WYX - Western Yilgarn

[YOUNG_TRADER]

Re: IRM - Iron Mountain

Very interesting move by Portman to swoop on IRM's Mt Richardson project, personally I expected Red Rock to make a move as they have on MDX and JMS but this is a good result for IRM

Here's the deal broken down

$3m cash payment upfront

A once only payment of $0.50 per dry tonne on tonnages in excess of 10,000,000 tonnes of independently confirmed JORC, the company ius targetting an avg 20Mt's here, so = 20Mt's - 10Mt's = 10Mt's @ 50c/t = $5m

Royalty (best part) 2% royalty of the FOB price of Iron Ore products from the
tenements, assume Fe price avg $100/t = $2/t Fe royalty, 20Mt's@58% Fe = 11.5Mt's Fe = $23m and thats assuming 20Mt's

Considering the very low outlay IRM spent on Mt Richardson, the current difficulty in securing capital and the fact that this deal looks to be worth $30m = 42c a share I think it was an excellent outcome for IRM

 

[YOUNG_TRADER]

Re: IRM - Iron Mountain

Just realised I have mis-read, or should I say IRM have mis-worded the announcement

Essentialy there are 3 components,

Here's the deal broken down

1. $3m cash payment upfront + a further $3m upon approvals to drill etc + 2 further paymenys of $2m each for a total of $10m for PMM to earn 100%, $10m = 14c a share

2. A once only payment of $0.50 per dry tonne on tonnages in excess of 10,000,000 tonnes of independently confirmed JORC, the company ius targetting an avg 20Mt's here, so = 20Mt's - 10Mt's = 10Mt's @ 50c/t = $5m = 7c

3. Royalty (best part) 2% royalty of the FOB price of Iron Ore products from the tenements, assume Fe price avg $100/t = $2/t Fe royalty, 20Mt's@58% Fe = 11.5Mt's Fe = $23m = 33c and thats assuming 20Mt's


Considering the very low outlay IRM spent on Mt Richardson, the current difficulty in securing capital and the fact that this deal looks to be worth a minimum of $10m cash and up to $38m = 54c a share I think it was an excellent outcome for IRM

 

[Seda]

Re: IRM - Iron Mountain

Just realised I have mis-read, or should I say IRM have mis-worded the announcement

Essentialy there are 3 components,

Here's the deal broken down

1. $3m cash payment upfront + a further $3m upon approvals to drill etc + 2 further paymenys of $2m each for a total of $10m for PMM to earn 100%, $10m = 14c a share

2. A once only payment of $0.50 per dry tonne on tonnages in excess of 10,000,000 tonnes of independently confirmed JORC, the company ius targetting an avg 20Mt's here, so = 20Mt's - 10Mt's = 10Mt's @ 50c/t = $5m = 7c

3. Royalty (best part) 2% royalty of the FOB price of Iron Ore products from the tenements, assume Fe price avg $100/t = $2/t Fe royalty, 20Mt's@58% Fe = 11.5Mt's Fe = $23m = 33c and thats assuming 20Mt's


Considering the very low outlay IRM spent on Mt Richardson, the current difficulty in securing capital and the fact that this deal looks to be worth a minimum of $10m cash and up to $38m = 54c a share I think it was an excellent outcome for IRM

Any idea why this new announcement didn't seem to interest the punters. I think the share price fell after this news.

 

[happytown]

Re: IRM - Iron Mountain

ann out this morning on miaree (j/v with rvr) magnetite target

approx 1.8B t Fe (covering area drilled sofar with potential to increase target)

...

Magnetite intersections of up to 150m @ 30.1% Fe were encountered

...

Using an assumed density of 3.4 t/m3, a total of approximately 1800 million tonnes has been estimated for the first 250 vertical metres below surface within E47/1309 and E47/1707

...

this estimation is considered to be possibly +/- 40% (giving a range of 1,100 to 2,500 million tonnes). Overall, the modelling exercise has provided tonnage estimates for the Miaree jaspilite sequence that are considered broadly indicative and strongly suggest that the magnetite deposit easily exceeds 1,000 million tonnes

...

irm can earn up to 70% at miaree by spending $3.5M

irm sp currently unchanged today on nil volume

cheers

 

[springhill]

Re: IRM - Iron Mountain

I remember watching IRM list around 5 years ago wishing I had been able to get in the offering, they had a spectacular 6-9 months and have fallen in a hole ever since.

