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SHK Stone Resources Australia Limited

Chart Forum » Stocks - ASX: short term (strictly TA) » SHK Stone Resources Australia Limited

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tryhay
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Username: tryhay

Post Number: 1693
Registered: 09-2005

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Wednesday, January 11, 2017 - 09:08 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Stone Resources Australia Limited (ASX: SHK) came up on a scan last night and looks like moving from Stan stage 1 to stage two with gusto.

It is a publicly listed Western Australian-based gold production and exploration company which holds tenements covering ~ 295 square kilometres in the highly prospective goldfields of Western Australia. The tenements, located in both south and north Laverton, comprise the Company’s Brightstar Gold Project.

The Company, formerly known as A1 Minerals Limited, began its life in late 2003 and transitioned from being an explorer to a miner in 2009 when it commenced mining at its 100% owned Brightstar Beta project located approximately 35km south-east of Laverton. The Brightstar Beta project comprises open pit operation with a mill that operates at an average annual rate of 300,000 tonnes per annum.

The second deposit mined within the Brightstar Gold project area was the Brightstar Alpha project. The Alpha project is located approximately 15km from the Brightstar Beta project. Ore mined at the Alpha project was treated at the Brightstar Beta mill until the end of September 2011.

In December 2011, Stone Resources Limited became a new major shareholder and the Company changed its name from A1 Minerals to Stone Resources Australia Limited.

The Brightstar Beta mill has been under care and maintenance since the completion of a toll treatment arrangement with Nex Metals in August 2012.

Since April 2012, the Company has been focusing on exploration with a total of 32564 metres being drilled at: the Alpha Project in South Laverton and; the Ben Hur and Cork Tree Well Projects in North Laverton. Exploration carried out to date has increased Mineral Resources to a total of 13364 Kt at 1.7g/t Au for 739 Koz of contained gold.

In September 2016, the Company signed a non-binding heads of agreement with VCS Civil and Mining to develop the Brightstar Gold Project. Under the agreement, VCS will provide funding and a range of engineering and contracting services for the project.

Weekly chart: Seems to have all of the relevant Stan markers + is expecting drilling results & some interesting fundamental matters occurring recently.

Weekly


Happy trading DYOR

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