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LNY, LANEWAY RESOURCES LTD
redned71
post Posted: Mar 17 2004, 10:07 AM
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Renison have started a major round of presentations to instos/brokers. met with them yesterday & was taken through the recently announced presentation. It's a MUST read. Those market cap targets are realistic imho, so we have a genuine 3-5+ bagger potential within 2-3 years.

Plus the artificial cap created by two large sellers has gone. For some reason two big holders decided to sell & have been unloading millions over recent months. So that's why the price couldn't get above 7.5 for ages. As with OXR had nothing to do with the value or prospects of the company. Now that selling pressure is gone, we'll see it's fair value emerge.
Grossly undervalued compared with peers.

I was already heavily loaded with RSNG, bought more on open today. None for sale now, so you'll have to buy RSN. Still good buying at these levels, but anywhere below 10c is good as long as long as you have a 2-3 year horizon. It may well retrace, but now cap is off, not sure.
Looks like it will settle in the low 8's & is ceratinly value at that level.

Management are excellent & very professional. They have that steely resolve I see in our other great management teams.

Risk as always in all stocks & the feasibility hasn't been completed. But seems a formalIty now.

CAVEAT EMPTOR.

cheers,

ned.

 
stainless
post Posted: Mar 17 2004, 09:51 AM
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buyers meeting sellers again today, looks like its gaining respect, trying to break out of its trading range, not too far away imho, considering the # shares on issue not a lot for sale.

cheers, stainless

 
Brantley
post Posted: Feb 23 2004, 01:02 PM
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RSN EXPANDS QUEENSLAND GOLD PROJECT PORTFOLIO....


QUOTE


ASX ANNOUNCEMENT ­ 23 FEBRUARY 2004 

EXPANDS QUEENSLAND GOLD PROJECT PORTFOLIO


The Directors of Renison are pleased to advise that the Company has entered into an option to
purchase agreement with respect to the Eidsvold Gold Project (EPM 13121) in Queensland. 

The Eidsvold gold project area encompasses the historic Eidsvold gold mines which produced
approximately 100,000 ounces of gold in the late 1890's at a grade of over 30 g/t gold. 

The project is located adjacent to and immediately west of the township of Eidsvold,
approximately 400km to the northwest of Brisbane, Queensland. 

Renison considers the tenement area has potential to contain more high grade mineralisation
particularly as the area has never been subjected to intensive modern exploration techniques. 
The historical production came from the reefs that were visible at surface.  Apart from
extensions to the known reef systems, the project area remains highly prospective for other
gold mineralisation away from the existing workings.  Based on an interpretation of known
reef structures and historical widths and grade, a conceivable target for the project area would
be 500,000oz of gold contained within 1.5 million tonnes of ore from either open cut or
underground sources. 

The initial exploration strategy is low cost and involves a program of detailed lithological and
structural mapping and geochemical sampling which could rapidly advance the prospectivity
of the area.  A great deal of the project area is under alluvial or lateritic cover which would
have defeated the endeavours of the early miners but can be relatively cheaply explored today
by using modern geochemical sampling methods such as Mobile Metal Ion (MMI) sampling
in areas of alluvial cover, lateritic soil sampling and shallow RAB drilling.

The Company has also made application to the Queensland government for an additional
exploration licence taking in additional ground surrounding the Eidsvold project area (refer
attached map).

Renison has been targeting projects such as the Eidsvold project for some time with a view
towards the expansion of the Company's Queensland gold project portfolio.  Eidsvold fits in
well with the Company's corporate strategy of both developing the maximum potential from
its existing asset base in the Northern Territory and Queensland and building a pipeline of
other resource projects with development potential.  Eidsvold expands the Company's
Queensland asset base adding to the Company's recently acquired Agate Creek gold project
where a 5,000 metre (50 RC holes) drilling program will commence in March.

Renison has an option to purchase the prospect for a payment of $75,000, exercisable within 3
years.

2

The Company's Program Forward

The Company's focus continues on the discovery and development of gold resources and
production from the Company's gold projects in the Northern Territory and Queensland whilst
also building a pipeline of additional resource projects that have the potential to be developed
within a short time frame. 

Over the next six months the Company will be embarking on an aggressive program of
exploration and development including:


·

Undertaking a 10,000 metre (45 RC drill holes) infill drilling program (commencing
early March) aiming to upgrade current resources at Tom's Gully to mineable reserve
status;

·

Completing the feasibility study on the Tom's Gully gold project enabling a decision
to commence mining to be made;

·

Undertaking a `step out' resource delineation program at Tom's Gully consisting of
4,000 metres (12 RC drill holes) aiming to significantly upgrade the current gold
resources inventory in the Northern Territory and in particular at Tom's Gully.
 