Recently they have announced making an off market bid for all shares and options in United Orogen Limited (UOG).Shareholders of United Orogen will be offered 1 fully paid share in Iron Mountain for every 4 shares held in United Orogen.
Current IRM SP is 3c, UOG 0.7c. UOG option holders will need to convert to take part in this.

WANDOO (Alumina)
 Agreement for the sale of the Wandoo Project to Alpha Bauxite Pty Ltd announced 6 March 2012
 Payment of A$4,000,000 plus production royalty subject to successful completion of due diligence by 30 June 2012
 Program of Work amendment lodged to allow Alpha Bauxite Pty Ltd to drill twenty diamond holes for a total of 400m to infill selected Wandoo bauxite resource areas

Alpha Bauxite and IRM have agreed to extend the agreement until 31st July.
http://www.asx.com.au/asxpdf/20120620/pdf/426y5f1r17n53p.pdf


MIAREE (Magnetite)
 Completion of 6 RC holes for a total of 2102m within E08/1350 to test for southwest extension of 310Mt @ 34.7% Fe Maitland Resource of Iron Ore Holdings Ltd (ASX 4/7/11)
 Best results include:
376m @ 33.65% Fe (0‐376m) incl. 246m @ 36.58% Fe (113‐376m) in MMRC002 (376m)
365m @ 34.09% Fe (38‐403m) incl. 232m @ 37.14% Fe (171‐403m) in MMRC001 (403m)
312m @ 37.02% Fe (88‐400m) in MMRC006 (400m)
 Results very encouraging with strongly mineralised widths in excess of 300m, individual assay grades up to 45.95% Fe, intersections grading up to 37% Fe and five of the six holes finishing in strongly mineralised magnetite
 Initial indications are that drilling coverage, mineralised widths and interval grades will support the estimation of a JORC compliant magnetite resource within E08/1350

GOLDEN CAMEL (Gold)
 Mining Licence 5548 over Golden Camel gold deposit granted 9 February 2012
 Re‐estimation of historically reported Measured, Indicated and Inferred Resource of 439,000t @ 1.5g/t Au within former MIN4149 (Cornella) by Perseverance Exploration Ltd (Quarterly Report for the period ending 31 Dec 1994) is underway by ZMC Consultants Pty Ltd
 Proposal for sole funded or joint venture development and toll treatment or ore being evaluated



BLYTHE
Iron Mountain Mining Ltd (Iron Mountain, ASX: IRM) is pleased to announce that Forward Mining Ltd today formally acquired the Blythe River Project in Tasmania from Iron Mountain and Red River Resources Ltd (50:50). Forward Mining Ltd executed its Option to Purchase the Blythe Project under the name Blythe River Iron Pty Ltd with the payment of A$650,000 to each of Iron Mountain and Red River Resources Ltd (total payment A$1,300,000).
This payment is in accordance with mutually agreed restructured execution terms that reflect the volatile nature of current market conditions and provide improved conditions for the successful development of a sustainable long-term mine at Blythe.
Under the originally agreed terms (ASX 28 March 2011), total consideration payable to Iron Mountain and Red River Resources Ltd was A$6,300,000 conditional on milestones such as Forward Mining Ltd being admitted to the Official List of the ASX, decision to mine and first shipment of iron ore from the project tenements.
Under the mutually agreed restructured execution terms, total consideration of A$6,300,000 is still payable but under the following amended milestones aimed at reducing barriers to project development:
 Payment of A$1,300,000 on or before 30 June 2012 to execute the Blythe Option to Purchase
 Payment of A$1,000,000 upon the first shipment of iron ore extracted from the Blythe Project tenements
 Payment of A$2,000,000 upon the first anniversary of the first shipment of iron ore extracted from the Blythe Project tenements
 Payment of A$2,000,000 upon the second anniversary of the first shipment of iron ore extracted from the Blythe Project tenements
The originally agreed royalty of 1.5% payable on the gross Free on Board revenue from all shipments of iron ore from the Blythe tenements remains intact.


MOUNT RICHARDSON PROJECT
Cliffs Asia Pacific Iron Ore Pty Ltd (“Cliffs”) is the owner of E29/571 following finalisation of the sale of the Mt Richardson Project on 13 July 2010. Iron Mountain retains a royalty of 2% on average/tonne FOB sales value of iron ore product that departs E29/571 as well as a one off payment of AUD 0.50 per dry metric tonne on tonnages in excess of independently evaluated Indicated or Measured resources of 10,000,000 tonnes.
No update was received on the progress at Mt Richardson for the March 2012 quarter. Future updates on the status of the Mt Richardson Project will be announced as provided by Cliffs.


