Proto Resources (ASX:PRW) has finished magnetic and radiometric surveys on the Yerrida Basin claims to find exploration targets.
Of interest is the Magellan North project that borders Ivernia’s (IVW.TO) Magellan Lead mine (with a combined resource estimate of 72Mt @ 4.6%Pb according to Ivernia – we don’t know where Proto got its 22Mt at 4.5%Pb from), which will be restarted in Q2 2013 after being shut down about 18 months ago.
Although it’s good for an exploration company to have several assets we hope Proto Resources will be very careful with their cash position, as their first priority should be the Barrier Bay Technology and the Barnes Hill project. We wouldn’t like the company having to raise money at 0.4cts to fund grassroots exploration work.
Download the press release (pdf)
Disclosure: We hold no position in Ivernia Inc. Proto Resources & Investements Ltd. is a sponsoring company. Please see our disclaimer for current positions.
