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yes.. and the SP did practically nothing in response to it.. this stock seems much unloved after those initial drilling results..
UMC - United Minerals Corporation
- Thread starter JJP
- Start date
It flies under the radar of most in the market but its location is hematite central with rail infrastructure. Just produced more outstanding drill results open to north, east and west...low impurity. They need to quantify tonnage and then every man and his dog will be on it.
I reckon it will at least double this year, not factoring in good news on the bauxite front with the JV with Norsk Hydro, which could be massive in its own right.
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ASX Release 10 January 2008 ASX Code: UMC
PILBARA IRON ORE PROJECT
RAILWAY PROSEPCT DELIVERS OUTSTANDING HIGH GRADE DIAMOND DRILL ASSAY RESULTS
HIGHLIGHTS
Outstanding high-grade drill results from the recent diamond drilling program are as follows:
• 36.0m at 63.2% Fe from 40.7m in hole UI034 (includes 12m at 65.0% Fe from 43m)
• 23.4m at 63.2% Fe from 74.6m in hole UI031
• 20.3m at 62.2% Fe from 43.0m in hole UI033
• 13.2m at 59.1% Fe from 46.0m in hole UI032
• The results confirm the continuity of high-grade iron ore mineralisation between drill holes UI031 and previously reported UI035 (20m at 61.1% Fe from 35m)
• Significantly, mineralisation is open to the north of UI031 as well as to the east and west of all drill holes
• The high grade intersections all have corresponding very low levels of Si02, Al2O3 and P, confirming the mineralisation to be high grade direct shipping Mara Mamba ore.
COMMENT
The Directors are highly encouraged by these results. The mineralisation is now shown to be thick, continuous and of very high grade. This result has a material impact on the scoping study that is currently in progress.
Diamond drilling is scheduled to recommence around the 20th January 2008. With the excellent results in all holes, the priority is to drill both north of UI 031 to determine the northerly extent of mineralisation.
I can't see anything wrong with the results that would warrant a sell off but it usually happens when they release good news, only to run higher later. The odds are very much in favour of a substantial high grade resource at Railway but only further results can prove that. I am very much looking forward to further results that define the resource plus the scoping study plus the 20,000 m drill program....Railway is but one of their prospects. This is my biggest holding by a long way.
Starting to fight back well. Sellers are starting to drop off. Might be news on the way, thats how it normally works with this stock eh!
They announced today a target 100m tonnes ore after 40m visible mineralisation. That's Railway alone, they have plenty more targets to drill. Glad to see someone else at ASF following this one.
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UMC looking good, positive samples at the railway prospect indicating a possible 100 million tonnes of DSO. Directors believe the discovery is impotant and significant enough to commission the first phase of a pre-feasibility study which is based on accessing the Fortescue Metals multi-user railway located 110km north of the prospect and associated multi-user port facilities at Port Hedland.
Given that Mount Gibson Iron Ore (MGX) publicise from recent geological surveys and resource in-fill drilling programs that Koolan Island has resources of 62.8 million tonnes @ 63.2% Fe, including reserves of 29.9 million tonnes at 64.8% Fe. the Extension Hill Hematite deposit has JORC-compliant Probable Reserves of 12.8 million tonnes and Resources of 19.5 million Tonnes,and with Tallering Peak already operating at its targeted hematite production rate of 3 million tonnes per annum (Mtpa).
Given that MGX has a market cap in excess of 2 billion and UMC at 110 million there is plenty of upside here considering the iron ore deposit may be of a similar quantity/quality and infrastructure as relatively convenient.
I hold both
But their markets caps are in noway directly comparable. MGX is in the market now, and has no transport infrastructure at all to worry about at Koolan. UMC are still proving up what looks to be an excellent resource - but the transport issue needs to be resolved
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Agreed haemitite, I did mean upside over time (although not stated), MGX and UMC may have similar size resources at different stages of development/production, however with the chinese looking to acquire MGX and CFE (32% magnetite) and UMC having tenements in the bauxite zone of the Kimberleys with an MOU already signed with Norsk Hydro if significant resources can be proven for a smelter, you couldn't discount that the chinese may take a strategic look at UMC.