WONGAN HILLS PROJECT
The Wongan Hills Project is comprised of exploration licence E70/2728 immediately west of Wongan Hills in the Archaean Yilgarn Iron Ore Province Province of Western Australia. Kingsgate Consolidated Ltd (“Kingsgate”, ASX: KCN) are the current operators following the acquisition of Dominion Mining Ltd who had previously earned an 80% interest in the Wongan West Joint Venture by satisfying required expenditure requirements (ASX 28 Aug 2009).
The majority of the Wongan West JV is subject to a farm‐in agreement with Red River Resources Limited and Iron Mountain Mining Limited under which Kingsgate has earned an 80% interest. The equity interests of Red River and Iron Mountain in E70/2728 have been reduced to 15% contributing and 5% free‐carried respectively. No work was reported for the March 2012 quarter.


TREASURE JV

The Treasure Prospect is comprised of EL25346 covering 101km² and is currently subject to a Joint Venture Agreement with Mithril Resources Ltd (“Mithril”) announced on 30 September 2008 whereby Mithril can earn 60% in EL25346 be spending $1m over the first three years (Stage 1) and a further 20% by spending an additional $1m over the following 2 years (Stage 2). Iron Mountain can be reduced to 40% should Mithril exercise Stage 1 (60% farm‐in) or 20% should Mithril exercise Stage 2 (80% farm‐in).
The project is located approximately 130km northeast of Alice Springs in the Northern Territory and is currently being managed by Mithril under the terms of the JV agreement. No field work was completed by Mithril on EL25346 during the March 2012 quarter. Verification of VTEM anomalies detected last year are planned in the next quarter.


HMS PROJECT
The HMS Project is comprised of 5 granted exploration licences covering 624km² over 6 known heavy mineral sand (HMS) deposits within the Murray Basin in Western Victoria. The Murray Basin covers North Western Victoria, South Western New South Wales and South Eastern South Australia and is a prolific producer of heavy mineral sands. Iluka Resources Ltd, currently the largest producer of zircon in the world, operates the Douglas, Kulwin and recently closed Echo HMS mines in Victoria as well as a Mineral Separation Plant in Hamilton, Western Victoria (see Fig.7). Relocation of mining operations from the soon to be decommissioned Kulwin Mine to the Woornack, Rownack and Pirro (WRP) deposits 25km is underway.
MT ELVIRE PROJECT
The Mt Elvire Project is comprised of a single exploration licence covering 12km² located south of Port Hedland in Western Australia. The area is considered prospective for channel iron ore accumulations similar in nature to the Yandi deposit (Rio Tinto) as well as for detrital iron ore deposits and was part of a competing application over the same ground highlighting the level of competitor interest in the area. Assessment and evaluation of the Mt Elvire Project is ongoing to determine necessary exploration to be undertaken within restricted seasonal windows of opportunity. No field work was undertaken at Mt Elvire during the March 2012 quarter.


MACQUARIE MARBLE AND LIME PTY LTD (KOREE LIMESTONE)
Iron Mountain has a 60% interest in Macquarie Marble and Lime Pty (MML) which exercised an option to acquire ML 1446 and surrounding EL 7084 at Wauchope, near Port Macquarie in New South Wales in 2008.
The company continues to progress negotiations for the divestment of this asset.


OUG's current assets
A General Meeting was held on Friday 6th April 2012 and a resolution to acquire 100% of the shares in Orange Hills Resources Limited was approved. The acquisition of Orange Hills Resources Ltd has added the Mt Leeming (Bauxite), Cape Londonderry (Gold), Lawley (Gold) and Vansittart (Gold) projects to our assets. The acquisition of these areas of the Kimberley will provide prospective areas for gold, bauxite, base metals and diamonds. The key bauxite project at Mt Leeming, located south of Kalumburu can be developed at low cost from identified
resources. The existing data consists of results from 80 air core drillholes and testwork results from bulk sampling.
The Cape Londonderry project has been explored for gold and alumina and volcanic hosted sulphides have been identified. The Lawley prospect has a diamond occurrence and anomalous gold values. Exploration on the Vansittart prospect has identified polymetallic mineralization.

With the sale of Blythe and the potential sale of Wandoo, we could have a cashed up little explorer with refreshed projects soon.

 

[prawn_86]

Re: IRM - Iron Mountain

I remember watching IRM list around 5 years ago wishing I had been able to get in the offering, they had a spectacular 6-9 months and have fallen in a hole ever since.

