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Very true. From the pictures on the website, they have already drilled two rage holes and the first of the cache claim holes.
They are cruising for only having a drilling system for a couple of weeks.
At this rate, we could see the completion of drilling on the 33 holes for the cache claims and the 27 holes for the rage claims in a couple of months. That means everything will be lined up for NI 43-101 reports and more concrete reserves estimates to be made. In addition to that, they must be trying to secure permits for the pay day claims and rockie claims that RSDS holds as well as the 68 mesa claims that are under AUMN. They have a lot of drilling ahead with the real possibility of seeing a stream of revenue coming in.
Things are getting very exciting.
-faz
I could be wrong, but I have done some digging (no pun intended) on Reverse Circulation rigs and it just does not seem to fit the pictures.
I found this on RC drilling:
Reverse circulation (RC) drilling utilizes a solid bit (usually tri-cone) to produce a hole and delivers rock chips to the surface for subsequent analysis. This type of drilling uses a large, rotary drill and a compressor to blow the rock chips produced by the bit to the surface. The air is blown down the annulus between the rock wall and the drill pipe or, more commonly, down a special annulus in the drill pipe. The air and rock chips are then blown past the bit and up inside the drill pipe to the surface. Normally the air exhausts through a centrifugal classifier so that the rock chips and dust will be captured in a sampler.
The reverse circulation drills are all truck mounted and so must have good road access to the drill site therefore are no good for remote drill camps. However, the cost of drilling is much less than diamond drilling and the penetration rates are an order of magnitude greater than diamond drills. For this reason, may drill campaigns start with reverse circulation drills and move to diamond rigs if the mineralization warrants it.
Unlike diamond drills, RC drills do not produce a core which comes sequentially from the hole. The rock chips created by the drill bit are delivered to the surface generally in the order in which they are produced but not always. Therefore, RC drilling is not as accurate as diamond drilling. There is no way of knowing with certainty where the chips are from. Also there is a tendency for heavier minerals (eg gold) to fall to the bottom of the hole or be caught in elbows and curves in the drill pipe. As a result, assays from RC drill samples may understate the amount of mineralization present in the rock.
Nevertheless the relatively higher speed and low cost of RC drilling makes it a popular method for obtaining mineral samples for assaying.
This method could be supported by some of the pictures, I just don't see the method in place to capture the cuttings once they are returned to surface.
If someone has any other thoughts or information, please let me know as all of my drilling experience comes offshore on oil rigs.
thanks,
-faz
RAB drilling is used most frequently in the mineral exploration industry.
The drill uses a pneumatic reciprocating piston-driven 'hammer' to energetically drive a heavy drill bit into the rock.
Therefore, while the bit is turning it is hammered down into the formation almost like a jack hammer. The type of drill bit they are using is a tricone bit which is used for surface drilling and as it turns, it crushes the formation into fine pieces. I believe that is what they are using on site. Definitely using a tricone bit and I don't see any indication that they have a Reverse Circulation rig there.
The excerpt below is from wikipedia:
RAB drilling is used most frequently in the mineral exploration industry. The drill uses a pneumatic reciprocating piston-driven 'hammer' to energetically drive a heavy drill bit into the rock. The drill bit is hollow, solid steel and has ~20 mm thick tungsten rods protruding from the steel matrix as 'buttons'. The tungsten buttons are the cutting face of the bit.
The cuttings are blown up the outside of the rods and collected at surface. Air or a combination of air and foam lift the cuttings.
I think that this can be seen from the picture below:
Thoughts on the drilling rig.
From the pictures I have done a little research and I believe we have a rig that does Rotary Air Blast (R.A.B.) Drilling
------------
From Wikipedia (http://en.wikipedia.org/wiki/Drilling_rig)
RAB drilling is used most frequently in the mineral exploration industry. The drill uses a pneumatic reciprocating piston-driven 'hammer' to energetically drive a heavy drill bit into the rock. The drill bit is hollow, solid steel and has ~20 mm thick tungsten rods protruding from the steel matrix as 'buttons'. The tungsten buttons are the cutting face of the bit.
