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HAO 23.0¢

for saxien

  1. tastarga

    5,867 Posts.

    Some observations:-
    1.Bulletin-on the results provided to date the deposit is going to prove challenging for the mining engineer-sections do not hang together too well and there could be significant internal dilution. I cannot fathom how to start a mineplan without infill drilling and more drilling to the east.
    On the plus side, the plant is only 4kms away and they have bought the Selwyn crushing circuit to lift the production rate at Bamboo Creek.
    2. Cookes Hill-surrounded by structure/cross structures.Looking at the section provided the 50,000 ounces in place is not going anywhere, but that big soil anomaly along the Malina shear is a strong target(particularly to the NE?).
    3.Turner River Extensions-right structure,right rocks. Magnetics not as pronounced as the De Grey deposits but you have to drill them. Initial impression is that the potential for mineralization is terrific, but the size may not be enormous( who knows what the rotary lie detector will tell us!)
    4. Mickeys Find/QLD stuff-a distraction at this stage (and Morgan has a bad habit of falling in love with distractions).
    On the point of management, the MD is an enthusiastic nutter cum gold bug. On the plus side, he spruiks the stock pretty heavily. On the negative, he can waste money occassionally IMO.
    5. The Cash Position- end of Dec had $2.5m in the bank. The amount of drilling contemplated would have slowed with cyclonic events of late ,but it would not surprise to see a capital raising in the middle of this year-after the next batch or two of results. Around then you would have a better feel as to how Bulletin is shaping up, plus initial results from Cookes Hill/Turner extensions.
    Current market cap around $50m-is it worth the punt at current levels? DON'T KNOW!!! (I am conservative by nature so I miss a lot of opportunities)
    Cheers, TAS

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