - this is just valuing the ZN at 1% while it is in situ and before OVR produces a JORC comliant quote on a strike that remains open at depth and in length and ignoring the CU strike underway in another OVR project.
Bearing that in mind AU$1.76 is therefore cheap and I say again an absolute minimum.
Finally for those of you who might be concerned about the location of the strike I have an answer. Transport becomes a big and expensive issue here. Over Christmas I was visiting my parents in WA and I met a geologist who works primarily with the juniors. I asked him about MMB and their CU being in the middle of Canada and mostly under a lake.
He told me transport is not an issue - the companies just stockpile the ore and drive it across the frozen lakes to the nearest road. The image of 80 tonne lorries driving across ice I found a bit wierd but that is apparently what they do.... and yes occasionally a truck does fall through the ice... transport will not be a problem especially for a resource with a minimum value of AU$6bn.
Anyway what I was trying to do here was to give a reason why the SP had a good run today and while it will do so again tomorrow.
To further add spice to the situation there are hardly any shares available so the moment a good parcel comes up for sale it will be bought....the only other alternative is to keep bidding up the market in multiple stages as I had to do today in the 40s to get the number of shares I wanted.
To conclude....this is only the beginning OVR has only just begun a huge market re rating...
Any sensible comments on the above would be greatly appreciated...
EB
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Anyone jumping on board this morning? What do you think it will do on open?
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There are a lot of ''becoming a substantial holder" anns out today!
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Again also posted on HC......any ASF posters want to comment???
Macrae.....I get the feeling you might be right about an imminent CU ann from OVR - it will be nice to add some serious CU to the ZN....
The ann from 28th November states:
"The company has commenced a soil and rock chip sampling over the Harrison;s mine and surrounding areas"
Note the wording....."the company has commenced" not the company is planning to commence......or will commence..... This is to be followed up with a drilling campaign in early 2007.
Don't forget historical drilling has shown:
20m at 1.89% "from surface" (not several hundred m downhole)
14m at 0.88% "from surface....
And a variety of other drill hole assays between 3m and 12m from surface grading between 0.65% and 1.62% CU.
So bearing in mind the sampling activities were already underway on 28th November - plus OVR knows where the most prospective ground is having access to the historical drilling and assay data then finding very good grades through the initial sampling procedure should be a foregone conclusion.
The previous historical drilling is reported as shallow maximum 34m depth and is open along strike and at depth.
Don't forget Harrison's mine is described as a CU-NI project......how about some CU and NI sampling results to compliment the existing historical drill assays.
OVR has now had in excess of 2 months to analyze the rock chip samples from Harrison's mine (even taking off 2 weeks for Christmas). .
They plan a drilling program in "early 2007" early to me usually means the first quarter.
They may have a bit of difficulty getting hold a rig and crew atm but surely by now they are in posession of data from the sampling program.
The ZN find is potentially worth AU$6bn in situ.....taking a 1% valuation on that at the moment a fair reflection should be around AU$60mn worth of mkt cap (as against the current AU$23mn) I have already posted on this.
As a consequence I would suggest that CU sampling data is ready for release any day now.
Remember what happened to MMB when they released their sampling data before drilling (up 300% if my memory serves me well).
The difference here is that OVR also has AU$6bn worth of in situ ZN as well.
Of the 34mn shares in issue 17mn are in escrow until at least June and the top 20 as we already know holds about 80%.
Thursday VWAP around 49c
Friday VWAP 62.77c
This has already consolidated Thursady's 170% rise as we saw on friday with 2.2mn shares traded with a VWAP of 62.77....
Tiny sell depth - rising bid depth and reading between the lines a CU sampling result due any day now - and bearing in mind the historical assay data I am expecting great sampling results.
Now either one of these projects the ZN or CU are very exciting but to have both together in one company and both moving forward at high speed makes OVR a screaming buy if you can get hold of some.
And the icing on the cake imo is Michael Haynes....the man behind BLR is the CEO of OVR...
It takes quality people to make a quality project....OVR has the people and not one "company maker" project underway.....but two.
Cash in the balance sheet and very few shares.
As usual any comments would be appreciated anyone else expecting a CU/NI ann. to be imminent???
EB
Macrae.....I get the feeling you might be right about an imminent CU ann from OVR - it will be nice to add some serious CU to the ZN....
The ann from 28th November states:
"The company has commenced a soil and rock chip sampling over the Harrison;s mine and surrounding areas"
Note the wording....."the company has commenced" not the company is planning to commence......or will commence..... This is to be followed up with a drilling campaign in early 2007.
Don't forget historical drilling has shown:
20m at 1.89% "from surface" (not several hundred m downhole)
14m at 0.88% "from surface....
And a variety of other drill hole assays between 3m and 12m from surface grading between 0.65% and 1.62% CU.
So bearing in mind the sampling activities were already underway on 28th November - plus OVR knows where the most prospective ground is having access to the historical drilling and assay data then finding very good grades through the initial sampling procedure should be a foregone conclusion.
The previous historical drilling is reported as shallow maximum 34m depth and is open along strike and at depth.
