GUN 0.00% 1.1¢ gunson resources limited


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    Was just cleaning up my desk when I came across some of the OzEquities Newsletters published daily by Jenny Prabhu and her team.

    In the particular midday edition that I looked at, dated 10 April 2002, I came across the following comment regarding Gunson Resources:
    "Gunson announced drilling has commenced to test higher grade sones within and adjacent to the company's Amy Zone heavy mineral sand deposit south of Shark Bay in W.A. Approx 250 holes are planned at an average hole depthof 30 meteresm drilling should be completed by mid May".


    Checking back then through Gunson's recent ASX releases, I cam across several current exploration initiatives which are soon likely to be reported to the markets:
    the Shark Bay exploration activities (as above); and
    first pass drilling of the Chianti Prospect on the Mount Gunson Copper Project which commenced on 24 March was was due to be reported on any time follaowing late April /early May.

    Whilst little in the way of progress has been reported regarding the Shark Bay prospect so far, Gunson did release some updated information to the ASX as part of its Q3 results.

    On 26 April, Gunson was reporting progress in the following terms in relation to Shark Bay:
    ~100 holes had been completed to date (ie: suggesting a drilling program through to late May);
    "with a 50% success rate in defining higher grade mineralisation with the magnetic data;
    "(p)reliminary resource calculations (to) follow the
    drilling program"; and
    "(s)amples from the higher grade intersections to date have been submitted for laboratory analysis and the first results are expected in early May".

    Opposing the Mineral Sands' prospects at Shark Bay, are the Company's copper interests at the Chianti prospect in South Australia, in respect of which BHP Biliton is currently carrying out first pass drilling.


    In relation to the Chianti Prospect, Gunson's ASX release of 21 March 2002 notes the following:
    aboriginal heritage surveys completed, March 2002;
    first pass drilling commenced late March;
    the drilling is "being sole funded by Billiton Exploration Australia Pty Ltd; a wholly owned subsidiary of BHP Billiton, who have the right to earn a 70% equity in the Project by spending $6 million on exploration over a 5 year period from April 2001";
    drilling comprises 2x vertical holes to 500m, to "test two highs along the 4 kilometre long Chianti gravity anomaly and will be drilled with open hole percussion to total depth if the ground conditions are favourable"; and
    results anticipated late April (now, into May).


    A further exploration prospect which is currently undergoing survey work is the Company's Shell Lakes diamond /nickel prospect in WA.

    This particular opportunity is:
    A diamond joint venture with De Beers Australia Exploration;
    GUN is being free-carried with De Beers committed to
    spending $2.5 million over 3 years in order to earn a 51% particupating interest;
    "a detailed low altitude aeromagnetic survey over selected kimberlite targets followed by a drilling program" is currently planned (ASX Release, 26/04).

    According to GUN's Q3 results, some further developments in relation to the Shell Lakes prospect is likely to eventuate in the coming months.

    In particular:
    current delays in relation to the grant of title "for the original 5 exploration licence applications (ELAs) submitted in May 2000 has been further delayed by the Western Australian State Government, who have yet to resolve final details of their policy an exploration in nature reserves;
    "(m)ost of the ground applied for at Shell Lakes lies within the Great Victoria Desert Nature Reserve;
    WA Government "has advised that it intends to
    grant the above ELAs within this Reserve once its policy has been finalised";
    GUN expects this to occur in June;
    "an aboriginal heritage protection agreement is
    presently being concluded with the local aboriginal people (26/04"; and
    "their objection under the Native Title Act to grant of the original ELAs has been withdrawn" (ssen until recently as the primary stickingpoint to the grant of the ELAs.

    From a disclosure perspective, I currently hold GUN (recently and previously), MRC and MSC.

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Currently unlisted public company.

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