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its lookin very interesting ! cant wait until the rest of the drill results come out. then comes railway east and the rest. does any one think that THX has much upside on very good results.
UMC - United Minerals Corporation
- Thread starter JJP
- Start date
its lookin very interesting ! cant wait until the rest of the drill results come out. then comes railway east and the rest. does any one think that THX has much upside on very good results.
yes if you look at THX's market cap and take out the value of cash and their 20.8m UMC shares, the market has attributed zero value to their other projects.
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Just a couple of things from todays investor presentation;
MINING TITLES AFTER DROP OFF
• BHPB was required in 2003 to drop off 264 sq km from TR
3156 granted in 1964
• UMC bought 3 EL’s from D F D Rhodes Pty Ltd who pegged the
vacant ground.
• This is the first time since 1964 that a junior ASX listed
company has held tenements in this area.
• Both Rio Tinto and BHPB plan for large production increases
from this Central Pilbara iron ore region.
• UMC leases are central to the production plans of both these
major companies.
Have UMC been in discussions with BHPB and RIO??
and
DEVELOPMENT OPTIONS
• Economic evaluation study to be completed after initial JORC
results obtained
• Study to assess a number of options
• Road haulage of 2mtpa of DSO to Port Hedland
• 5 to10 mtpa of DSO to FMG multi user rail
• 5 to 10 mtpa mine gate sale to BHPB or RIO
Haven't seen the gate sale option published before (supports above statement......central to the production plans...), anyone else
and
Initial inferred JORC resource due July / August
Maybe another month to wait
MINING TITLES AFTER DROP OFF
• BHPB was required in 2003 to drop off 264 sq km from TR
3156 granted in 1964
• UMC bought 3 EL’s from D F D Rhodes Pty Ltd who pegged the
vacant ground.
• This is the first time since 1964 that a junior ASX listed
company has held tenements in this area.
• Both Rio Tinto and BHPB plan for large production increases
from this Central Pilbara iron ore region.
• UMC leases are central to the production plans of both these
major companies.
Have UMC been in discussions with BHPB and RIO??
and
DEVELOPMENT OPTIONS
• Economic evaluation study to be completed after initial JORC
results obtained
• Study to assess a number of options
• Road haulage of 2mtpa of DSO to Port Hedland
• 5 to10 mtpa of DSO to FMG multi user rail
• 5 to 10 mtpa mine gate sale to BHPB or RIO
Haven't seen the gate sale option published before (supports above statement......central to the production plans...), anyone else
and
Initial inferred JORC resource due July / August
Maybe another month to wait
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Hi Santoro,
Yes, i think it is becoming much clearer now that Mine Gate Sales are going to be a way forward for UMC. It would also explain the reason for BHP to double peg with the view to one or two Railspurs outside our front door.
The Railway Jorc i expect to be impressive.
However, a deal with BHP for MGS would put us in a brilliant position.
4 rigs drilling through till the end of 2008 is also a big plus factor.
The only short term downer is having to wait another month or so before the Jorc is released.
Can't really complain.
Management have been excellent.
Cheers markcoinoz
Yes, i think it is becoming much clearer now that Mine Gate Sales are going to be a way forward for UMC. It would also explain the reason for BHP to double peg with the view to one or two Railspurs outside our front door.
The Railway Jorc i expect to be impressive.
However, a deal with BHP for MGS would put us in a brilliant position.
4 rigs drilling through till the end of 2008 is also a big plus factor.
The only short term downer is having to wait another month or so before the Jorc is released.
Can't really complain.
Management have been excellent.
Cheers markcoinoz
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Got in on UMC early in the show, really didn't put much weight into iron ore intially but now the share price really shines. The ore is well discussed in their presentations, looking good for some annoucement frenzies.
