We sat down with Andrew Mortimer, Managing Director of Proto Resources (ASX:PRW), at the Precious Metals show in Munich last Friday and Saturday.
The company is gearing up to drill a fourth hole at its Lindeman Bore-project, which will reach a depth of approximately 350 meters, and the company’s geologists hope it’ll intersect a nice zone of nickel sulphide, containing high-grade nickel. We obviously hope Proto will finally intercept some home run results.
Barnes Hill is progressing nicely, and Proto and Metals Finance (ASX:MFC) are currently fine-tuning the Definitive Feasibility Study which should be released to the market shortly. Their Chinese potential customers have indicated they consider Proto’s Barnes Hill iron ore to be direct shippable and do not require any upgrade in the quality.
Proto also continues to develop its Barrier Bay technology to process the mineralized ore, and we think this ne w technology might be the real value for Proto Resources, as the company plans to license the process out to third parties.
Proto Resources has released its quarterly report last week, and can be downloaded here (pdf)
Disclosure: Proto Resources & Invesments Ltd. is a sponsoring company. Please see our disclaimer for current positions.
