The JORC resource is 400,000 tonnes at 2.8g/t within which there is 120,000 tonnes at 5.5 g/t to 60 metres. It has a 10 km strike and there is high grade gold at considerable depth. It has the potential to be a substantial resource -a new gold province. I plainted the mining leases -rattled their cage and subsequently withdrew my plaints - long story. The company has almost no cash at bank - it has holding costs of rent and rates of several hundred thousand dollars a year plus listing costs and the Shire of Menzies has caveats in place for rates. Notwithstanding they now advise they are now seeking a JV on the gold project and/or a capital raising and will inform the market when that occurs. In my view the market has not and is not properly informed - they should make an immediate announcement. Just what view the ASX has I have not yet determined.
MDX Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