Don't forget Harrison's mine is described as a CU-NI project......how about some CU and NI sampling results to compliment the existing historical drill assays.
OVR has now had in excess of 2 months to analyze the rock chip samples from Harrison's mine (even taking off 2 weeks for Christmas). .
They plan a drilling program in "early 2007" early to me usually means the first quarter.
They may have a bit of difficulty getting hold a rig and crew atm but surely by now they are in posession of data from the sampling program.
The ZN find is potentially worth AU$6bn in situ.....taking a 1% valuation on that at the moment a fair reflection should be around AU$60mn worth of mkt cap (as against the current AU$23mn) I have already posted on this.
As a consequence I would suggest that CU sampling data is ready for release any day now.
Remember what happened to MMB when they released their sampling data before drilling (up 300% if my memory serves me well).
The difference here is that OVR also has AU$6bn worth of in situ ZN as well.
Of the 34mn shares in issue 17mn are in escrow until at least June and the top 20 as we already know holds about 80%.
Thursday VWAP around 49c
Friday VWAP 62.77c
This has already consolidated Thursady's 170% rise as we saw on friday with 2.2mn shares traded with a VWAP of 62.77....
Tiny sell depth - rising bid depth and reading between the lines a CU sampling result due any day now - and bearing in mind the historical assay data I am expecting great sampling results.
Now either one of these projects the ZN or CU are very exciting but to have both together in one company and both moving forward at high speed makes OVR a screaming buy if you can get hold of some.
And the icing on the cake imo is Michael Haynes....the man behind BLR is the CEO of OVR...
It takes quality people to make a quality project....OVR has the people and not one "company maker" project underway.....but two.
Cash in the balance sheet and very few shares.
As usual any comments would be appreciated anyone else expecting a CU/NI ann. to be imminent???
EB
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40M shares on issue
current price = 74c
market cap = 30M
Own 90% of Andrew Base Metal Project in Canada containing Andrew Zinc deposit.
JORC: 5.92Mt @ 7.59% Zinc equivalent (5.84%Zn, 2.03%Pb, 9.49g/t Ag, 14.8g/t Ge)
= 449kt Zn = AUD$1.88Bn (@US$1.58/pound Zn price)
previous project owners limited drilling results include:
18.5m@14.8%Zn
27.5m@12.8%Zn
10.2m@10.9%Zn
10.2m@10.1%Zn
6.0m@12.8%Zn
6.8m@10.7%Zn
Mineralisation comes to surface so has open pit potential.
Started 6000m drilling program on the 19th June with infill drilling and extension drilling of the Andrew deposit which is open at depth and along strike.
ann: "Numerous high priority targets within the immediate vicinity of the Andrew Zinc deposit are also to be drill tested or the first time during the current program."
So the current JORC could see a significant increase in size and a new deposit of similar size added to the project.
Also, they conducted a $12M placement to insto investors in early June. Result = $14M cash for ongoing work.
see here for more information. this is their investor presentation from April 2007.
http://www.overlandresources.com/pdfs/InvestorPresentation17Apr07.pdf
current price = 74c
market cap = 30M
Own 90% of Andrew Base Metal Project in Canada containing Andrew Zinc deposit.
JORC: 5.92Mt @ 7.59% Zinc equivalent (5.84%Zn, 2.03%Pb, 9.49g/t Ag, 14.8g/t Ge)
= 449kt Zn = AUD$1.88Bn (@US$1.58/pound Zn price)
previous project owners limited drilling results include:
18.5m@14.8%Zn
27.5m@12.8%Zn
10.2m@10.9%Zn
10.2m@10.1%Zn
6.0m@12.8%Zn
6.8m@10.7%Zn
Mineralisation comes to surface so has open pit potential.
Started 6000m drilling program on the 19th June with infill drilling and extension drilling of the Andrew deposit which is open at depth and along strike.
ann: "Numerous high priority targets within the immediate vicinity of the Andrew Zinc deposit are also to be drill tested or the first time during the current program."
So the current JORC could see a significant increase in size and a new deposit of similar size added to the project.
Also, they conducted a $12M placement to insto investors in early June. Result = $14M cash for ongoing work.
see here for more information. this is their investor presentation from April 2007.
http://www.overlandresources.com/pdfs/InvestorPresentation17Apr07.pdf
Attachments
This stock will be over $1 within the next 4weeks-6weeks.
Drilling has been underway at the andrews project in canada, resource upgrade sure to follow.........has been heavily accumulated from around 60cents where the recent placement was made.
Good mid-long term hold with good possibility it will go to mine stage (open pit too).
One of the better performers i am expecting in my portfolio over the next few months.
cheers.
Drilling has been underway at the andrews project in canada, resource upgrade sure to follow.........has been heavily accumulated from around 60cents where the recent placement was made.
Good mid-long term hold with good possibility it will go to mine stage (open pit too).
One of the better performers i am expecting in my portfolio over the next few months.
cheers.
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Good high grade results released today....SP finished up 4% at 0.77; Mkt cap approx 31mill.
