Mindax: the smart explorer
Mindax has in place a diversity of projects, spread across the minerals sector, including iron ore, uranium and gold that tend to offer resistance to the bumps in the economic cycle.
Competitive Advantages
The company has an innovative and highly experienced team.
It boasts a strong land position of 4,500 km2 and is well funded with $5.6M cash at April 2010.
Mindax has only 131 million shares on issue and a significant market capitalisation of $65 million.
Mindax has two quality new greenfields discoveries and another one on the way.
Of interest is a growing Defined Resource base of DSO iron, magnetite and gold.
From discovery to Resource, Mindax positions itself to seed new mining businesses emenating from its discoveries.
Investment Incentives
The Mt Forrest Iron Project is poised for significant Resource growth with both DSO and Magnetite.
In addition, the company has a significant new uranium discovery moving forward in an emerging uranium province, hitherto unexplored.
A third arrow in its quiver is a new bulk copper-gold mineralisation style near Perth to be drill tested.
All this is against a backdrop of rising long term strength in commodity markets.
Iron ore at Mt Forrest
Reconnaissance mapping and rock chip sampling reveal over 17 km of strike with 9000 m of drilling currently underway.
Mt Forrest is now a significant part of the Central Yilgarn Iron Province with a:
- Project Conceptual Exploration Target of 100 -110 Mt hematite @ 54 – 58% Fe and a
- Conceptual Exploration Target of 2.5 - 2.8 billion tonnes of magnetite type Fe @ 31 – 36%.
Mt Forrest is made all the more promising by the following factors:
- Located 150 km from the railway line at Menzies which connects to the iron ore export Port of Esperance
- Located in the Central Yilgarn Iron Province which includes current iron players Cliffs/Portman, Palinghurst, Polaris, Jupiter, and Cashmere Iron.
This project compares favourably with others elsewhere in the state, and has the potential to benefit from synergies derived from the wave of related activities in the Yilgarn.
Uranium
The Yilgarn-Avon JV, is a 50:50 co-operation between Mindax-owned Mindax Energy and Quasar Resources and is managed by Mindax.
Quasar Resources Pty Ltd is an associate of Heathgate Resources Pty Ltd which is an established international uranium miner and is the operator of the Beverley-Four Mile uranium mine in South Australia.
Mindax has encountered economic grades of roll front sedimentary uranium mineralisation at 1690 ppm and 1243 ppm U along the Yilgarn palaeochannel within the Yilgarn – Avon JV area 200 km north-east of Perth.
The significance of these reconnaissance exploration results can be seen by reference to the uranium developments underway elsewhere in WA where resource grades range from 300 to 1500 ppm U.
These intercepts compare very favourably in terms of both grade and thickness to existing economic mineralisation and further vindicate the search for uranium in the paleochannels.
This clearly identifies the area as a new uranium province in WA and has implications for the future development of the region. The YAJV control over 2640 square km of tenements in the area and have applications to increase this.
Both the above Iron and Uranium projects were acquired inexpensively and Mindax’s systematic approach to exploration has added significant value.
In addition to these key projects, Mindax has a number of 100 percent-owned areas with iron, copper and/or gold prospectivity – adding to the healthy diversity of the company’s portfolio of minerals.
Other Projects
- Yilgarn Avon JV – Mortlock (Cu, Au)
- Bulga Downs Wide (Au, Fe)
- Sandstone Wide (Au, Fe)
- Meekatharra North (Au)
Mindax is well served by the company’s Chairman, Gilbert George, Managing Director, Greg Bromley, fellow Directors Andrew Tsang, Benjamin Chow and Nicholas Smith, and Company Secretary Angelo Francesca.
Each has significant expertise in their own areas and as a team more than cover the bases required to manage a sophisticated exploration company.
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