Yep, they were part of the iron ore 'bubble', just like the current graphite 'bubble'. Throw in a bull market 5 years ago and its amazing what spec stocks can do even with a very low % chance of ever reaching development or asset sales

 

[springhill]

Re: IRM - Iron Mountain

GOLDEN CAMEL PROJECT JORC RESOURCE UPDATE

HIGHLIGHTS
Maiden Golden Camel Indicated & Inferred JORC Resource of 246,000t at 2.5g/t Au (19,700 oz) within fully granted Mining Licence MIN5548
Resource calculated by independent resource consultants Zurkic Mining Consultants Pty Ltd using all available historical drilling data
Evaluation for development as a potential small scale toll treatment operation underway

Thems were the days prawn!
If I knew then, what I knew now.....

 

[springhill]

Re: IRM - Iron Mountain

NOTICE OF INTENT FROM ALPHA BAUXITE TO PURCHASE WANDOO BAUXITE PROJECT

 Alpha Bauxite Pty Ltd formally confirms intent to purchase of Wandoo Bauxite Project
 Deadline for completion of financial settlement mutually agreed to be extended to 17 August 2012
 A$4,000,000 cash plus a production royalty of $0.75 per tonne payable under the terms of the agreement

 

[springhill]

Re: IRM - Iron Mountain

IRM are about to find themselves in a really strong cash position, even more so in relation to their MC. Payment of $4m (plus production royalty of $0.75/t on future production) from Alpha Bauxite is due by 17th Aug, giving IRM the following structure.

MC - $4.2m
SP - 3.2c
Shares - 135m
Options - NQ
Cash - $7.2m

I am calling the bottom on the IRM SP (as long as payment goes through successfully). IMO only.

 

[springhill]

Re: IRM - Iron Mountain

I felt today was a good time to pick up a small spec holding in IRM. I may add to the position size in the future depending on which path the company follows.

MC - $6m
SP - 4c
Shares - 152m
Options - 42m (unlisted)
Cash - $5.7m

Within 5 weeks there has been 6 Changes of Director Interest relating to David Zohar, totalling; 1,188,699 FPO shares and 30m unlisted options and having paid $83,752.
Zolar obviously sees something in IRM.

The position of being a low cap stock, with low liquidity, cash in hand and a current frilling program underway ticks the boxes I generally look for.

Details of drilling.
19 March 2013
COMMENCEMENT OF DRILLING AT GOLDEN CAMEL PROJECT
Iron!Mountain announce that drilling at the Golden Camel Project (MIN5548) in Victoria commenced yesterday afternoon.
The proposed drilling program is 8 diamond core holes for a total of 540m and is comprised of 2 geotechnical holes, 2 metallurgical holes and 4 resource infill holes. At conventional diamond drilling rates, the program is expected to be completed around mid April.
Recovered core will be sampled following the completion of drilling and results announced as received.

 

[springhill]

Re: IRM - Iron Mountain

CONDITIONAL PURCHASE AGREEMENT TO ACQUIRE EON PTY LTD

Iron Mountain announce that it has signed a Conditional Purchase Agreement to Acquire 100% of the issued capital of EON Pty Ltd which is the 100% beneficial owner of the Endeavour Antimony and Bullendale Gold Projects located in the south island of New Zealand.

The Agreement is conditional on:
1. Iron Mountain completing financial and legal due diligence on EON Pty Ltd and the tenements to the sole and absolute satisfaction of Iron Mountain; and
2. The Parties obtaining all necessary governmental consents and approvals to the transaction contemplated by this Agreement including the consent of the relevant governmental authorities under the Mining Act (if required); and
3. Neither the Vendors or Iron Mountain being prevented from completing the transaction by virtue of
receiving any notice from any Regulatory Authority in relation to non-compliance with any Relevant Law by any aspect of the transaction.

These conditions must be satisfied within 90 days unless waived by the Party entitled to waive.

Under the terms of the Agreement, Iron Mountain is to pay a A$50,000 deposit, A$25,000 of which is refundable if the conditions are not satisfied within the 90 day period.

