IMO the Murninie IOCG target is better than VMS and MOX. SPP announced to fund drilling on the target. Price is a very attractive 16.5c. Share price up 30pc today.
Murninie target is a big gravity and coincident magnetic anomaly (also radiometric anomaly). The anomaly is down dip of a historic copper mine (which is right on the flank of the anomaly) meaning the copper mine could be the surface expression of an orebody caused by the anomaly. Interestingly, the copper mine occurs within rocks showing IOCG alteration. This increases the chances, quite substantially, that the gravity/mag anomaly is caused by an IOCG body.
The Murninie project was held in private hands since 1920's until AAO got it. The private owners were just digging out that copper mine on the surface.
Drilling won't be until April it looks like. The fact they are raising $1.5m specifically for Murninie illustrates how confident the MD (a past MD of Homestake) is as he is obviously planning a big program.
AAO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