HIGHLIGHTS OF THE RAILWAY DISCOVERY
• High grade mineralisation discovered over a zone 1.5km long
by 1km wide
• Zone is open to the north-west and south-east
• Impressive drill results include
UI 274 100m @ 61.6% Fe 0.05%P
UI 273 80m @ 64.4% Fe 0.06%P
UI 257 79m @ 60.5% Fe 0.07%P
• 15,000 m of drilling completed
• Initial inferred JORC resource due July / August
DEVELOPMENT OPTIONS
• Economic evaluation study to be completed after initial JORC
results obtained
• Study to assess a number of options
• Road haulage of 2mtpa of DSO to Port Hedland
• 5 to10 mtpa of DSO to FMG multi user rail
• 5 to 10 mtpa mine gate sale to BHPB or RIO
http://www.unitedminerals.com.au/documents/354.pdf
HIGHLIGHTS OF THE RAILWAY DISCOVERY
• High grade mineralisation discovered over a zone 1.5km long
by 1km wide
• Zone is open to the north-west and south-east
• Impressive drill results include
UI 274 100m @ 61.6% Fe 0.05%P
UI 273 80m @ 64.4% Fe 0.06%P
UI 257 79m @ 60.5% Fe 0.07%P
• 15,000 m of drilling completed
• Initial inferred JORC resource due July / August
DEVELOPMENT OPTIONS
• Economic evaluation study to be completed after initial JORC
results obtained
• Study to assess a number of options
• Road haulage of 2mtpa of DSO to Port Hedland
• 5 to10 mtpa of DSO to FMG multi user rail
• 5 to 10 mtpa mine gate sale to BHPB or RIO
http://www.unitedminerals.com.au/documents/354.pdf
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The Oceans Equity Iron Ore Report is out.
UMC gets some excellent coverage as expected.
http://www.minesite.com/fileadmin/c...n_Ore_Sector_Update_July08_Ocean_Equities.pdf
Once Railway is Jorced then i would expect a further update on UMC.
Cheers markcoinoz
UMC gets some excellent coverage as expected.
http://www.minesite.com/fileadmin/c...n_Ore_Sector_Update_July08_Ocean_Equities.pdf
Once Railway is Jorced then i would expect a further update on UMC.
Cheers markcoinoz
IOH have just secured mine gate sales with RIO. With the grade on this one, I don't think it would be too hard to do the same here!
http://aspect.comsec.com.au/asxdata/20080724/pdf/00862786.pdf
http://aspect.comsec.com.au/asxdata/20080724/pdf/00862786.pdf
DEVELOPMENT OPTIONS
• Economic evaluation study to be completed after initial JORC
results obtained
• Study to assess a number of options
• Road haulage of 2mtpa of DSO to Port Hedland
• 5 to10 mtpa of DSO to FMG multi user rail
• 5 to 10 mtpa mine gate sale to BHPB or RIO
http://www.unitedminerals.com.au/documents/354.pdf
mine gate chances have soared given the IOH announcement...we have massive tonnage compared to them and higher grade....we also share a couple of the same directors. JORC is due within a week then deals can be done.
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- 148
Initial jorc out of 113.3 @ 57.7% with 84.5mill tonne @ 60.15%.
Pretty much within my expected range.At $5 tonne (plenty of infrastructure - rail tracks everywhere around with the big players)
MC should be $565 mill at $5/tonne minimum (it is nice low impurity highly sought after DSO)
Share price should be $3.70 based on my figures. Still plenty of upside in this one, and lots of iron ore yet to find.
I'll continue to hold while the story continues to unfold, and into production.
http://aspect.comsec.com.au/asxdata/20080728/pdf/00863513.pdf
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Hi Grace,
It might take a couple of weeks before the market wakes up.
IMO, it was a good result and i like the emphasis on the potential Minegate Sales.
On a 100mln tns i expected the price to be at least $3.50 as well.
That imo was the bare minimum. Well, the market had other ideas.
We can look forward to another Ocean Equities update very soon now we have the Initial Jorc.
Alot of good things to come.
Cheers markcoinoz
It might take a couple of weeks before the market wakes up.
IMO, it was a good result and i like the emphasis on the potential Minegate Sales.
On a 100mln tns i expected the price to be at least $3.50 as well.
That imo was the bare minimum. Well, the market had other ideas.
We can look forward to another Ocean Equities update very soon now we have the Initial Jorc.
Alot of good things to come.
Cheers markcoinoz
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FMG SMH Article
Grace/Markcoinoz,
I agree, seems undervalued, insto's or chinese will wake up here (wonder if THX to sell holding, closer to production??), FMG stated they are selling for $90 per tonne, costs of $20 per tonne, profit of $70 per tonne.