In the event that the Agreement becomes unconditional, the following consideration is payable:
A. At completion of Acquisition;
i. the payment of $175,000 (less the deposit);
ii. the issue of 4 million fully paid ordinary shares in IRM

B. Performance Consideration;
i. upon commencement of drilling at any of the Tenements, the issue of 3 million shares in IRM or cash equivalent, at the election of IRM;
ii. upon definition of a JORC resource greater than 10,000t equivalent contained antimony for the Endeavour Project or 100,000 ounces gold equivalent for the Bullendale Project, the issue of 4 million shares in IRM or cash equivalent at the election of IRM ; and
iii. upon completion of a positive Definitive Feasibility Study for either the Endeavour Project or Bullendale Project, the issue of 5 million shares in IRM or cash equivalent at the election of IRM

If Iron Mountain elects to sell either or both of the Endeavour or Bullendale Projects, the Company has option to either pay all outstanding tranches of Performance Consideration or ensure that the new purchaser assumes all outstanding Performance Consideration obligations commensurate in value to the value of IRM shares at the date of completion of the project sale.

 

[System]

On December 7th, 2016, Iron Mountain Mining Limited (IRM) changed its name and ASX code to Pacific Bauxite Limited (PBX).

 

[System]

On July 8th, 2022, Pacific Bauxite NL (PBX) changed its name and ASX code to Western Yilgarn NL (WYX).

 

[Dona Ferentes]

Pacific Bauxite Limited ... reinstated to Official Quotation at the commencement of trading at 10:06:45 am AEST on Wednesday, 4 May 2022, following its re-compliance with Chapters 1 and 2 of the ASX Listing Rules. PBX raised $4,500,000 pursuant to the offer under its Prospectus dated 7 February 2022 by the issue of 22,500,000 shares at an issue price of $0.20 per share.

And now the name change.

 

[Dona Ferentes]

And now the name change.

And, now, cribbed fromelsewhere

WESTERN YILGARN (ASX:WYX)​

(Up on no news)

Results are imminent from an early-stage augur program testing potential lithium pegmatites and a 2km-long nickel-copper-cobalt anomaly at the Bulga project in WA.

Augur drilling is often used when the transported cover is too thick for soil and rock sampling.

While Bulga is sparsely drilled, previous owners BHP and St George did get promising results from a couple of short programs in 2011 and 2015, including a highlight 45m @ 0.55% Ni, 229ppm Co from 24m.

Bulga is close to BHP’s Tier 1 Leinster and Mt Keith operations.

Planning is already underway for a deeper RC drill program, WYX says.

Meanwhile, the company has uncovered a bunch of targets at its Julimar West project, right next door to Chalice's Julimar.

There’s potential for the Gonneville intrusion – which hosts the monster resource – to continue at depth into WYX’s ground, the company says.

The stock was reinstated to the ASX in May 2022 following a $4.5m, 20c per share recapitalisation process.

It had ~$2.1m in the bank at the end of June.

 

[Dona Ferentes]

is this going to be the one??

Not much cash, so some narratives need to emerge. To date it's a bunch of desktop data. Thoughtfully, a generic lease has been renamed "Julimar West".

Next Steps
Western Yilgarn has developed a staged exploration program building on Chalice Mining’s recent exploration success in the area to commence following the grant of ELA 70/5111. The exploration program is expected to include:
• Surface Geochemistry program undertaking a Soil or Auger geochemistry program on a regional 400m by 100m first pass.
• Geophysics
– Magnetics (Reinterp existing data)
– Gravity survey (200m stations)
– AEM (Airborne EM) 400m x 200m massive sulphide conductors
– MLEM (ground EM)
– Potential seismic survey
• Drilling will follow targets defined by above geochemistry and geophysics.

 

[Dona Ferentes]

is this going to be the one??

busy time

nearology works both ways

.

 

[Dona Ferentes]

as it's my Sept comp tip, I may as well bring it to others' attention.
.
recent webinar:
.

Western Yilgarn (ASX:WYX) - Webinar Presentation - ShareCafe

Gavin Rutherford - General Manager - Western Yilgarn (ASX:WYX) is dedicated to pursuing early-stage exploration opportunities that are strategically aligned and have the potential to deliver growth for shareholders. With a strong focus on green metals, WYX is hopeful of advancing their highly...

www.sharecafe.com.au

 

[Dona Ferentes]

Bazza has a bash at WYX

Explorers Podcast: Western Yilgarn exploring for battery metals a stone's throw from Perth - Stockhead

In this episode, Barry chats to general manager Gavin Rutherford and principal geology consultant Beau Nicholls of Western Yilgarn (ASX:WYX).

stockhead.com.au

... the intro contains the following

It may be your first time hearing of Western Yilgarn, given the company has recently undergone a fresh coat of paint

... in this instance, being ahead of the curve brings lttle benefit!!

 

[Dona Ferentes]

as it's my Sept comp tip, I may as well bring it to others' attention.

as is often the case, timing is atrocious. But come Nov, who needs news to surge?