Great title, ANOTHER COPPER WHOPPER, haaah! Thing is, amongst all this smoke seems to be at least some really interesting drill results.
And many of the hits were deep, suggesting high costs.
Who cares if they have even just a junior Olympic Dam. Think I will inquire with Schwabs foreign trading desk about trading Aussie issues.
theaustralian.news.com.au
Another copper whopper
Robin Bromby, Resources
July 21, 2006
THERE they go again with that term "copper equivalent" - and again, it's Cloncurry.
And, again, the investors piled in, just as they did when Wayne McCrae's Australian Mining Investments (now CuDeco) lumped cobalt in with the copper with the effect of lifting the overall assay results.
This time the company with drilling results is Kings Minerals, which reported 40m at 8.34 per cent copper equivalent from a hole at its Kalman prospect.
Another hole had 20m at 7.14 per cent copper equivalent.
The result: Kings's shares up 7c to 44c, with 11.7 million turnover. But some holes have much higher grades of molybdenum than copper, and there are good grades of uranium.
In fact, the hole with 8.34 per cent copper equivalent had only 0.41 per cent copper overall but high grades of molybdenum. The other, 0.49 per cent copper overall, was boosted by a high uranium reading.
Managing director Dudley Leitch said the pervasive mineralisation in the area was copper-gold, and that was why the results were stated that way: "If we had said it was 40m at 1.04 per cent molybdenum the shareholders would not have understood what we meant."
Mr Leitch said the uranium grades of up to 0.15 per cent in one hole were much higher than the 0.04 per cent at Olympic Dam and the 0.06 per cent at Paladin Resources' new uranium mine in Namibia: "It's looking very much like an Olympic Dam lookalike."
It was this term "copper equivalent" that helped land AMI in hot water with the Australian Stock Exchange, which asked it to restate its assays.
Far East Capital analyst Warwick Grigor said that, in the two holes in the Kings release, copper was only 3.2 per cent and 2.1 per cent of the total grade.
And many of the hits were deep, suggesting high costs. |
