The share price seems to have been moving up markedly in sympathy with the Myall Creek drilling announcements. Imho now may be a good opportunity for those investors who bought under the May SPP to sell at three times their purchase price.
I've been reading up on this one and can't find any drilling results to add veracity to the claims. Many companies aim to find another Olympic Dam. That is their target. But I'd like to see some convincing assays before committing my hard earned.
Best figure I could find is at 208m depth = 256 parts per million Cu = 0.025% Cu. Usually a mine has 1% to 2% Cu and lots of it and maybe some Au credits. So no go on 0.025% Cu.
The company has done lots of research and high tech analysis but until it drills into 1% Cu with some other credits I don't think I could buy it - especially when it has already tripled in value over the last couple of months. This is one I feel I can afford to miss.
The issue in May was for 2c per share - so these investors are looking at a good return on current prices. Interesting to see the geo comes from this particular patch of the scrub.
Defence land can likely turn out to be sterile land as regards mining - consider the mineral sands at Shoalwater Bay.
I would be interested to get any factual replies contradicting my views.
My best wishes to the comapny and I hope they do well and are in fact onto someting that I don't appreciate. They've certainly seem to have done a lot of thorough research and hi tech analysis.
EBR Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
