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The Speculator

Ironbark Gold

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Australian explorer with an asset in northern Greenland! rather a long commute but interesting chart

 

http://bigcharts.marketwatch.com/quickchar...eq=1&time=8

 

 

Their asset is a Zinc - Lead deposit with a resource of approximately 17million tonnes grading 7.8% Zn and 0.9% Pb, this represents an IGV of approx US$4.5billion

50million shares FD, gives a marke cap of just under AU$200 million or US$165million

Currently the value of the project would be in the range of 5-8% of its IGV, say US$250-300mil excludes the Aust exploration assets

 

A drilling programme is due to commence this month, a new resource would increase the value to perhaps around 10-12%

 

Directors all hold significant stock and are buying on the market

 

Tradeable shares represent about 75% of those out.

 

A discount would need to be applied due to the location, 6-8mth sea access could cause a few issues

 

Haven't bought yet but am seriously considering.

 

What do you think?

 

 

By the way Dr Bubb, where was that Zn project you mentioned a few weeks ago???

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ironbark has had a nice long run.

 

if i was looking to buy, i'd await a pullback

 

that lead/zinc story probably has "too many warts" for me to encourange people on it

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Australian explorer with an asset in northern Greenland! rather a long commute but interesting chart

 

Why the huge drop, from $5 to $1.

Did they spin something off?

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Why the huge drop, from $5 to $1.

Did they spin something off?

They completed a 5for1 split back in Sept.

 

Recent drilling compaign has been completed and results should be due late this month or eatly Nov. Will be interesting to see how they stack up against the original drilling completed back in the mid 90's

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interesting project

 

do you have a target?

can see a short term price of around 1.10-1.20, possibly by early next year. The interesting thing is that the initial resource was calculated using a very high cut off, around 6%Zn.

 

current high prices have caused this to be lowered to around 4.5% I believe.

 

This resulted in an increase in the resource from 8Mt to almost 17Mt, obviously a lot of the mineralisation is grading around this value. It will be an interesting exercise if they were to recalculate using say a 3 or 4% cutoff. Further the latest sampling returned thicker intercepts of mineralisation, Platinova must have only assayed visually interesting zones and not the whole core.

 

I'm long on this stock and await a resource upgrade and further drilling/resampling results next season. Long term i'd like to see a +$2 price. Only negative is the number of warrants/options out, all in the money.

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