A significant upgrade of the current resource estimate at Tom's Gully of 900,000 tonnes
at 7 g/t gold (200,000 contained ounces) is targeted from this program;

·

Continued gold production from the Quest 29 dump leach operation; 

·

At the Steve's Hill prospect, detailed ground magnetics over the magnetic/structural
anomaly together with geochemical sampling to improve understanding of the
mineralization setting. This will be followed by a shallow RAB drilling programme;

·

Ongoing exploration and review of the Company's other Northern Territory
exploration licences targeting open cut resources within cartage distance of the Tom's
Gully and Quest 29 processing infrastructure; and

·

Undertaking a 2 phase 5,000 metre (50 RC drill holes) drilling program at Agate
Creek with the objective of allowing a JORC compliant resource estimation to be
made and pre-feasibility study for a open cut mining and heap leach gold operation to
be undertaken.


At the company's Tom's Gully underground project it is expected that the final stage of the
feasibility study can be completed by the Company around mid-year allowing a decision to
commence mining at Tom's Gully to be made at this time.  At Tom's Gully, the company is
targeting the establishment of an underground mining operation producing 35,000 to 40,000
ounces of gold per annum with processing being done at an upgraded Tom's Gully gold
treatment plant.  Economic studies indicate forecast operating costs of around A$350 per
ounce (current A$ gold price is approximately $525 per ounce).

Additional Technical Information on the Eidsvold Gold Project

The project area is contained within a single Exploration Permit for Minerals (EPM 13121).
EPM 13121 consists of 10 sub-blocks, approximately 31 km², all of which is located on
freehold land. There are no Native Title Claims covering the tenement.

Gold was discovered in the Eidsvold District in 1858. Total recorded production to 1950 was
approximately 97,000oz from 90,000 tonnes of ore. This equates to an average head grade of


33.45g/t Au. Significantly almost all of this activity was carried out within the project area.
The main mining period was from the 1880's through to about 1910 with some renewed
sporadic activity briefly occurring from the 1930's through to 1950.  Retreatment of the
tailings and mullock dumps occurred during the 1990's.

Average mined grades from most of the reefs were in excess of 30g/t Au and occasionally
exceeded 180g/t Au.

The project area is underlain by the late Silurian to Early Cretaceous New England Fold Belt
and is dominated by meridionally trending Early Permian Nogo Beds, consisting of
intermediate to basic volcanics and sediments, and Late Permian to Early Triasic intrusive
granitoids of the Eidsvold Complex. 

The eastern margin of the project area contains Jurassic sediments of the Evergreen
Formation, which unconformably overly the intrusive Eidsvold Complex.  Flat hilltops
commonly have Tertiary laterites developed on the Evergreen Formation and Eidsvold
Complex. Quaternary alluvials are developed along major stream courses. 

The gold occurs primarily in quartz reefs within granitic rocks of the Eidsvold Complex and
to a lesser extent within the adjacent, hornfelsed sediments and volcanics.  Some of the reefs
incorporate interlayered clayey zones (possibly mylonitic shear zones). Kaolinization of the
granitic wallrocks has been recorded up to several metres either side of the reefs with
disseminated gold mineralisation within the altered wallrock assaying up to 6.5g/t up to 3m
from the quartz veins.

The reefs are composed of simple quartz veins and vein complexes, (occasionally brecciated).
Gold occurs as free grains and associated with minor sulphide minerals, namely pyrite,
chalcopyrite and sphalerite.  Minor amounts of galena, arsenopyrite,stibnite, cassiterite and
molybdenite have been observed.  The silver content of the reefs varies but could be
significant. 

The largest single producer, the Mt Rose Reef, strikes east-northeast and dips southerly at a
shallow angle of 15-18°. Several lesser reefs/vein systems have a similar orientation.  The
majority of reefs (by number) strike northwest to north-northwest and dip easterly at angles
from 45° to sub-vertical.

