Allied American Steel Corp (OTCBB: AAST)
AAST - New Profile, Breaking-Out - Up as much as 30% - Reversing a Downtrend Six Days Long
Yesterday's Close: $0.60
Today's High - so far - $0.78.
That is a solid 30% gain poential.
Profile for Allied American Steel Corp
This is the condensed version - Full StockGuru Profile Found Here:
http://stockguru.com/about/aast/
Allied American Steel Corp is an exploration stage company focused on the discovery and production of significant iron ore resources, and the titanium dioxide resources often associated with iron deposits. Based in Pittsburgh, PA, the Company is positioned to continue the strategic expansion of its property portfolio in close proximity to North America’s eastern seaboard, granting easy access to world export markets. Allied American Steel is publicly traded, and can be found on the NASDAQ OTC BB under the ticker symbol AAST.
Allied American Steel has the right to acquire a 60% undivided interest in the Lake Touladi Property. The property represents 48 contiguous mineral claims totaling 6,773 acres (2,741 hectares). The claims are located in close proximity to the eastern seaboard in the Canadian province of Quebec, granting easy access to world export markets.
A 43-101 technical report (May, 2010) commissioned by the sellers of the option cited the identification during the 1950’s of 4 major mineralized zones (A to D) on the property.
The combined estimated historical mineral resources* for Zones A and B alone, which were only partially drilled, were cited by the report as 124 million tons (Mt) grading an average 23.3 wt. % iron (Fe) and 6.6 wt. % titanium dioxide (TiO2).1
Two drill holes on the property (A4 and A6) reached a depth of 300 meters, and intersected mineralization having the same type and grade as the historical 124 Mt resource, indicating there is a potential to at least double the previous historical estimate to the 248 Mt estimate cited by the sellers.
Based on new exploration work, including an airborne magnetic survey in 2008 that indicates important undiscovered mineralized zones, the 43-101 report concludes the Lake Touladi Fe-Ti deposit represents a high potential asset, and possesses the geological characteristics necessary to become a world-class open pit mine.
The report goes on to state that the property’s historical resource estimates can be substantially increased by drilling the expanded anomalous high reading magnetic zones identified in the airborne survey.1
Allied American is currently planning a 2,500-meter drilling program for 2011, and will be mobilizing a rig to the property in the next few months to verify and expand the historical estimate while bringing it into compliance with CIM definitions.The Company will also be investigating the potential recovery of ilmenite, an iron titanium oxide mineral, from the titanium-rich portions of the mineralized zone (previous concentration tests were performed only for magnetic separation of iron).
Previous Exploration
Four major mineralized zones (A to D) where initially discovered on the Lake Touladi Property in the 1950’s by ground based exploration, magnetic surveying and drilling.
Roberval Mining Corporation completed 1,800 meters of drilling, concentrated mainly in the A and B zones. A total of 18 short holes were drilled to depths ranging from 18 to 30 meters at widely separated points in the two zones.
When using a cut off depth of only 160 meters, the overall resource in zones A and B (2 of the 4 zones initially discovered) was established by O’brien et al (1975) as 124 million tons (Mt). The average grade established was 23.3 wt. % Fe and 6.6 wt. % TiO2.1
A further 1,480 meters have been drilled in 6 long holes (A1 to A6) across zones A and B, testing them for vertical continuity to over 300 meters; the holes ended in mineralization.1
In particular, holes A4 and A6 intersected mineralization at a depth of 300 meters of the same type and grade as the historical estimate 124 Mt resource, indicating there is a potential to at least double the previous historical estimate to the 248 Mt estimate cited by the sellers.
Current Exploration
New exploration work at the Lake Touladi Fe-Ti deposit, including an airborne magnetic survey, suggests important undiscovered mineralized zones that seem to have been largely ignored during the previous exploration work.
These zones are associated with strong magnetic low signatures covering a large area (3km x 0.5km) and probably related to ilmenite-rich (iron and titanium oxide mineral) or reversely polarized Ti- magnetic-rich mineralized bodies at shallow depth.
SEM Quantitative analyses of the oxide minerals indicate that pure ilmenite with the chemical composition reaching that of the theoretical ilmenite may form more than 65% of the mineralization.
As for mineralization processing, iron would be extracted principally from Ti-poor magnetite and titanium; from pure ilmenite; and perhaps titanomagnetite and ilmenohematite.
The interpretation of the new aeromagnetic survey in combination with the examination of previous surveys and drilling campaigns shows that:
- the areas defined by strong negative anomalies, which are probably related to the presence of hemoilmenite (titanium) mineralization at depth, were not investigated by previous drilling
- zones characterized by strong positive anomalies were only partially explored
- there is another NS-oriented zone located 1km west of the main showing that displays a similar pattern of alternating magnetic highs and lows, deserving further investigation
This is the condensed version - Full StockGuru Profile Found Here:
http://stockguru.com/about/aast/
Contact Allied American Steel Corp
Allied American Steel Corp
600 Grant Street - Suite 660
Pittsburgh, PA 15219-2702
Tel: 412-223-2663 Fax: 412-774-1568
E-mail: info@alliedamericansteel.com
Web: www.alliedamericansteel.com
INVESTOR RELATIONS
Toll Free: 1-800-256-7207
E-mail: ir@alliedamericansteel.com
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