ELE 0.00% 6.9¢ elmore ltd

another announcement to come:::

  1. 1,104 Posts.
    If one reads the Announcement "Market update on indian iron ore project" dated 1/2/08 it reads as follows:

    Excerpt:

    "- Further rock chip samples have been taken to support the sampling that was announced to ASX previously by NSL. Assay results are expected in FEBRUARY 2008."

    in the same announcement also:

    "1. ADDITIONAL ROCK CHIP SAMPLES
    During December 2007, Austind arranged for additional rock chip samples to be taken from the Indian Iron Ore Project (Project). These samples are now being processed and the results are expected in FEBRUARY 2008."

    and in the update the next day this is not mentioned but replaced with this:

    "ANALYSIS OF ROCK CHIP SAMPLES

    1.1 Overview
    Field reconnaissance work conducted as part of a site visit to the Kerala Iron Ore Project India, has confirmed magnetite and hematite iron ore mineralisation occurring over 3 separate hills, known as Iron Ore Hills 1-3 (NSL ASX
    Announcement, 31 October 2007).

    A total of 19 surface rock chip samples were collected showing weathered and oxidised magnetite quartz-gneiss, bearing both magnetite and hematite mineralisation.

    Samples were shipped to Genalysis Laboratories Pty Ltd in Perth for XFR assay analysis. Results are summarised as follows:

    Site No. Range % Fe Av. % Fe
    Iron Ore Hill 1 12 21-55 43
    Iron Ore Hill 2 1 - 43
    Iron Ore Hill 3 6 47-61 52

    - Site visit conducted to the Kerala Iron Ore Project has verified iron mineralisation occurring continuously over approximately 8kms of strike.

    - Rock chip analysis has returned results from pervasive, large magnetite orebody with Fe grades ranging 43-52%, which compare favourably to global averages for magnetite ores.

    - Test work completed by the Indian Government indicates the ores are amenable to beneficiation, and 65%+ concentrates are achievable.

    - The deposits are easily accessed by sealed roads and village tracks 17kms from the main town of Calicut, and are supported by power and infrastructure and port facility."

    This taken in conjunction with the announcement today that the JV is UNCONDITIONAL and then when you look that this it means:

    That there must be AT LEAST 200MT of IO @ Fe60% MINIMUM(as per Announcment dated 6/12/07 & 7/12/07 - "Market Project on IO Project Updated - specifcally Annexure A)for the JV to proceed beyond Dec '08:

    "The Exploration Program is proposed to consist of:

    Stage 1. - to December 2008. Data compilation, reconnaissance field work, sampling and assay with a view to identifying an Exploration Potential (allowed by JORC and independently verified) of at least 200MT of iron ore @ Fe 60% (or equivalent hereof)."

    So does that mean the update the next day (dated 7/12/07)included the rock chip sample results they said in the previous announcement (dated 6/12/07) they were expecting to announced in February?

    So Jorc verification would need to be finalised by Dec '08 (presumably much sooner).

    However from the today's announcement we can expect a "report" and hence announcement in 2 weeks from the appointed Consulting Geologist.

    So 2 weeks wait for a report that will review the current findings...........will that include JORC compliance?

    What are other people's interpretations?


 
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