They did have to waste a lot of time on the whole IRM takeover attempt this year though.
I think Bundarra is a very prospective property - they were getting great results pre-GFC - wide high grade hits at the existing gold deposits, new discoveries (e.g.bluebush), new anomolies (Craig prospect etc.).
There's plenty of immediate drilling targets there and already quite a sizeable gold resource (and TMX's drilling programs expanded it by 60% from about 200koz to 320koz over a relatively short timeframe - so the prospects for continued fairly rapid expansion of their gold resource through further drilling seems good).
The other prospective lease - Aztec dome near Kambalda - is a very early stage target but they appear to be taking a methodical approach and have stated their intention to start drilling the 5 identified anomolies there by years end - obviously any evidence that enhances the potential for massive sulphide nickel deposits will be of interest - particularly if it also enhances the theory that its a potential analog to the Kambalda dome.
But the gold at Bundarra alone is enough reason for this to be interesting at current market cap imo, and with the stated intention to make a board decision on mining by years end, that could provide some impetus as well.
Its fairly tightly held and has attracted what looks like quality investment support via Johnathin Lim - and with him on the board they also appear to be starting to get a bit more active. We'll know by years end how much of it is rhetoric or not.
Anotherr imnportant point about the history of TMX is that the TMX share price got absolutely and unnecessarily slaughtered early in the GFC (in early 2008) due to ANZ blindly dumping down large amounts of stock that had been held by clients of failed broker Opes Prime. That was done by ANZ with no regard for the company or its prospects as they were simply trying to recoup as much as they could of their Opes Exposure - and unfortunately Opes clients held quite a large percentage of TMX.
TMX Price at posting:
6.5¢ Sentiment: None Disclosure: Held