Very little systematic exploration has been carried out within the project area. When the mines
were at their highest level of activity in the late 1890's, exploration was implemented through
the sinking of shafts and development of crosscuts underground in an attempt to intersect
possible reef extensions down dip or along strike from known workings.  The most significant
of these was the sinking of the Empress shaft to a depth of 870 feet. This shaft was designed
to intercept the intersection of the south-southeasterly dipping Mt Rose Reef and the more
steeply northeasterly dipping Augusta Reef system. It appears that the shaft did indeed
intersect the Mt Rose Reef but no information is available on whether the reef contained any
mineralistion or was developed into production. 

High grade gold (>30g/t Au) in narrow quartz veins was discovered 1km to the north of the
main workings and immediately east of the main workings, but have not been properly
evaluated or exploited.
 
Progress at the Company's Northern Territory gold projects where the Company has gold
production and over 300,000 ounces of gold resources, together with expansion of the
Company's Queensland gold project portfolio via this acquisition and the recent Agate Creek
acquisition, continues the Company along the path towards becoming a profitable growing
mining company.

For and on behalf of the Board

JPK Marshall
Company Secretary
Brisbane, 23 February 2004


For further information contact:
Richard Seville or Stephen Bizzell
Phone: (07) 3832 6488
Fax:    (07) 3832 6261
E-Mail: admin@rcm.com.au
Web: www.rcm.com.au

The information on ore reserves and mineral resources contained in this report is based on information compiled
by Mr Chris Creagh who is a member of the Australian Institute of Mining and Metallurgy.  Mr Creagh has
relevant experience in relation to the mineralisation being reported on to qualify as a Competent Person as
defined by the Australasian Code for Reporting of Mineral Resources and Reserves.




--------------------
R/Brantley

"Beware the Naked Man that offers you the shirt off his back"

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”
 
Brantley
post Posted: Feb 13 2004, 08:40 PM
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RSN... The pieces are all coming together for RSN. The company continues to improve it's potential to grow into a successful gold production company. I have copied a portion of todays announcement below. To read all of it please open the attachment.

Please DYOR & DD

R/Brantley

QUOTE

ASX ANNOUNCEMENT – 13 FEBRUARY 2004
EXPANDS NORTHERN TERRITORY GOLD PROJECT PORTFOLIO

The Directors of Renison are pleased to advise that the Company has entered into an option to
purchase agreement with respect to Steve’s Hill Gold Prospect (EL22068) in the Northern Territory.
The Steve’s Hill gold prospect is located 15km to the west of the Company’s wholly owned
Tom’s Gully CIP gold processing plant and the Tom’s Gully underground gold project (90km
to the south east of Darwin).

Renison views the tenement area as having significant potential to provide open cut ore within
a short haulage distance of the Company’s gold processing plant at Tom’s Gully. The
tenement has been held by local prospectors and has been the source of a significant quantity
of gold recovered from fossicking activities in the past few years. The tenement area covers a
significant zone of structural dislocation, easily recognisable from the airborne magnetic
image of the area (refer attached map). Recent exploration within the tenement has resulted in
the location of several coarse gold anomalies coincident with the Early Proterozoic rocks in a
zone of structural dislocation.

Exploration work within the tenement will commence at the end of the current wet season.
The work will initially comprise detailed ground magnetics over the magnetic/structural
anomaly together with geochemical sampling to improve understanding of the mineralisation
setting. This will be followed by a shallow RAB drilling programme.

The Company has also made application to the Northern Territory government for additional
exploration licences taking in ground to the north and north west of the Steve’s Hill prospect
area which contain a continuation of the structural dislocation zone identified from airborne
magnetics. Renison already holds areas to the south and south west of the Steve’s Hill
prospect.

Renison has targeted Steve’s Hill prospect for some time with a view towards the expansion
of the Company’s Northern Territory gold project portfolio. Steve’s Hill fits in well with the
Company’s corporate strategy of both developing the maximum potential from its existing
asset base in the Northern Territory and acquiring advanced resources projects which have the
potential to be developed in a short timeframe. Steve’s Hill adds greater depth to the Company’s Northern Territory asset base and provides the exciting potential for an open cut mine to complement the Tom’s Gully underground development going forward. Renison has an option to purchase the prospect for a payment of $100,000, exerciseable within 3 years. The project vendors will also receive a royalty of 1.5% of gross production
from the tenement.


