YML - Yilgarn Mining

[KIWIKARLOS]

Yeah looks like murrin murrin is canned until somebody builds a plant that can process their material.

 

[Fool]

I don't understand why someone would sell now for 38.5c, when they've had allllll day to get that price.

Why wouldn't you put a sell order in for 40c and just wait for it, when the price has only just hit 41.5c

At least we have an approximate date (late may)....

 

[ALFguy]

I particularly like the following piece from todays update (re Carr Boyd):

Within the mafic – ultramafic intrusive there are
widespread occurrences of sub-economic nickel-copper
– PGE mineralisation. The breccia pipes in the Mine
Area represent the most significant mineralisation as
currently known but the other mineralised zones also
point up the potential of the Complex to host far more
significant Ni-Cu-PGE sulphide potential in depth.

The Company has not been able to determine where
the conduit or conduits to the Carr Boyd Intrusive
Complex are located (at depth) or how deep they could be
but what is particularly encouraging about Carr Boyd is that the
nickel-copper sulphide breccia pipes (with the included large,
angular, breccia blocks comprised of gabbro, pyroxenite and bronzitite) would
seem to have been derived, at a point very late in the
emplacement process, from a source deeper down.
At least, that would appear to be the case for the
sulphides.

If they can trace the roots of the pipes and find a deeper source, this could turn out to be a much larger resource.

 

[INORE]

I thought the biggy was the fe increase from 58% to 64% after calcining....was this in the last report?

 

[ALFguy]

I thought the biggy was the fe increase from 58% to 64% after calcining....was this in the last report?

Yeah, that was in their quarterly, but this in regards to Marillana wasn't (I think):

The Company has received preliminary enquiries
regarding potential future production and/or possible
participation in the Project. The Company recognises,
however, that the first requirement is to establish a
JORC compliant resource and assess the various other
parameters relevant to future development.

I wonder who these companies are

 

[Mozart56]

Yeah, that was in their quarterly, but this in regards to Marillana wasn't (I think):

The Company has received preliminary enquiries
regarding potential future production and/or possible
participation in the Project. The Company recognises,
however, that the first requirement is to establish a
JORC compliant resource and assess the various other
parameters relevant to future development.

I wonder who these companies are

This for me is where the real potential is. Unless I've missed something I cannot actually see anything new other than Murrin Murrin being downplayed (due to the cost of processing) I think the frustrasting part is that I cannot see the real potential of any real JORC resource coming out before the end of this financial year. It will be interesting to see if they release any preliminary drilling results to stir up interest before the end of the financial year. Given the pace that YML move and the competition to get drilling rigs this could take some time to be realised... but I get a feeling it could be worth the wait. Yet more patience still required.

Of course I could just waiting for something that isn't going to happen.. it has been 2.5 years as a stock holder for me!

 

[gringokonyo]

Yeah, that was in their quarterly, but this in regards to Marillana wasn't (I think):

The Company has received preliminary enquiries
regarding potential future production and/or possible
participation in the Project. The Company recognises,
however, that the first requirement is to establish a
JORC compliant resource and assess the various other
parameters relevant to future development.

I wonder who these companies are

In the March quarterly report, YML said that they had received preliminary enquiries from Chinese steel mills. There's no reference to the Chinese now, so I wonder if they've had enquiries from others apart from the Chinese?

I note that YML has used a specific gravity of 3.0 to determine the tonnage. In Dr Victor Rudenno's 'The Mining Valuation Handbook', he has iron ore with a specific gravity of 7.9 ie 1 cubic metre of iron ore has 7.9 times the density of water. Theoretically, 58% iron ore should weigh almost 4.6 tonnes (assuming the other 42% is water). So only giving a weight of 3.0 tonnes per cubic metre suggests the material surrounding the iron ore is significantly less dense than water (sawdust?) or YML is significantly underestimating the amount of iron ore per cubic metre. Earlier in this thread it was suggested that a cubic metre of iron ore weighs about 4 tonnes. So is YML underestimating their tonnage by about 25% or is there some rational explanation for using such a low specific gravity?

 

[Crash]

So a report that says little new, gives some new approximate dates for updates, will the price lose some ground today then?

 

[rico01]

I propose that they make an announcement that they haven't got anything yet to announce cos this waiting for an announcement thing is givin me grief!!

Well I think I got my wish,they managed to give us a report without any new news,or at least anything to give the share price a boost

 

[INORE]

In the March quarterly report, YML said that they had received preliminary enquiries from Chinese steel mills. There's no reference to the Chinese now, so I wonder if they've had enquiries from others apart from the Chinese?

I note that YML has used a specific gravity of 3.0 to determine the tonnage. In Dr Victor Rudenno's 'The Mining Valuation Handbook', he has iron ore with a specific gravity of 7.9 ie 1 cubic metre of iron ore has 7.9 times the density of water. Theoretically, 58% iron ore should weigh almost 4.6 tonnes (assuming the other 42% is water). So only giving a weight of 3.0 tonnes per cubic metre suggests the material surrounding the iron ore is significantly less dense than water (sawdust?) or YML is significantly underestimating the amount of iron ore per cubic metre. Earlier in this thread it was suggested that a cubic metre of iron ore weighs about 4 tonnes. So is YML underestimating their tonnage by about 25% or is there some rational explanation for using such a low specific gravity?

