Three quarters of Australia's copper comes from a regional belt about 400km long, stretching from Minotaur's Prominent Hill project to the Olympic Dam mine in the north, through the old Mt Gunson and Cattlegrid mines with Eagle Bay’s Myall Creek deposit half way to the large Wallaroo and Moonta mines of the mid 1800s.
 Click here for full image |
To get some sort of perspective consider that the inferred resource at Olympic Dam exceeds 2 billion tonnes making it about 20 times larger than most world-class ore bodies.
"In the 1970s, Selection Trust drilled a 50-60 hole program (at Myall Creek), which was widely reported at the time," Rechner said. "The Gawler Regional Volcanic's found in the drill core are analogous to the Olympic Dam styled mineralisation.
"There has been $400,000 spent on the project to date. We need to do a bit more infill gravity to prove up the targets.
"Remember there is already a copper deposit at Myall Creek. I just happen to think that it's on an Olympic Dam feeder deposit underneath it.
"We're still going to be financially conservative. While Eagle Bay has to spend $450,000 on exploration drilling to earn its 75% interest in the Myall Creek copper deposit, this can be staged over a number of years.
"It is one of the few projects where EBR is not having all exploration costs met by other parties."
Under Rechner's stewardship, Eagle Bay has assembled a series of first-class opportunities, any one of which could be considered a company maker.
Rechner said that with the prudent management of the style that has got the company to this stage, these projects give shareholders leverage to an exciting future in these gloomy times.
Time will soon produce an answer.
HEAD OFFICE
1st Floor, 14 Outram Street,
West Perth, Western Australia 6005
Telephone: (08) 9481 3322 Facsimile: (08) 9481 3330
Email: ebr@indigo.net.au Website: www.eaglebay.indigo.net.au
DIRECTORS
Anthony Rechner, Terrence Salotti, James Craib, Richard Diermajer
MARKET CAPITALISATION
$4.4m (at press time)
MAJOR SHAREHOLDERS
TPIC Ltd (16.47%)
EERC Australasia Pty Ltd (8.24%)
