Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Enterprise Metals MD Buys More Shares On-Market

Enterprise Metals (ASX: ENT) managing director Dermot Ryan has purchased a further 100,000 shares on-market.

This latest buy takes his indirect shareholding in the company to around 12.2 million shares and 2.5 million unlisted options exercisable at $0.149 on or before 11 September 2015.

Most recently Enterprise Metals has completed a heli-borne geophysical survey over its Fraser Range tenements in Western Australia that has highlighted a number of late-time electromagnetic responses.

The HeliTEM survey was designed to cover areas of anomalous nickel-copper soil geochemistry, several magnetic targets and some areas where the company's soil sampling may be ineffective.

The Albany-Fraser Orogen in southeast Western Australia is now considered to be broadly similar in geological setting, lithologies and age to Canada's Meso-Proterozoic Nain Plutonic Suite - host to the world class Voisey's Bay nickel-copper-cobalt deposit.

Historically however, the Albany-Fraser Orogen has received little attention from exploration companies due to the remoteness of the region, poor outcrop, and the lack of known mineralisation.

The recent discovery by Sirius Resources (ASX: SIR) of the Nova and Bollinger high grade nickel-copper sulphide deposits has dramatically enhanced the prospectivity of the Albany-Fraser Orogen for Proterozoic intrusive-associated magmatic nickel-copper sulphide deposits like those in Canada.

Enterprise Metals had cash at bank of about $2.8 million at 31 March 2013.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.