The cuttings are blown up the outside of the rods and collected at surface. Air or a combination of air and foam are used to lift the cuttings.
RAB drilling is used primarily for mineral exploration, water bore drilling and blast-hole drilling in mines, as well as for other applications such as engineering, etc. RAB produces lower quality samples because the cuttings are blown up the outside of the rods and can be contaminated from contact with other rocks. RAB drilling rarely achieves more than 150 metres depth as encountering water rapidly clogs the outside of the hole with debris, precluding removal of drill cuttings from the hole.
This can be counteracted, however, with the use of 'stabilisers' also known as 'reamers', which are large cylindrical pieces of steel attached to the drill string, and made to perfectly fit the size of the hole being drilled. These have sets of rollers on the side, usually with tungsten buttons, that constantly break down cuttings being pushed upwards.
The use of multiple high-powered air compressors, which push 900-1150cfm of air at 300-350psi down the hole also ensures drilling of a deeper hole up to ~1250m due to higher air pressure which pushes all rock cuttings and any water to the surface. This, of course, is all Dependant on the density and weight of the rock being drilled, and on how worn the drill bit is.
--------------
Everything seemed to fit except the line indicating that this type of drilling uses hollow drill bits. This is not correct because the images provided from the website clearly show the rig is using a tr-cone drill bit:
More info on Tri-cone bits: http://www.bakerhughesdirect.com/cgi/hcc/resources/ExternalFileHandler.jsp?path=private/HCC/public/t...
However, I found this: (from http://www.midnightsundrilling.com/rotary_air_blast_drilling.html)
Rotary Air Blast Drilling is used when you want a quick inexpensive hole to obtain a sample of decent quality. Is normally used for shallow applications such as Gravel searches or Bedrock probing.
A hole is drilled down with either a Tricone Rotary bit or a conventional down hole hammer. The drill pipe is a conventional single passage pipe with the air travelling down the inside of the pipe and the sample travelling up the outside between the pipe and the hole.
I will do some more research and see what else I can find on this type of system.
-faz
Thoughts on the drilling rig.
From the pictures I have done a little research and I believe we have a rig that does Rotary Air Blast (R.A.B.) Drilling
------------
From Wikipedia (http://en.wikipedia.org/wiki/Drilling_rig)
RAB drilling is used most frequently in the mineral exploration industry. The drill uses a pneumatic reciprocating piston-driven 'hammer' to energetically drive a heavy drill bit into the rock. The drill bit is hollow, solid steel and has ~20 mm thick tungsten rods protruding from the steel matrix as 'buttons'. The tungsten buttons are the cutting face of the bit.
The cuttings are blown up the outside of the rods and collected at surface. Air or a combination of air and foam are used to lift the cuttings.
RAB drilling is used primarily for mineral exploration, water bore drilling and blast-hole drilling in mines, as well as for other applications such as engineering, etc. RAB produces lower quality samples because the cuttings are blown up the outside of the rods and can be contaminated from contact with other rocks. RAB drilling rarely achieves more than 150 metres depth as encountering water rapidly clogs the outside of the hole with debris, precluding removal of drill cuttings from the hole.
This can be counteracted, however, with the use of 'stabilisers' also known as 'reamers', which are large cylindrical pieces of steel attached to the drill string, and made to perfectly fit the size of the hole being drilled. These have sets of rollers on the side, usually with tungsten buttons, that constantly break down cuttings being pushed upwards.
The use of multiple high-powered air compressors, which push 900-1150cfm of air at 300-350psi down the hole also ensures drilling of a deeper hole up to ~1250m due to higher air pressure which pushes all rock cuttings and any water to the surface. This, of course, is all Dependant on the density and weight of the rock being drilled, and on how worn the drill bit is.
--------------
Everything seemed to fit except the line indicating that this type of drilling uses hollow drill bits. This is not correct because the images provided from the website clearly show the rig is using a tr-cone drill bit:
More info on Tri-cone bits: http://www.bakerhughesdirect.com/cgi/hcc/resources/ExternalFileHandler.jsp?path=private/HCC/public/t...
