You might like to note that since the project first began there was some heavy weather putting the project on hold.
What they are doing now from my opinion is simply releasing procedural results as they progress with drilling. From the various stocks I have held, this appears to be a standard reporting practice adopted by Mining Exploration Companies.
What it does for the share price is gives it a little bump along.
It is good that they are finding ore bodies of varying thickness, and it will be good to see the extent of the ore bodies in the up coming Madien Jorc Announcement.
I am wondering if they are going to be providing updates on the benefaction results of the remaining ore bodies that are being sent for analysis.
The fact that the prelim results indicate 31% grades of rock Phosphate indicates very little if any beneficiation will be required for the purposes of export. What that means from my understanding is that it can be mined and shipped directly to the rail line N/S possibly to Darwin for the higher grade bodies and the rest sent south for beneficiation possibly for the local retail and commercial farming markets.
The other important note I take from the update announcement is this, that they have so far to date completed 125 of a 300 planned hole drill, so we are sure to get more prelims as they continue with the drilling.
The following statement is also very positive in that the Rock Phosphate we are looking at is only between 5 and 30 metres below the surface, OPEN PIT THAT INDICATES TO ME? No deep mining involved to get to the ore bodies. I am sure this will mean that areas where the bodies are closer to the surface most likely will be mined first, leaving the deeper more expensive areas for mining later. I like the fact that the blanket is consistent and not intermittent.
Also if you note in the announcement that the other rig is moving to the western section. This means we will be looking at results from Drill two. I await the announcement from the Western Section with much anticipation. Hopefully it will be positive and will give us an indication of what might lay actually under the dunny trench.
So by the end of April we should have a full report on the beneficiation results. We should have more drilling results from the planned 300 hole drill and hopefully some early results from the new Western Section.
I consider that very interesting and have bought a few extra shares on a specie note just incase it comes in YUMMY so to speak.
Happy trades rummies
Later
RUM Price at posting:
55.0¢ Sentiment: Buy Disclosure: Held