HIGH GRADE ZINC INTERSECTED AT THE
ANDREW BASE METAL PROJECT
Overland Resources Limited is very pleased to advise that it has received
analytical results for the first four holes drilled during its current programme at the
Andrew Base Metal Project in the Yukon, Canada. Results confirm that significant
mineralisation was intersected in all four holes, with an exceptional intersection of
high grade zinc mineralisation returned in drill hole AN07-027 comprising:
30.5m @ 8.15% Zn & 11.61g/t Ge from 181m, including
8.5m @ 21.55% Zn & 31.74g/t Ge from 203m
The first four holes of the programme were drilled either considerably along strike
from or substantially down-dip of previously delineated mineralisation. Better
results include:
8.5m @ 21.55% Zn & 31.74g/t Ge from 203m, and
12.2m @ 5.01% Zn & 4.09g/t Ge from 181m, within
30.5m @ 8.15% Zn & 11.61g/t Ge from 181m
7.3m @ 1.54% Zn, 10.14% Pb, 14.24g/t Ag from 168.7m
4.1m @ 5.44% Zn & 20.50g/t Ge from 179.4m
4.0m @ 5.55% Pb 10.00g/t Ag from 187.5m
Eight diamond core drill holes have now been completed in the current
programme for approximately 2,500 metres. The drilling programme is
anticipated to continue through until late October.
Visual inspection of diamond core from the four most recently completed holes
(for which analytical results are pending) reveals that drilling continues to
intersect stock-worked and massive sulphide mineralisation comprising coarsegrained
sphalerite (zinc sulphide) and galena (lead sulphide). Examination of the
diamond drill core from AN07-030, the deepest hole drilled at the project to date,
shows that high-grade mineralisation has been intersected at depth. This result is
particularly encouraging as it confirms high grade mineralisation persists at
depth, and that mineralisation remains open at depth.
Economic grades and thicknesses of mineralisation have now been intersected
more than 100 metres deeper than previously defined, with mineralisation
remaining open at depth. This confirms the Company’s view that there is
considerable potential to expand on the resource base at the project, which prior
to commencement of the current drilling programme stood at:
5.92Mt at 5.84% Zn, 2.03% Pb, 9.49g/t Ag and 14.86g/t Ge or
5.92Mt at 8.74% Zn equivalent*
Samples from the latest drill holes have been submitted to an independent
analytical laboratory in Canada. Assay results are expected within four to six
weeks.
HIGH GRADE ZINC INTERSECTED AT THE
ANDREW BASE METAL PROJECT
Overland Resources Limited is very pleased to advise that it has received
analytical results for the first four holes drilled during its current programme at the
Andrew Base Metal Project in the Yukon, Canada. Results confirm that significant
mineralisation was intersected in all four holes, with an exceptional intersection of
high grade zinc mineralisation returned in drill hole AN07-027 comprising:
30.5m @ 8.15% Zn & 11.61g/t Ge from 181m, including
8.5m @ 21.55% Zn & 31.74g/t Ge from 203m
The first four holes of the programme were drilled either considerably along strike
from or substantially down-dip of previously delineated mineralisation. Better
results include:
8.5m @ 21.55% Zn & 31.74g/t Ge from 203m, and
12.2m @ 5.01% Zn & 4.09g/t Ge from 181m, within
30.5m @ 8.15% Zn & 11.61g/t Ge from 181m
7.3m @ 1.54% Zn, 10.14% Pb, 14.24g/t Ag from 168.7m
4.1m @ 5.44% Zn & 20.50g/t Ge from 179.4m
4.0m @ 5.55% Pb 10.00g/t Ag from 187.5m
Eight diamond core drill holes have now been completed in the current
programme for approximately 2,500 metres. The drilling programme is
anticipated to continue through until late October.
Visual inspection of diamond core from the four most recently completed holes
(for which analytical results are pending) reveals that drilling continues to
intersect stock-worked and massive sulphide mineralisation comprising coarsegrained
sphalerite (zinc sulphide) and galena (lead sulphide). Examination of the
diamond drill core from AN07-030, the deepest hole drilled at the project to date,
shows that high-grade mineralisation has been intersected at depth. This result is
particularly encouraging as it confirms high grade mineralisation persists at
depth, and that mineralisation remains open at depth.
Economic grades and thicknesses of mineralisation have now been intersected
more than 100 metres deeper than previously defined, with mineralisation
remaining open at depth. This confirms the Company’s view that there is
considerable potential to expand on the resource base at the project, which prior
to commencement of the current drilling programme stood at:
5.92Mt at 5.84% Zn, 2.03% Pb, 9.49g/t Ag and 14.86g/t Ge or
5.92Mt at 8.74% Zn equivalent*
Samples from the latest drill holes have been submitted to an independent
analytical laboratory in Canada. Assay results are expected within four to six
weeks.
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market cap 28mil
12 mill sitting in the bank...
looks like they have some decent deposits...to me this seems undervalued?
12 mill sitting in the bank...
looks like they have some decent deposits...to me this seems undervalued?
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Does anyone know what port they plan to use? I see the nearest coast is around 500km away and only accessible by roads. Tried to contact management but got no reply so far.
