nikko
ahhh..here's what started the recent accumulation..increased nickel resource.
Allegiance Nickel Hit to Extend Resource
SYDNEY, Australia, August 3 /PRNewswire/ --
- 14m @ 2.5% Ni Hit 330m West of Resource Area
- Avebury Nickel Project Mineralisation Extended to +1000 Metres Strike Length
Surface drilling at Avebury Nickel Project near Zeehan, Tasmania has intersected a wide zone of high grade nickel sulphide mineralisation approximately 330 metres west along strike of the current resource area. Cored drillhole A053 intersected 14m of 2.5% nickel.
The latest intersection in hole A053 complements the ore grade intercept previously announced in drill hole A050 which intersected 12m averaging 1.60% Ni, located 150m west along strike of the Viking deposit. "We could not have hoped for better. This is shaping up as a nickel ore province," stated Ian Levy CEO of Allegiance.
Holes A053 and A050 are the only two holes drilled west of the current resource outline and both intersected wide zones at ore grades. Holes A053 and A050 confirm the westward extension of nickel mineralisation and confirm the effectiveness of the company's exploration techniques.
The Avebury mineralised system has now been drill identified over a strike length exceeding 1,000m. Only the eastern half has been drilled in detail for the definitive feasibility study of the Avebury Nickel Project which is scheduled to be completed in late September -- early October. The potential for future expansions of nickel resources for the Avebury Nickel Project has been significantly enhanced by holes A050 and A053.
Allegiance Chairman, Tony Howland-Rose, said this latest drill intercept is a reassuring confirmation of our long held belief that the Avebury nickel ore system extends over a very large strike length and could be several times larger than the resources currently being used for the definitive feasibility study.
Web site: http://www.allegiance-mining.com.au
StockHopper
Nikko, The Uranium banfwagon has caused some of the base metal explorers and producers to fall from the radar. Once this Uranium bubble pops it will be back to basics. The metals are still in high demand and I can see large gains coming from Iron Ore Nickel and Zinc.
I think it could be a slightly different story for aluminium as it is created from Bauxite and that is abundant. Copper should also do well. Just stay out of U stocks as there is too much lead time to turn these into a profitable business just yet. The market will cool down on Uranium in the coming weeks.
nikko
Hi SH
yes I agree about your comments on base metals, they have been temporarily forgotten in the Uranium rush.
I've done very well trading the U stocks, but it's not for the faint hearted, and yes this current wave of euphoria does appear to be waning for now - time to be extra cautious in this sector.
I'm also pretty bullish on RXL - it's Laos zinc drilling results should be released in a week or two and going by their previous announcements I am expecting positive results. Laos could be a company maker.
Cheers