They've identified a good potential target with aeromagnetic survey, Jumbo Junction, gives them a focus for their big drilling campaign commencing soon. Very close to BHP Area C. haemitite, if you read this, how reliable is this kind of survey in picking a target? They reckon it has a bigger signature than the Railway prospect. thanks.
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I am surprised there hasn't been a lot more interest in UMC.
Obviously the market is interested.
Anyone have an idea if we are due more results to come through before the Jorc? Update on top 20 shareholders which comes out within the next couple of days may give us some indication where the accumulation is coming from.
Cheers markcoinoz
Obviously the market is interested.
Anyone have an idea if we are due more results to come through before the Jorc? Update on top 20 shareholders which comes out within the next couple of days may give us some indication where the accumulation is coming from.
Cheers markcoinoz
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Just finished reading a fantastic report on the future for UMC.
Amazing assets and good liquidity.
http://www.minesite.com/fileadmin/c...r_08/United_Minerals_Corp_-_28th_March_08.pdf
Ocean Equities Report.
Magix from another forum first posted it.
20 pages of riveting stuff.
Excellent read.
If you were planning on holding UMC for the medium to longterm i doubt you would not see a multi-bagger. Stronger for longer.
They have given a short term price of $2.39 (Conservative) with a review after the Jorc comes out within the next few months.
Cheers markcoinoz
Amazing assets and good liquidity.
http://www.minesite.com/fileadmin/c...r_08/United_Minerals_Corp_-_28th_March_08.pdf
Ocean Equities Report.
Magix from another forum first posted it.
20 pages of riveting stuff.
Excellent read.
If you were planning on holding UMC for the medium to longterm i doubt you would not see a multi-bagger. Stronger for longer.
They have given a short term price of $2.39 (Conservative) with a review after the Jorc comes out within the next few months.
Cheers markcoinoz
hi markco, for a while there I thought I was talking to myself, at least there are a few of us out there! more high grade drill results today and identified a further 14 targets, that should keep their hands full. I want to see them drill Jumbo that could be interesting. Definitely a long term hold for me.
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Hi Broadside,
Good to see you posting.
UMC is my favourite longterm stock with the most potential in the I/O sector.
I bought some more this morning on open.
This Opes Prime mess has kicked it around a bit.
Yet, very strong fundamentals going forward.
Just finished reading the announcement.
Appears pretty good and overall average still pretty close to the 60% Fe.
Its interesting no mention of Jumbo.
Given their last announcement they sounded very keen to drill a few holes and find out how big it is.
Could they be leaving the Marra Mamba to last given the interest that UMC has generated with its high grade I/O so far and of course its positioning around the majors?
We don't want to see a T/O too early in the piece now do we
If the Railway can prove up 100mln tns and then we have the others this stock could easily get there. Thats why i am in accumulation mode for my SMSF.
That Ocean equities report was brilliant.
Yet the stock got sold down.
What a joke.
Cheers markcoinoz
Good to see you posting.
UMC is my favourite longterm stock with the most potential in the I/O sector.
I bought some more this morning on open.
This Opes Prime mess has kicked it around a bit.
Yet, very strong fundamentals going forward.
Just finished reading the announcement.
Appears pretty good and overall average still pretty close to the 60% Fe.
Its interesting no mention of Jumbo.
Given their last announcement they sounded very keen to drill a few holes and find out how big it is.
Could they be leaving the Marra Mamba to last given the interest that UMC has generated with its high grade I/O so far and of course its positioning around the majors?
We don't want to see a T/O too early in the piece now do we
If the Railway can prove up 100mln tns and then we have the others this stock could easily get there. Thats why i am in accumulation mode for my SMSF.
That Ocean equities report was brilliant.
Yet the stock got sold down.
What a joke.
Cheers markcoinoz
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Well I bought a small parcel of these today..Had been watching them for a few months,and todays promising announcement was enough for me take the plunge.
I have not had a mining share since Western Mining sold out to BHP,just before the mining boom....rats timing that was.
I looked at Territory iron,but their resource seemed limited,and UMC seems to have a lot more potential.
I hope that we all enjoy the ride !
I have not had a mining share since Western Mining sold out to BHP,just before the mining boom....rats timing that was.