Attached File(s)
Attached File  ANN_130204.pdf ( 42.59K ) Number of downloads: 165

 




--------------------
R/Brantley

"Beware the Naked Man that offers you the shirt off his back"

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”
 
redned71
post Posted: Jan 17 2004, 08:45 AM
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Posts: 340
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IN REPLY TO A POST BY Varmi, Sat 17/01/04 01:43am   [READ POST]

G'day varmi I also bought my trading lots at 6.1, although I started much earlier at 4.8 with the holding lots. I mainly have RSNG now (1.20-1.50, avg 1.31).
I just see it as hugely undervalued, particularly compared to other emerging juniors. The RISK is still there, until they prove up Tom's Gully for their 30-40,000oz, but I would say they have enough for a smaller mine now. Key here is they already have a production process, albeit small, at Quest 29. So worst case if they don't find one more oz (highly unlikely), they should be able to process what they have found so far at TG at Quest 29, while they continue exploring around TG & Agate creek.

I always look for worst case scenario & see if that's worth investing in.

So I see RSN with some RISK, but diminishing. Also funding will be low, as it's only an expansion of Quest 29.

Main thing is, RSN should be pouring gold from TG late THIS YEAR, way ahead of some of the other aspiring juniors, many having much higher market caps. I think the previous history of RSN coming out of the tech wreck company (Sirocco), may still be keeping some out of the stock. As with OXR (no, RSN is NOT an OXR), those will change their minds as RSN starts producing & then has several quarters on on/above forecast production.

The key is finding which of the juniors ARE going to make it & proceed with production, at a profitable cost.

Cheers,

ned

PS
good thinking, OXR & RSN.

 
Varmi
post Posted: Jan 17 2004, 01:43 AM
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Thanks for that Red, like your figures wink.gif I hold quite a few at 6.1c, I'm sure I'll end up kicking meself for not getting more but I've just topped up on OXR.

Rumour has it that they went down today because Rexboy bought them LOL!!!!!! tongue.gif

Varmi



--------------------
"I learned that courage was not the absence of fear, but the triumph over it." - Nelson Mandela.
 

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redned71
post Posted: Jan 16 2004, 03:09 PM
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IN REPLY TO A POST BY Varmi, Fri 16/01/04 02:54pm   [READ POST]

agree varmi, pretty good ann, met as usual (like OXR, with a selldown). Although unlike OXR, no country risk.

Breaking it down;
costs at A$350, current sell price A$550 so 35,000oz = $7m free cash flow, or 3.0cps X5 = 15c SP.
They will be in production before the end of 2004, so this must be a MINIMUM valuation by then.

200,000oz is current resource. The step out additional drills are targeting a "significant" increase over the current resource.

Then they have stated for Agate creek, "non JORC" estimate is 300,000oz. The drilling announced should prove this up.

THEN, RSN will have a 500,000 oz resource + whatever "significant" amount they add at Tom's Gully. My bet is a doubling at least for an all up total of 700,000oz resource. This MUST then be valued with a cap of at least $50-60m, or 22-26cps, probably quite a bit more.

Still RISK, until that decision to mine is made & then funding done (not much needed, as Quest 29 plant already operating).

Looking VERY good & I'm happy to have topped up this morning, although I might have got them cheaper now, although no RSNG for sale under $1.80
Long term, no big deal.
I have a trading lot of RSN, bought lowwer down, that I was looking to sell into strength. I think I'll just keep it in the bottom drawer with the rest.

cheers,

ned.

 
Varmi
post Posted: Jan 16 2004, 02:54 PM
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G'day, nice projects update announcement- Mine feasibility moves to final stages and additional exploration programs to commence. The final stage of the feasibility study can be completed by the company around mid-year allowing a decision to commence mining at Tom's Gully to be made at this time. Volume up today, very slow and steady rise....chart and depth looking better...buyers coming up to sellers price wink.gif

Varmi



--------------------
"I learned that courage was not the absence of fear, but the triumph over it." - Nelson Mandela.
 
Varmi
post Posted: Jan 12 2004, 11:36 AM
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IN REPLY TO A POST BY rosskend, Sat 03/01/04 12:03am   [READ POST]

Well, it did fall under 7c. However is looking good for a rise judging by the depth and chart. Hope you picked up some o those ords. IMO I would expect to see it back above 8c.

Cheers
Varmi



--------------------
"I learned that courage was not the absence of fear, but the triumph over it." - Nelson Mandela.
 
rosskend
post Posted: Jan 3 2004, 12:03 AM
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Hi Varmi - chart says you could be right about staying above .07 - this cycle runs to the 8th, so should be ready to turn for the next leg up. Might get some ords before it goes up again, but suspect your right about getting bargins in the .06's Like that saw tooth!??!? wink.gif

R/Ross
Attached image(s)
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