However, I found this: (from http://www.midnightsundrilling.com/rotary_air_blast_drilling.html)
Rotary Air Blast Drilling is used when you want a quick inexpensive hole to obtain a sample of decent quality. Is normally used for shallow applications such as Gravel searches or Bedrock probing.
A hole is drilled down with either a Tricone Rotary bit or a conventional down hole hammer. The drill pipe is a conventional single passage pipe with the air travelling down the inside of the pipe and the sample travelling up the outside between the pipe and the hole.
I will do some more research and see what else I can find on this type of system.
-faz
Not sure if that will happen, but I think we have a good shot at hitting .005 to .01 by then.
-faz
Form 10QSB for UTAH URANIUM CORP.
20-Aug-2007
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Business Overview
The business of our Company is the acquisition, exploration and exploitation of mineral properties having the potential to host economically viable uranium deposits. The Company'sIts geographic area of interest is the state of Utah and the "Four Corners" area, where the states of Utah, Nevada, Colorado and New Mexico intersect. The major geographical feature is the 90,000 square mile Colorado Plateau, which is rich in coal, oil shale and uranium.
Specifically, management is focused on the acquisition and development of near term production properties in the Colorado plateau within economic hauling distance to processing facilities (the Ticaboo Mill and the White Mesa Mill).
As of June 30, 2007, the Company has acquired interests in four mineral properties, summarized in the table below:
[[Image Removed]]
Cash Requirements
We are a start-up exploration company and must raise cash to implement our business plan. The company is in the process of acquiring and evaluating mineral properties, therefore our cash requirements over the next twelve months depend to a certain degree on acquisition opportunities, as well as discoveries on our properties. The payment requirements for properties that have been acquired, or are being acquired after June 30, 2007 for the next twelve months is $985,000. In addition, the Pinto Property agreement calls for $300,000 in expenditures over the next 24 moths. To continue operations and commence exploration on our current properties, management estimates that the company will require approximately $3,000,000 over the next twelve months.
The Company is raising $1,000,000 in a private placement, which consists of units priced at $0.80 with one half purchase warrant to purchase another share at $1.00 for two years. As of August 17th, 2007 the company has received a total of $148,000 in investor deposits toward the private placement.
Since March 31, 2007 we have received shareholder loans totaling $193,930 for property payments, office and warehouse expenses, exploration costs and employees. Management anticipates meeting the company's short term cash requirements through additional loans from shareholders and subscriptions for the private placement.
Purchase of Significant Equipment
We do not intend to make any significant equipment purchases over the next twelve months, other than spectrometers and office furnishings and computers.
Employees
Currently our only employees are our directors and officers. We do not expect any material changes in the number of employees over the next twelve months. We do and will continue to outsource contract employment as needed.
Does this mean that the Rage claims permit has been approved and they are drilling there as well?
Awesome!!
RSDS website up!
http://www.ru308.com
Awwww yeah! Pictures baby!
2 x 7's back on the ask.
They are just not happy letting it run.
Lots going through at .0007. Is this still the .0004 flippers? How many more can there be? They have to know that this is going higher soon.
I am in long and strong.
-faz
I think we will meet some resistance at .0011-.0012 first. However, if we are going to make a run at .0017 a PR released strategically might just make that happen sooner than later.
My guess is that he will release them when they are done. Multiple releases would be beneficial for the PPS, however, it all depends on what the reports say. I think if one is not so good and the other is phenomenal, he might release them together.
This dam appears ready to burst!!
slow day...
buying at the 8's...here we go!
Russell has 254:
Rage: 100 claims
Pay Day Mine: 54 claims
Cache: 50 claims
Rockie: 50 claims
American Uranium Mining Company (AUMN) has 68:
Mesa: 68 claims
Total of 322 between the 2 companies
The best part is, we only have begun drilling on one of our claim sets that consists of only 50 claims. We still have 204 other claims covering many thousands of acres. I think that this is just the beginning!!