Hi gringokonyo.....i'm not sure about your iron ore bulk density figures cos I currently work for one of the two big producers and have also worked for the other one...we allways use values ranging from 1.9 to 2.7 t/m3 for equipment designs and stockyard capacity.......

 

[gringokonyo]

Hi gringokonyo.....i'm not sure about your iron ore bulk density figures cos I currently work for one of the two big producers and have also worked for the other one...we allways use values ranging from 1.9 to 2.7 t/m3 for equipment designs and stockyard capacity.......

Hi Inore, I'm not an expert in this field and I'm certainly miffed by the way the weight of a metric tonne of iron ore is calculated. I do know water is the basis for all metric measurement, and that 1 cubic metre of water weighs 1 tonne. Iron-ore supposedly has a specific gravity of 7.9 or to my understanding, 1 cubic metre of iron ore should displace 7.9 tonnes of water (7.9 cubic metres water) . I must be missing something.

Not to worry, Marillana is still looking good.

 

[KIWIKARLOS]

Gringo you goose thats the specific gravity for pure Iron not iron ore

See below number = KG/m cube

aluminium - melted 2560 - 2640
aluminium bronze (3-10% Al) 7700 - 8700
aluminium foil 2700 -2750
antifriction metal 9130 -10600
beryllium 1840
beryllium copper 8100 - 8250
brass - casting 8400 - 8700
brass - rolled and drawn 8430 - 8730
bronze - lead 7700 - 8700
bronze - phosphorous 8780 - 8920
bronze (8-14% Sn) 7400 - 8900
cast iron 6800 - 7800
cobolt 8746
copper 8930
delta metal 8600
electrum 8400 - 8900
gold 19320
iron 7850
lead 11340
light alloy based on Al 2560 - 2800
light alloy based on Mg 1760 - 1870
magnesium 1738
mercury 13593
molybdenum 10188
monel 8360 - 8840
nickel 8800
nickel silver 8400 - 8900
platinum 21400
plutonium 19800
silver 10490
steel - rolled 7850
steel - stainless 7480 - 8000
tin 7280
titanium 4500
tungsten 19600
uranium 18900
vanadium 5494
white metal 7100
zinc 7135

 

[INORE]

Hi Inore, I'm not an expert in this field and I'm certainly miffed by the way the weight of a metric tonne of iron ore is calculated. I do know water is the basis for all metric measurement, and that 1 cubic metre of water weighs 1 tonne. Iron-ore supposedly has a specific gravity of 7.9 or to my understanding, 1 cubic metre of iron ore should displace 7.9 tonnes of water (7.9 cubic metres water) . I must be missing something.

Not to worry, Marillana is still looking good.

The SG of steel is 7.85t/m3

Yeah marillana does steel look good....arr arr...sorry........

 

[Mozart56]

The SG of steel is 7.85t/m3

Yeah marillana does steel look good....arr arr...sorry........

Assuming that they complete the drilling they need to hit the unexplored areas of the tenanment by June/July, how long does the JORC process take? I assume that a large JORC resource could result in a substantial re-rating .. but any ideas how long that might take?

 

[gringokonyo]

Gringo you goose thats the specific gravity for pure Iron not iron ore

See below number = KG/m cube

iron 7850

Thanks KiwiKarlos. I'm never going to read another book again. They're just full of false and misleading information.

So 58% iron per cubic metre of ore doesn't equal 4553kg (58% x 7850kg). YML have assumed 3000kg. That's why I'm really confused about the tonnage per cubic metre.

 

[KIWIKARLOS]

Mate the specific gravity of Haemetite is 4.9 - 5.3 Tonnes per cubic meter.
If you take the assumed 58% of this is comes to around 3 tonnes per meter cube.

I dont know if this direct calculation is correct

 

[gringokonyo]

Mate the specific gravity of Haemetite is 4.9 - 5.3 Tonnes per cubic meter.
If you take the assumed 58% of this is comes to around 3 tonnes per meter cube.

I dont know if this direct calculation is correct

Yep it is, at about the 5.2 tonne per cubic metre. Thanks for clearing that up for me................

 

[UPKA]

hey guys, anyone know the reason why they released two updates on the project, 1 from yesterday 1 this afternoon. they all looked like the same file to me.

 

[nvox]

"Principal Projects - Updated for competent person statement"

All I can see is that they have added the competent person statement on the bottom of the last page in small print.

 

[YOUNG_TRADER]

hey guys, anyone know the reason why they released two updates on the project, 1 from yesterday 1 this afternoon. they all looked like the same file to me.

To keep reminding the mkt how undervalued they are? :

But yeah probably to do with the competent person statement, verification etc