10-20 year mine life depending on annual target (5-10 mtpa) and this just for railway prospect.
With their close proximity to BHPB and RIO, high tonnage and high quality ore seems like a no brainer.
How long before a deal is done with BHPB and RIO and they start digging this ore out of the ground is the key now.
Grace/Markcoinoz,
I agree, seems undervalued, insto's or chinese will wake up here (wonder if THX to sell holding, closer to production??), FMG stated they are selling for $90 per tonne, costs of $20 per tonne, profit of $70 per tonne.
10-20 year mine life depending on annual target (5-10 mtpa) and this just for railway prospect.
With their close proximity to BHPB and RIO, high tonnage and high quality ore seems like a no brainer.
How long before a deal is done with BHPB and RIO and they start digging this ore out of the ground is the key now.
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http://www.minesite.com/fileadmin/c...July_08/UMC_Iron_Ore_Update_JORC_-_280708.pdf
Ocean equities report.
"Iron Ore Update - Initial JORC resource differentiates UMC from its peers"
Ocean equities report.
"Iron Ore Update - Initial JORC resource differentiates UMC from its peers"
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- 0
Good one Spooly74,
Ocean Equities were obviously keen to get out a bit of an update.
Give it a few more weeks and they may have more news to digest and bring to the table.
I like this.
Initial Jorc resource differentiates UMC from its peers in terms of tonnage and grade. Railway's initial resource gives UMC the largest high grade DSO deposit held outside of the majors in the Pilbara, a region which currently produce 35%
of the World's seaborne iron ore. This size provides the flexibility to develop the project on a scale which would warrant production of at least 5mtpa to 10mtpa.
Jumbo Junction should prove to be a real crowd pleaser as well.
Cheers markcoinoz
Ocean Equities were obviously keen to get out a bit of an update.
Give it a few more weeks and they may have more news to digest and bring to the table.
I like this.
Initial Jorc resource differentiates UMC from its peers in terms of tonnage and grade. Railway's initial resource gives UMC the largest high grade DSO deposit held outside of the majors in the Pilbara, a region which currently produce 35%
of the World's seaborne iron ore. This size provides the flexibility to develop the project on a scale which would warrant production of at least 5mtpa to 10mtpa.
Jumbo Junction should prove to be a real crowd pleaser as well.
Cheers markcoinoz
article found on MiningNews.net (first published in Resource Stocks)
Railway hopes high for iron ore explorer
Tuesday, 12 August 2008
PERTH-BASED EXPLORATION company United Minerals Corporation is highly confident that its 100%-owned Pilbara Iron Ore Project has the potential to give it a very rosy future indeed. By Wally Graham - RESOURCESTOCKS*
United Minerals' Pilbara iron ore project
The company has three tenements covering 263.8 square kilometres in the middle of one of the world’s greatest iron ore provinces, surrounded by two of the biggest players in the iron ore industry – BHP Billiton and Rio Tinto.
But in order to fully understand the significance of these tenements and just how they could contribute to the future for United Minerals, it is necessary to take a quick look at their history.
The ground area of the company’s tenements is underlined by Brockman and Marra Mamba type formations, which host two of the major ore types, namely Brockman and Marra Mamba supergene enriched iron ore, that are shipped from the Pilbara.
United Minerals originally acquired the tenements in October 2006 from DFD Rhodes, a company that is synonymous with the Western Australian iron ore mining industry.
The three tenements, E47/1431, ELA47/1429 and ELA47/1432 were all originally part of the Goldsworthy Mining Temporary Reserve TR70/3156, which dates back to 1964.
A substantial portion of this temporary reserve was in turn retained by the BHP group as its Area C mining lease, part of the Mount Goldsworthy joint venture, which is currently being mined.
The tenements comprise a number of discrete areas that BHP was unable to retain.
“When BHP Billiton applied for a mining lease for Area C they had to drop their tenure back to a maximum amount of 400 square kilometres,” United Minerals chief executive Matthew Hogan told RESOURCESTOCKS.
“Back then iron ore prices were different and if it wasn’t obviously popping up out of the ground, they really didn’t want to know about it.
“So this project is basically the first time a small company has got tenure in the heart of the Pilbara iron ore region.”
Being right in the middle of the Pilbara iron ore heartland has given United Minerals a big advantage over tenements of a similar nature that are usually held by other junior exploration companies.