-faz
Agree. I believe we are going to go much higher. Once we break through the .002's, we are off to the races.
Berman has done well with issuing a national PR, I just hope that further news goes national directly.
Up up and away!
How many MM's still on the ask? I hate not having my L2 service anymore!!!!
Haven't seen one of those in a long time. We might even get a peek at the .001's if we saw that kind of volume.
Lots of movement on the 7's and now we printed 8's. Just need to knock out the 8's and we are on a run!
I agree, it could be any day now.
They have 33 holes to drill, however, I am not sure that they need to wait until the end of the drilling campaign to release news on their findings.
-faz
Buy...Buy...Buy!!!!
They are doing their best to hold this at .0007
Won't last for long, IMO.
Nice to see the national PR go out, lets hope we get approval for the rage claims soon!!!
Russell needs to get into this database. Nice site. I get a lot of U308 news from here.
http://www.u3o8.biz/s/UraniumStocks.asp?ListSortOrder=Custom50,Title
-faz
Just scooped up some more at .0008. Looking good!
Good to see the .0008's print!
Ameritrade is the culprit for me. They can't hold this back forever. With national nes now, there will be some attention shifting to RSDS over the next days and weeks.
Let's go baby!
I have had an order in on the ask for 7 minutes now. Still no action. What gives!?!?
Boardmarks are on the rise!
PR just went NATIONAL!!!! Just came across Yahoo!
Russell Industries Begins Drilling
Monday August 20, 10:05 am ET
HOUSTON--(BUSINESS WIRE)--Russell Industries, Inc. (Pink Sheets:RSDS - News) announces that it has purchased drilling equipment and has begun drilling as per its permit that was approved by Bureau of Land Management in July. The Company received approval for its Plan of Operations for uranium exploration on its Cache Claims in San Juan County, Utah. The permit was approved by the Division of Oil, Gas and Mining for the State of Utah and allows for 33 holes, one wet and 32 dry to be drilled. "The purchase of this equipment is a major step for a development company like Russell Industries. We will now have the ability to validate the proven and probable reserves of this claim area and our other claim areas as permits are approved. We will then evaluate our options regarding strategic use of these assets," said Rick Berman, President and CEO of Russell Industries.
Russell Industries, a Nevada Corporation, was incorporated in 1997. Russell Industries is a holding company that will acquire assets in the energy, mining, healthcare and financial industries. The Company owns a majority ownership interest in 254 Uranium Mining Claims as of August 20, 2007.
Possible. Just need to see more volume.
and climbing!
8's are pretty thin. hit the ask baby!
7's can't last forever!!
From the approval date PR:
HOUSTON, TX, Jul 17, 2007 (M2 PRESSWIRE via COMTEX) -- Russell Industries, Inc. (RSDS.PK) announces that it has received preliminary approval for its Plan of Operations for uranium exploration on its Rage Claims within the Monticello Ranger District of San Juan County Utah. The letter dated July 12, 2007 stated that "Our internal resource specialists are reviewing the project and there is a Request for Comments out to the public for their input and any concerns they may have. Currently, there are no significant issues identified and if no other issues are raised, we should have the Plan of Operations approved by August 13, 2007. If issues are raised, however, more time will be needed to analyze these before the Plan can be approved."
Can we assume that there may have been some issues raised? I the last PR, the reiterated that they still expect the approval by the end of last week, so the way I read it was that they were still expecting the permit on time.
I think that they probably have the permit in hand and are just waiting for the right time to PR it and hopefully it will be a national PR. I am very excited about the recent action and I think the announcement of the approval for the Rage claims is just the first in a series of positive PR's
-faz
How does the L2 look? Is there still only 2 on the ask?
Tek,
Very nice post. I think that the NI 43-101 will be the most significant piece of information that will really move this stock. I agree with your resistance levels and i would also include .0017 and .0022. Should be a fun ride. I too am very long in this stock and will be looking to the pennies before I let it go.
-faz