KUALA LUMPUR: MUI Properties Bhd’s 40.7% associate Nex Metals Exploration Ltd, which is listed on the Australian Stock Exchange (ASX), has found high-grade gold mineralisation in its Kookynie mining site located in the north-eastern goldfields of Western Australia.
In a statement yesterday, MUI Properties said the 10-reversed-circulation drill holes achieved high-grade gold intercepts of up to 80.17g per tonne.
The drilling was carried out by another ASX-listed company, Metalicity Ltd, which entered into a farm-in agreement with Nex Metals last year. The previous nine holes drilled six months earlier by Metalicity had also encountered significant gold intercepts of up to 31.2g per tonne.
Metalicity managing director Jason Livingstone described the results of the drill holes in three separate mining areas of Nex Metals Kookynie tenements as “spectacular”. For clarity, a mining tenement is a claim, lease or licence under the Mining Act 1971.
Livingstone said that the drilling to-date had managed to intersect the mineralised structure in every drill hole, and said that the latest results illustrate that the Kookynie site has the potential to become a “prolific” gold mining project.
He added that the intercepts were also shallow, making the three sites possibly suitable for more economical open-pit mining.
In partnership with Nex Metals, Metalicity has acquired an additional 3,300ha of mining tenements in the prolific Kookynie Niagara Trend through farm-in agreements and tenement-pegging exercises. This extends the existing mining tenements in the Kookynie area to over 7,000ha.
At present, the Kookynie project is host to six significant prospects namely Champion, McTavish, Leipold, Diamantina, Cosmopolitan and Cumberland. The recent test holes were drilled in the Champion, McTavish and Leipold sites.
In addition to Kookynie, Nex Metals also holds significant mining leases in the Yundamindera area.
MUI Properties shareholding in the gold-exploration company follows its recent decision to exercise the option to convert its A$1.5 million (RM4.15 million) secured convertible note in Nex Metals into about 12.5 million ordinary shares, representing a 40.7% stake in the latter.
MUI Properties shares ended at 17.5 sen yesterday, for a market capitalisation of RM129.66 million.
5. Pm Corp is a corporation. As such it invests in
I) Shares of other companies like muiprop thru jomuda. Recently Muiprop went up due to gold bull run. Pm Corp sold 10 millions shares of Muiprop for a nice Rm3 millions profits when jomuda it's subsidiary bought muiprop when it was 20 sen and sold at around 50 sen recent run up
It has a factory warehouse in Shah Alam manufacturing Food business. Among the chocolate products are Tudor Gold, Tango and Crispy Chocolates
Now the underlying lands are in prime industrial zone
Next door is a 6 acres prime industrial lands bought for over Rm24 millions in year 2009. It has a depreciated book value of only Rm14 millions
Now with Malaysia opening up for FDI with up to 15 years tax free status Industrial lands like this should be revalued to Rm40 millions at the very least
So a golden windfall for Pm Corp
In Hong Kong , Penang, Johore and Singapore Pm Corp has invested in assets of deep value
In Spore Tangling View Pm Corp owns a Penthouse with a book value of only Rm3.6 millions. A check with property guru website Spore shows A normal condo with only 1300 sq ft land already worth more than Rm5 million Pm Corp penthouse of almost 2,000 sq ft should be worth double if revalued by now
So Pm Corp is a real hidden gem overlooked and neglected
9. CEO Andrew Khoo has stated that he needed 3 years to turnaround Mui Group and the time is now drawing very near
One or two of Mui group of Companies might come out for Disposal soon
Is it Pm Holding ? Is it Pm Corp? Is it Muiprop? Or is it Mui Bhd?
Since Mui Bhd is the anchor of Mui Group it is most probably retained
So there left Pm Holding, Pm Corp or Muiprop for sale
Selling any one or two of the above will result in a golden windfall for Pm Corp directly or thru it's investments in Pm Holding or Muiprop
Example is Ancom selling Ancom lb to S5 and got 1,000% share upside
Oversea also gone limit up when new investor buying over
So can expect exciting times to come for Pm Corp very soon
10. So summing it up. Pm Corp is a Very safe Undervalue Cash Rich company It pay 3.7% dividend which is twice better than Bank FD It has assets of deep hidden value It invests in shares of other Companies which already shot up in prices while Pm Corp remains the LAGGARD
Even World Champion Top Banks of Singapore are in Top 30 holders of Pm Corp
DBS Bank (Singapore Biggest Bank)
So what are you waiting for ?
Only 19% Pm Corp shares in free float
Pm Corp now 13.5 sen
One year target price is 27 sen or can expect 100% upside
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by TianTianHuat > 2020-01-20 11:28 |