The tenements encompass some of the Pilbara’s major points of infrastructure and either pass directly over or lie adjacent to them. These include the BHP Area C iron ore mine; the Rio Tinto group Pilbara Iron railway, including the West Angelas mine spur line that links to the Lang Hancock Railway from the Hope Downs mine; the BHP iron ore railway; and the Great Northern Highway to Port Hedland.
United Minerals wasted no time in beginning a substantial reconnaissance program across its tenement area, quickly identifying four areas of outcropping high-grade mineralisation during initial mapping and sampling programs.
These included three Marra Mamba type ore targets in Jocelyn, Camp Hill and Southern Flank and the Fork North Brockman type ore target.
The subsequent drilling campaign carried out by United Minerals last year encountered extensive iron ore mineralisation at multiple locations within E47/1429.
Drilling at the Jocelyn prospect defined mineralisation at depth including 33m at 56.1% iron while drilling at Camp Hill confirmed high and medium-grade mineralisation including 46m at 57.8% iron, which was confirmed as the extension of BHP’s neighbouring mineralised body.
The most exciting result from the initial drilling was the discovery of the Railway prospect, an area of high-grade mineralisation under 40m of cover. This included 20m at 61.1% iron in a centrally located part of the Mount Newman member of the Marra Mamba Iron Formation.
SINCE the initial discovery, the result of an aggressive drilling program of more than 15,000m of reverse circulation (RC) and diamond drilling, United Minerals has outlined high-grade iron mineralisation over a zone 1.5km long by 1.5 km wide.
Aeromagnetic data has shown that the Railway deposit, which occurs at the eastern nose of the Milli Milli anticline lying beneath 20–40m of cover, appears to have a distinctive aeromagnetic signature, which is largely coincident with the high-grade Marra Mamba mineralisation that was defined by the drilling program.
Assay result highlights from the early 2008 drilling include 79m at 60.5% iron from 45m to 124m, 57m at 63.1% iron from 52m to 109m, 36m at 63.2% iron from 41m to 77m and 20m at 61.1% iron from 35m to 55m.
It is two of the latest drillholes that have particularly sparked United Minerals’ interest. They returned exceptional intersections of 100m at 61.1% iron from 57m to 157m and 80m at 64.4% iron from 70m to 150m.
“These holes were drilled 100 metres east from our previously announced drillholes,” Hogan said.
“They are noteworthy as they set a new standard for the Marra Mamba mineralisation we have discovered at the Railway prospect forming a continuous mineralised zone between the holes.”
The assay results from these two holes are very significant as they demonstrate the existence of a strong lateral continuity of thick, high-grade iron mineralisation over 300m in an east–west direction and 160m running north–south.
The thickness of the mineralised zone has been increased from an average of 30m to 90m providing an outline for an open-pittable body with low strip ratios.
The large widths of high-grade iron mineralisation that United Minerals’ recent assay results have revealed are considered to be unusual for Marra Mamba ore bodies where average widths of around 25m are more common.
The widths received at the Railway deposit have given the company cause to think structural folding and fault repeats therein could have a very positive influence on iron ore distribution in the central part of the deposit.
Since the commencement of drilling in early April 2008, United Minerals has completed 135 holes for 13,200m of RC drilling at Railway. Approximately 20 holes for a further 1500m of drilling remain to complete the phase two 100m by 80m drill-out.
“We want to accelerate our exploration of Railway because we want to find out, by the end of the year, what the global tonnage could potentially be at some of these other targets,” Hogan said.
“We want to push the exploration along. Obviously Railway is a fantastic discovery, but for us, it could be one of many.”
The aeromagnetic data also revealed a similar, but larger, aeromagnetic signature at the western covered nose of the Weeli Wolli anticline, which was named Jumbo Junction.
The Jumbo Junction target area represents a high priority exploration target for the company for additional high-grade Marra Mamba mineralisation as it lies just 5km directly along strike to the west from the BHP Area C mine.
United Minerals recently announced it had received a report from Hawke Geophysics regarding the results of a ground gravity survey over the Railway East target area, which is located 3km east of the main Railway prospect where an initial 20-hole drill program of up to 3000m of RC drilling was commenced in July.
