PURE SPECULATION: Robin Bromby | August 24, 2009 Article from: The Australian
* ALMOST totally overlooked by the market was the announcement by Diatreme Resources (DRX) that drilling at its Cyclone deposit in the West Australian part of the Eucla Basin had come up with more significant heavy minerals assays over good thicknesses, and a new resource total will be released next month. The mineralisation continues into neighbouring ground held by Image Resources (IMA) where drilling is under way. Hopes are high that a new mineral sands province is being proved up.
* AND another badly overlooked announcement was that by Alkane Resources (ALK) and its Dubbo rare earths project. Our report on the vital issue of a Chinese stranglehold on rare earths, and how Alkane can break that, is outlined in our online column, The Dirt.
* THE plot thickens, so to speak, at NGM Resources (NGM), the company with promising uranium ground in Niger. MD Robert Kirtlan should be able to start paying himself for the first time in 2009 after raising $5.3 million. But it was noticeable that Paladin Energy (PDN) used the placement to increase its holding for the second time this year -- first to 16.7 per cent, now to 19.9 per cent. Can we put two and two together and get a takeover later?
* ANOTHER gold float is in the wings. We don't yet know who it is because the party wants to stay under the radar at present and is using the new Australian office of New York deal makers Casimar Capital. The promoters are looking at several gold properties and have taken an option over the Miclere gold deposit in a deal with Tasman Goldfields (TGX). Production records show gold was mined at Miclere between 1870 and 1911 at an average grade of 15.5 grams/tonne.
The Australian implies no investment recommendation and this report contains material that is speculative in nature. Investors should seek professional investment advice.
NGM Price at posting:
18.5¢ Sentiment: None Disclosure: Not Held
