Hmmm, maybe on the trail of the same historical chase for a site claimed to be a significant magnetite ore 1918- 1945. Could be related to reasons for Australian invasion of the German territory just before the outbeak of the great war for civilsation. All information pasted below is available on the net. Do your own research. My summary pasted below; Deep water harbour location 71% hematite ore claimed 0.5 miles from shore Effect on compass of passing ships 9-10 Mtons 'in sight', More in-ground First suspected 1914. Reported 1920 1920 Mr ER Stanley geologist in Rabaul reported to League of Nations .... Japanese interest mentioned in Aussie papers... 1936 - Geologist of New Guinea administration stated that outcrops of high grade magnetite ore occurred in several places (statement by Senator in 11/38) Melbourne based EPNL purchased 500-700 acres on coast 11/35 - 03/36 Mr WB Pilling - Director EPNL Mr JD Paterson - Chairman EPNL from Melbourne BHP 12 month option in 03/36? Mr L Jack & Mr C Church visited the site ~04/36 1945 japanese occupation - iron hungry, they opened mines in Malaya so they would know this one if the news has merit? Did they drill?
..... I don't have much more but this shoulld stir the imagination of the COY management to go looking with more passion.
COY Price at posting:
2.1¢ Sentiment: LT Buy Disclosure: Held