Gravity data was collected on a 40m by 400m grid in the area based on a combined interpretation of regional aeromagnetic data and the newly acquired ground gravity data.
The ground gravity survey defined a 3km long shallow Marra Mamba iron formation target as a priority one drill target area. The survey also defined two gravity anomalies as buried hematite detrital targets.
“We aim for an initial inferred JORC resource at Railway by the end of July,” Hogan said.
“If exploration is successful at our other targets, we hope to be drilling out new resources elsewhere before the end of the year.”
Railway hopes high for iron ore explorer
Tuesday, 12 August 2008
PERTH-BASED EXPLORATION company United Minerals Corporation is highly confident that its 100%-owned Pilbara Iron Ore Project has the potential to give it a very rosy future indeed. By Wally Graham - RESOURCESTOCKS*
United Minerals' Pilbara iron ore project
The company has three tenements covering 263.8 square kilometres in the middle of one of the world’s greatest iron ore provinces, surrounded by two of the biggest players in the iron ore industry – BHP Billiton and Rio Tinto.
But in order to fully understand the significance of these tenements and just how they could contribute to the future for United Minerals, it is necessary to take a quick look at their history.
The ground area of the company’s tenements is underlined by Brockman and Marra Mamba type formations, which host two of the major ore types, namely Brockman and Marra Mamba supergene enriched iron ore, that are shipped from the Pilbara.
United Minerals originally acquired the tenements in October 2006 from DFD Rhodes, a company that is synonymous with the Western Australian iron ore mining industry.
The three tenements, E47/1431, ELA47/1429 and ELA47/1432 were all originally part of the Goldsworthy Mining Temporary Reserve TR70/3156, which dates back to 1964.
A substantial portion of this temporary reserve was in turn retained by the BHP group as its Area C mining lease, part of the Mount Goldsworthy joint venture, which is currently being mined.
The tenements comprise a number of discrete areas that BHP was unable to retain.
“When BHP Billiton applied for a mining lease for Area C they had to drop their tenure back to a maximum amount of 400 square kilometres,” United Minerals chief executive Matthew Hogan told RESOURCESTOCKS.
“Back then iron ore prices were different and if it wasn’t obviously popping up out of the ground, they really didn’t want to know about it.
“So this project is basically the first time a small company has got tenure in the heart of the Pilbara iron ore region.”
Being right in the middle of the Pilbara iron ore heartland has given United Minerals a big advantage over tenements of a similar nature that are usually held by other junior exploration companies.
The tenements encompass some of the Pilbara’s major points of infrastructure and either pass directly over or lie adjacent to them. These include the BHP Area C iron ore mine; the Rio Tinto group Pilbara Iron railway, including the West Angelas mine spur line that links to the Lang Hancock Railway from the Hope Downs mine; the BHP iron ore railway; and the Great Northern Highway to Port Hedland.
United Minerals wasted no time in beginning a substantial reconnaissance program across its tenement area, quickly identifying four areas of outcropping high-grade mineralisation during initial mapping and sampling programs.
These included three Marra Mamba type ore targets in Jocelyn, Camp Hill and Southern Flank and the Fork North Brockman type ore target.
The subsequent drilling campaign carried out by United Minerals last year encountered extensive iron ore mineralisation at multiple locations within E47/1429.
Drilling at the Jocelyn prospect defined mineralisation at depth including 33m at 56.1% iron while drilling at Camp Hill confirmed high and medium-grade mineralisation including 46m at 57.8% iron, which was confirmed as the extension of BHP’s neighbouring mineralised body.
The most exciting result from the initial drilling was the discovery of the Railway prospect, an area of high-grade mineralisation under 40m of cover. This included 20m at 61.1% iron in a centrally located part of the Mount Newman member of the Marra Mamba Iron Formation.
SINCE the initial discovery, the result of an aggressive drilling program of more than 15,000m of reverse circulation (RC) and diamond drilling, United Minerals has outlined high-grade iron mineralisation over a zone 1.5km long by 1.5 km wide.
Aeromagnetic data has shown that the Railway deposit, which occurs at the eastern nose of the Milli Milli anticline lying beneath 20–40m of cover, appears to have a distinctive aeromagnetic signature, which is largely coincident with the high-grade Marra Mamba mineralisation that was defined by the drilling program.
