what's opthalimia worth?

$0 according to the 'Independent' Directors

How can this theft be legal? Can anyone explain to me why ASIC hasn't shut this takeover down?


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Significant mineralisation highlights project potential

EMERGING iron ore company Brockman Resources has intersected direct shipping ore (DSO) mineralisation at its Sirius iron prospect, within the Ophthalmia project area north of Newman in WA’s Pilbara region, confirming the potential of the project.

Results were returned for seven of eight reconnaissance diamond drill holes, all of which intersected iron mineralisation. Highlight intersections included 99.15m grading 62 per cent iron, and 70.05m grading 60.6 per cent iron.

The previously reported eighth hole intersected 135.45m grading 61.02 per cent iron. Brockman chief executive officer Russell Tipper said the results from Sirius supported the company’s confidence that the wholly-owned Ophthalmia could be developed into a potentially viable mine that could operate in conjunction with its flagship Marillana project, about 70km away.

“There is still a long way to go but we are ramping up to a greatly expanded drilling program [at Ophthalmia] in the next financial year,” Mr Tipper said.

“The relatively close proximity of these tenements to Marillana could provide an opportunity to connect to the transport solution which Brockman is developing for Marillana, or to develop an early start-up DSO trucking operation to Marillana.”

The Sirius prospect was first discovered during field reconnaissance in August 2011. It sits at the eastern end of the Parmelia Syncline, a moderately overturned syncline with both northern and southern limbs dropping sub-vertically.

The iron ore mineralisation is hosted in the lower units of the Boolgeeda Iron Formation. Brockman used a portable diamond rig with the support of a helicopter to carry out the drilling program and the intercepts were calculated using a 55 per cent iron cut-off grade.

Brockman also recently received the remaining results from a reverse circulation drilling program at the Coondiner and Kalgan Creek deposits, also within the Ophthalmia project area.

The results from Coondiner included 33m grading 58.1 per cent iron and 47m grading 57.6 per cent iron, with both holes ending in mineralisation.

Brockman has developed a portfolio of iron ore tenements throughout the Pilbara, including the Marillana iron ore project, which is scheduled to begin production in 2014, potentially making it the largest junior iron ore hematite project in Australia.


http://australianminingreview.com.au/?p=507