Highest weekly volume since March 00

  1. 11,723 Posts.
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    Over 17 million shares were traded with most of them being traded on Friday. Have not had this since March 2000 during the tech boom.

    Was this the reason?



    CENTRAL KALGOORLIE GOLD MINES LIMITED 2002-05-31 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    SHERLOCK BAY NICKEL COPPER PROJECT, KARRATHA, WA

    The Sherlock Bay Ni Cu Project was the subject of a detailed
    investigation by Texasgulf in the early 1970's. It is a significant
    project, with over A$4bn of in situ metal (revenue basis) estimated
    from reported drilled resources of 75mt at 0.3% Ni, 0.1% Cu
    (Texasgulf 1973). The resource was calculated from 10,000m of
    drilling. It is primarily a massive Ni, Cu sulphide ore body
    outcropping at surface, with 4 drill defined ore zones extending over
    2km of strike.

    It is well located, 7km off Highway 1, 50 minutes drive from
    Karratha. The deposit is situated close to road, rail, grid
    electricity, port and gas pipeline infrastructure, as well as the
    townships of Roebourne, Karratha and Whim Creek. Nearby
    infrastructure developments over the last 30 years have considerably
    enhanced the economic potential of this project.

    Four separate ore zones have been drilled to 1000m depth along 2000m
    of strike, with individual ore zones up to 35m wide. Untested
    potential remains along strike and at depth.

    The ore has not been assayed for cobalt, platinum, palladium or gold.
    There remains excellent (untested) potential for significant cobalt
    and precious metals credits in the opinion of the Directors.

    Favourablc preliminary metallurgical test work was reported in 1973,
    with >80% nickel and copper recoveries into a marketable concentrate
    (10-15% Ni content).

    It is the intention of the Directors to investigate all of the
    development possibilities presented by this deposit, and advance
    Sherlock Bay through the feasibility studies and into commercial
    production. These possibilities include;

    Exploration for additional high and low grade ore along strike and at
    depth. Approximately 7km of strike is covered by the Project PLA's.

    The possibility of producing and shipping Ni and Cu concentrates, as
    well as investigating recent advancements in the production of
    refined metal using vat and heap leaching technologies.

    A small scale mining and milling project based on high grade sulphide
    ore, as well as a large scale, low ore grade project.

    Possible cobalt and precious metal credits within the previously
    defined Ni-Cu mineralisation.

    Exploration for any associated platinum and palladium ore zones.

    CKG EXCLUSIVITY AND OPTION TO ACQUIRE 100% INTEREST

    The Vendor(s) will grant CKG the exclusive First Right of Refusal to
    purchase 100% of the project under the terms set out below. This will
    enable CKG to gather data and to conduct due diligence prior to
    granting of the Prospecting License Applications by the Mines
    Department.

    Within 30 days of granting of the PL's by the Mines Department, and
    all other necessary approvals to access the ground with a drill rig,
    CKG will enter into a six month option agreement to purchase a 100%
    interest in the project.

    A cash payment of A$180,000, subject to raising sufficient capital,
    (for the refund of expenses) will be made. A further staged cash
    payment of $70,000 will be made during the Option period.

    CKG will then issue a further 60m CKG shares to the vendor or
    nominees, plus a 2% NSR on production (after development costs are
    recovered), upon completion of the initial exploration and
    investigation phase. This investigation should be completed within 6
    months of the granting of the PL's. The issue of shares will require
    shareholder approval.

    CKG will also retain an exclusive First Right of Refusal to buy this
    NSR from the Vendor(s) or their nominees for a sum of A$1,000,000
    cash, at any time after a preliminary feasibility study, at CKG's
    sole discretion, provided it is a necessary requirement for project
    financing.

    G Clark
    COMPANY SECRETARY

    Technical information contained in this report has been compiled by
    Garry Clark from published sources. Mr Clark is a Fellow of the
    Australasian Institute of Mining and Metallurgy with over 30 years'
    experience in the Australian mining industry and a minimum of five
    years, in the field of activity being reported on.

 
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