Assay result highlights from the early 2008 drilling include 79m at 60.5% iron from 45m to 124m, 57m at 63.1% iron from 52m to 109m, 36m at 63.2% iron from 41m to 77m and 20m at 61.1% iron from 35m to 55m.
It is two of the latest drillholes that have particularly sparked United Minerals’ interest. They returned exceptional intersections of 100m at 61.1% iron from 57m to 157m and 80m at 64.4% iron from 70m to 150m.
“These holes were drilled 100 metres east from our previously announced drillholes,” Hogan said.
“They are noteworthy as they set a new standard for the Marra Mamba mineralisation we have discovered at the Railway prospect forming a continuous mineralised zone between the holes.”
The assay results from these two holes are very significant as they demonstrate the existence of a strong lateral continuity of thick, high-grade iron mineralisation over 300m in an east–west direction and 160m running north–south.
The thickness of the mineralised zone has been increased from an average of 30m to 90m providing an outline for an open-pittable body with low strip ratios.
The large widths of high-grade iron mineralisation that United Minerals’ recent assay results have revealed are considered to be unusual for Marra Mamba ore bodies where average widths of around 25m are more common.
The widths received at the Railway deposit have given the company cause to think structural folding and fault repeats therein could have a very positive influence on iron ore distribution in the central part of the deposit.
Since the commencement of drilling in early April 2008, United Minerals has completed 135 holes for 13,200m of RC drilling at Railway. Approximately 20 holes for a further 1500m of drilling remain to complete the phase two 100m by 80m drill-out.
“We want to accelerate our exploration of Railway because we want to find out, by the end of the year, what the global tonnage could potentially be at some of these other targets,” Hogan said.
“We want to push the exploration along. Obviously Railway is a fantastic discovery, but for us, it could be one of many.”
The aeromagnetic data also revealed a similar, but larger, aeromagnetic signature at the western covered nose of the Weeli Wolli anticline, which was named Jumbo Junction.
The Jumbo Junction target area represents a high priority exploration target for the company for additional high-grade Marra Mamba mineralisation as it lies just 5km directly along strike to the west from the BHP Area C mine.
United Minerals recently announced it had received a report from Hawke Geophysics regarding the results of a ground gravity survey over the Railway East target area, which is located 3km east of the main Railway prospect where an initial 20-hole drill program of up to 3000m of RC drilling was commenced in July.
Gravity data was collected on a 40m by 400m grid in the area based on a combined interpretation of regional aeromagnetic data and the newly acquired ground gravity data.
The ground gravity survey defined a 3km long shallow Marra Mamba iron formation target as a priority one drill target area. The survey also defined two gravity anomalies as buried hematite detrital targets.
“We aim for an initial inferred JORC resource at Railway by the end of July,” Hogan said.
“If exploration is successful at our other targets, we hope to be drilling out new resources elsewhere before the end of the year.”
Just wanted to ask if anyone knew if brockman ore at the Fork deposit was anything worth considering. Marra ore is great news but brockman ore would be a killer. Looked on map and it says "brockman ore" but cannot find any mention of drilling to confirm anything. Still looks not too shabby for explorer.
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Hi Magix66,
Been away a few days and just noticed your post.
Have put it on HC.
Apology about the delay.
Also noticed Ocean Equities has put out a new report on the Iron Ore Sector.
38 pages of great research with UMC being one of the main focus.
http://www.minesite.com/fileadmin/c...g_08/Iron_Ore_Sector_Update_Aug08_-_Macro.pdf
Look forward to your return Magix66
Cheers markcoinoz
Been away a few days and just noticed your post.
Have put it on HC.
Apology about the delay.
Also noticed Ocean Equities has put out a new report on the Iron Ore Sector.
38 pages of great research with UMC being one of the main focus.
http://www.minesite.com/fileadmin/c...g_08/Iron_Ore_Sector_Update_Aug08_-_Macro.pdf
Look forward to your return Magix66
Cheers markcoinoz
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- 0
I may just get my re-enty on this at 40 cents
I've been waiting so long after buying this at 30 cents then selling at 40 cents.
I watched it grow to almost $3
I've been waiting so long after buying this at 30 cents then selling at 40 cents.
I watched it grow to almost $3