I looked at Territory iron,but their resource seemed limited,and UMC seems to have a lot more potential.
I hope that we all enjoy the ride !
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Hi robert toms,
I have hung onto BHP over the years through thick and thin.
Olympic Dam was a major milestone for BHP.
IMO, you have made a wise choice if you plan on holding UMC for the longterm. Short term it will do well.
However, the spoils are a couple of years down the track where the real money is likely to be made IMHO.
In the Report i posted:
http://www.minesite.com/fileadmin/co...h_March_08.pdf
Page 1:
The general strategy of the company is to develop its iron ore prospects in the medium term which will help fund the development of its bauxite/alumina assets in the medium/longer term. UMC's iron ore assets have the potential to develop the company into a multi-million dollar enterprise, whilst its bauxite JV has the potential to create a multi billlion dollar company.
Pretty impressive when you consider that this fledgling has a JV with Norsk Hydro being the third largest integrated Aluminium producer in the world.
When i first checked them out, my interests were in the I/O only.
However, it soon became apparent the importance of the JV with Hydro.
It still has a low M/C with massive upside for both I/O and Bauxite.
As well, it has a very switched on Management Team that can get it there.
I also read up on TTY. Even though they will be hunting for T/O's, what put me of was when TTY bought into WVL.
MK joins WVL board as Chairman and then dumps them less than 2 months later making a $4mln profit for TTY along the way.
That type of thing does not give me good vibes even though they did well out of it.
IMO, UMC are a better long term investment.
Cheers markco2
I have hung onto BHP over the years through thick and thin.
Olympic Dam was a major milestone for BHP.
IMO, you have made a wise choice if you plan on holding UMC for the longterm. Short term it will do well.
However, the spoils are a couple of years down the track where the real money is likely to be made IMHO.
In the Report i posted:
http://www.minesite.com/fileadmin/co...h_March_08.pdf
Page 1:
The general strategy of the company is to develop its iron ore prospects in the medium term which will help fund the development of its bauxite/alumina assets in the medium/longer term. UMC's iron ore assets have the potential to develop the company into a multi-million dollar enterprise, whilst its bauxite JV has the potential to create a multi billlion dollar company.
Pretty impressive when you consider that this fledgling has a JV with Norsk Hydro being the third largest integrated Aluminium producer in the world.
When i first checked them out, my interests were in the I/O only.
However, it soon became apparent the importance of the JV with Hydro.
It still has a low M/C with massive upside for both I/O and Bauxite.
As well, it has a very switched on Management Team that can get it there.
I also read up on TTY. Even though they will be hunting for T/O's, what put me of was when TTY bought into WVL.
MK joins WVL board as Chairman and then dumps them less than 2 months later making a $4mln profit for TTY along the way.
That type of thing does not give me good vibes even though they did well out of it.
IMO, UMC are a better long term investment.
Cheers markco2
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Thanks for that...yes I read that report a few posts back before I bought...no I do not expect anything rapid with these...If they build a rail spur,if feasible,will be a couple of years at least.Not that there is any comparison in the size of resourse,but Fortescue ,I believe,have not made a cent as yet and ther SP went bonkers....we all hope that China keeps on keeping on with their demand.
Someone has been reading the posts on UMC after all! and I will keep on reading them.
Someone has been reading the posts on UMC after all! and I will keep on reading them.
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Hi robert toms,
This is an addition to the other report i posted.
It covers UMC along with other I/O hopefuls.
I also posted it in the general I/O thread as i believe it was relevant.
A good read.
http://www.capelam.com.au/aurora/assets/user_content/File/IN003_IronOreSectorReview_March08.pdf
Cheers markcoinoz
This is an addition to the other report i posted.
It covers UMC along with other I/O hopefuls.
I also posted it in the general I/O thread as i believe it was relevant.
A good read.
http://www.capelam.com.au/aurora/assets/user_content/File/IN003_IronOreSectorReview_March08.pdf
Cheers markcoinoz
I am fairly new to trading and can't work out why UMC has fallen 30% in the last week or so, there has been no ann. I have been watching this share and thought it would be a good buy around $1 but am I missing something that could cause this drop. Thanks for any info.
