You might like to follow the Newcrest earn in JV with Greatland Gold's Havieron prospect in the Patterson Range region of WA. - a similar region in many respects to the Mt Isa Inlier, according to knowledgeable people. Havieron is within trucking distance to Newcrest's Telfer mine (60 moz eq) which is losing grade as it ages. The AIM listed Greatland was well cashed up after a large raise in London - so they drilled the discovery hole. And that is exactly what AMG has to do at Cloncurry.
Having looked at this and read a bit one has to say this looks like a Tier1 project which will need a Tier 1 company with a Tier 1 cash box to do it justice at the end of the day. Not all of that 2 km will be economic or high grade ore - 1 billion tonnes is a little over the top. But the pathways are clear, follow the alteration zones down from the surface high grade mines and see what you find. $1.2m is not going to get you far and the worst thing would be to run out of cash before the discovery hole is drilled. Only dying without trying is worse, and I feel that the team running this show don't sit on their hands too much. So good luck, score another win for the Small Caps.
RIO and South32 are also on the hunt for the next batch of Tier 1 mines, and are cashed up to take advantage of today's opportunities.
Now what shall i put in for sentiment - not that it matters because all my cash is tied up chasing elephants, with big guys, including Rio and South, on my tail trying to tickle my bum.
AMG Price at posting:
13.0¢ Sentiment: None Disclosure: Not Held
