DRX 0.00% 1.0¢ diatreme resources limited

billion dollar deposit getting good publicity

  1. 426 Posts.
    Obviously this is only going to create awareness.

    This from the Australian yesterday:

    Diatreme's $1bn mineral sands

    Kevin Andrusiak | February 18, 2008

    BRISBANE-based junior explorer Diatreme Resources believes it could be sitting on $1billion-plus worth of mineral sands at its Cyclone prospect in the Eucla Basin.

    Diatreme said it had outlined the resource potential for Cyclone with a JORC resource of 60 million tonnes at a grading of 3.1 per cent.

    "The deposit has an attractive suite of minerals, with an indicated mineral assemblage of 41per cent zircon, 42 per cent leucoxene, 10 per cent ilmenite and 3 per cent rutile," company chairman Tony Fawdon said.

    "The discovery is a major boost for WA's mineral sands industry and could become a new mining province."

    The company has set aside $8 million for its exploration budget this year.

    Nothing new, but great to see it is getting some good exposure. We still have to back it up with further good results from the planned drilling program, but that seems a near certainty based on what has been found already and we know the deposit is still open!

    IMO this is still cheap. Approx. $50 million as an inground resource which was conservative and only going to expand, IMA's deposit is next door, $9.7 million in cash, $1.5 million owed by MSC, 30000T of copper and a market cap of $22 million!

    As Macca says...the market never ceases to amaze me!

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