Post by
Molybdenum on Feb 24, 2005 12:15pm
MPM Summary
Previously posted by orebody007
Maple Minerals Agrees to Acquire UMVI and Ben Lomond Uranium Deposit, North Queensland, Australia
MPM announced on January 25, 2005 that it had entered into an agreement to acquire 100% of the outstanding common shares of Uranium Minerals Ventures Inc. ("UMVI"). The acquisition is expected to close in late February to early March.
The Ben Lomond resource has in excess of 10 million pounds of mineable reserves U3O8 (Uranium) and a molybdenum credit of 0.15%.
At US$20 a pound for U3O8 and US$30 a pound for Molybdenum the in-ground value of the combined metals is over US$400 million.
A resource of about 6800 tonnes U3O8 with an average grade of 0.228% U3O8 and 4578 tonnes of molybdenum at an average grade of 0.149% has been delineated. A 1982 feasibility study proposed recovery of 4760 tonnes U3O8 from 0.246% ore. (source:https://www.uic.com.au/pmine.htm#lomond))
This increased interest in Australian uranium assets is also based on changing investor perceptions with respect to the risks associated with government policies and permitting issues that would apply to any prospective new uranium project.
MPM has a prolific management team and technical expertise. Maple will issue a small amount of shares (3,000,001) relative to the uranium reserves in the ground. Mr. Taylor will remain president of UMVI and will be appointed vice-president international exploration of Maple. He will be responsible for the evaluation and acquisition of international projects with an initial emphasis on uranium.
A feasibility study was completed in 1982 and an Environmental Impact Statement was accepted by State and Federal Governments in 1984. The Ben Lomond deposit, discovered in 1975, was explored by surface and underground drilling, more than 65,000 metres, from 1976 to 1982.
Australia is the world's largest source of uranium, with 28 per cent of global known recoverable resources.
Uranium is the hottest investments in the world, states James Dines of www.smartstox.com. A bidding war could sky rocket Uranium towards $100.00 a pound. Uranium prices are soaring to 20 year highs.
The uranium sector is one of the strongest-performing sectors in the marketplace. Until recently companies with Australian uranium assets have been laggards within this peer group. Xstrata PLC's US$6.5-billion hostile takeover bid for WMC Resources Ltd. and its world-class Olympic Dam copper-uranium deposit has sparked renewed awareness.
MPM/FNX: Mt. Kakoulima Nickel Project - Update, Guinea, West Africa
MPM announced on February 14, 2005 that theMt. Kakoulima diamond drill programme (phase 2) was successful in both locating the contact and intersecting disseminated sulphides locally. The disseminated sulphides are both Ni- and Cu-bearing, assay results in press release. MPM’s partner on the Mt. Kakoulima project is FNX Mining Company Inc. ("FNX"), Sudbury's third largest nickel miner. MPM benefits from the expertise of a proven, world class nickel exploration team in FNX and is very well leveraged for exploration successes.
Phase 3 is planned to begin in March 2005 and will consist mainly of drilling to explore favourable targets with a focus on following up on the disseminated sulphide intersections, defining the geometry of the basal contact and locating possible traps to massive Ni-Cu-sulphide accumulations.
FNX is building the case for establishing the presence of an economic sulphide deposit. MPM/FNX have been drilling in the Kaloum Igneous Complex (KIC), Mt. Kakoulima Property exploring polymetalic deposits containing nickel, copper, cobalt and platinum group metals.
The discovery of sulphides at the base of the intrusion (basal contact) is a technical success for FNX and MPM as it proves the conceptual model this drill program (phase 2) was designed to test. The basal contact of the intrusion dips approximately 45 degrees inward, and has the potential to provide traps for concentrating sulphides.
The basal contacts are the most common location for nickel-copper sulphide mineralization (as at Sudbury). The KIC is the largest mafic to ultramafic dyke-like body in the world where the basal contact has not been tested.
The best historical drill intersections by Afcan-Semafo in 1997 graded 4.72% Ni, 1.51% Cu, 0.22% Co and 3.0 g/t Pt-Pd over 0.51 metres. Afcan-Semafo continued to focus on the upper sequences and did not explore the lower sequences or the basal contact at the intrusion, which the FNX exploration team believes are the most prospective target areas for nickel-bearing massive sulphides.
Comment by
steptoo on Feb 24, 2005 6:14pm
What are the risks here ? being in australia with their policies. Referring to post #9212096. Thanks in advance.
Steptoo.