A Word of Warning, page-24

That is a sorry tale.

But you could possibly correct me on this, but wasn't the mco market cap at the time of it's capitulation around the same as AuStar's mc now?

So what were all the punters seeing in the value of mco then, at a lower gold price than now?

The Morningstar dyke bulge is massive, by comparison to other dyke bulges. It hasn't been mined since the 1960's when break even gold grades were over 20g/t. So a lot of dyke bulges and other gold zones were left untouched or just not explored.

Stacpoole's reef is just one such gold zone that was left by the old timers. And hats off to the new management for backing their judgement to find it.

From Keith Goodes geo report on Morningstar:

• Quite surprisingly although historically stated in more than one place (even since the 1860s) that the richer gold grades at Morning Star were in "dyke over sediment" on the contact, ie on the up-dip side, so for an east dipping lode or reef, the higher grades are on the western side. The previous owners (MCO) went into insolvency targeting the down dip sides of a number of reefs, which when developed, found they were uneconomic.

And we know from aul reports, that new management took on board this advice and look like succeeding where mco was a shambolic failure.