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There always does seem to be a way of getting round releasing poor drill results - it usually goes along the lines of: "we waiting to release them as a batch". The opposite happens when they hit the motherload of course - that gets individually RNS'd and toute de suite!
With ref to the O&G sector I think that if they are doing a single wildcat drill then there's no getting around releasing the results for that. If it's a multi-well campaign where the wells or of smaller impact then they can present them or not as they see fit.
My guess is that if either Porvenir or La Hueca hit some serious mineralisation, then we will hear about it sooner rather than later, even before the assays are back. If we don't, then I expect radio silence until we do :)
They split Blanca into 2 bits last August, to get around CGP. I imagine therefore that they then drilled the part that CGP have no interest in. Permits were issued at the end of September I think and the first we heard of it was in some results that were a bit of a damp squib in mid-November.
Disappointing, but then if you've got targets like Porvenir and La Hueca to go at then who cares!
I bow to the superior knowledge and experience here.... but have to confess, I find it absolutely astonishing that drilling results are not perceived to be price sensitive information for an exploration company.
Is Blanca not in 2 parts one belonging to ensa and the other in another subsidiary. I believe it was disputed by cgp last year so maybe why no more results were released at the time before the split into 2 parts.
NM mentioned around September time last year that the artisinal miners had been at it but they finally managed to clear them. It was after the June referendum issues had been resolved, presumably related. He wasn't shouting about it for obvious reasons. Blanca has gone quiet just like Aguinaga did...there's still a good chance of a resource there I reckon, but clearly it has gone way down the pecking order.
Grimbergen, which cores are you referring to? The Blanca ones? He released details on 2 of them at the time - they were very high grade but thin veins - we then didn't hear any more and have been told the geology is "complex" on several occasions since. Unfortunately, I think the artisinal miners have been at it. That's the problem when you announce exciting prospects that are near-surface; all the savvy, illegal artisinal miners are straight down there the next day. The deep stuff is fine because they can't get to it.
Yes, sentiment would have been muffled but I think the lows would have been higher nevertheless, and the rebounds quicker and more pronounced, and I don't think we'd be sat at 22p now. But it's speculation either way.
One could neither have predicted what happened in Ecuador in October, nor the pandemic obviously, so they didn't impact NM's strategy up to that point; if he had had the funds to attack Porvenir last October, I think he would have. A hit in late October, in combination with the great metallurgy results, would have done wonders for the share price and I think he could then have got BHP to come in at 30p+ for a top up. Speculation again but it makes sense to me.
The long-winded point I'm making is that I don't think NM has played a blinder either with the timing of the drilling of the regionals nor with the CGP bid fiasco. I'm just glad that both are finally underway and out in the open. That's not to say I don't think he/Ingo haven't done well with the FN deal etc.
I think the key there Q is selective, now that the CGP matter is coming to a head they might suddenly decide these results might be market sensitive. I asked Eliza recently if drilling had commenced and got an interesting reply
“ Thought it might be good to hear it straight from Nick. See you next week on the webinar and have a great weekend!”
Miagi, any sp impact would have been muffled or just swallowed up by negative sentiment at that time - who cares what you have in the ground if you can’t pay for the drills to keep turning?
Funding certainty (when finally sorted, at least for the next 18 months provides a much better platform for value to be realised and accrued.
Plus, if NM had achieved a bump in the SP and based the CGP bid on it, the likelihood would be that the sp would drift (as is the case with explorers), gradually making the CGP offer less and less attractive.
My thoughts, each to their own. But if your reasoning is right, why didn’t NM assay those cores and release them? He’s had 6months+ to do so.
Grimbergen, I fail to see why it would have been tactically a poor idea to release fantastic drill results on another prospect prior to this time - it could only have lent strength to the share price, even through last year's Ecuador fiasco and this year's pandemic; having proof that SOLG has 2 deposits nailed on (alpala + one other) would have eased all aspects of financing the company, including getting equity raises off at higher prices etc. I don't believe the delays have been "tactical" at all - they have been finance and permit dependent - NM would have found a French translator in double quick time if the regionals had been full steam ahead last October, or if Blanca had come up with the goods proper (instead of being somewhat "complex").
Good afternoon all, if drill results were market sensitive information, then they would all be released. They haven't been, they have been released in a selective manner. Not all drill results have been released.
Let's face it - if they hit a hole 5 alpala on either Porvenir or La Hueca, they'll make sure of their numbers and release it to the market quick sharp. Porvenir shot to the top of the list when they announced 147m of surface expression with some tasty Cu/Au content at the start of 2019. But I've noticed that they are very tactical about their priority targets - they claim it's based on new data that has come to light, but I think it's actually more about what they have permits/funding for and what they don't! For example, they were bigging up Rio Amarillo and the targets areound Cascabel in May - why? Because at that point they were intimating that some of the FN money could be used on "local" exploration, and also because Cascabel came out of lockdown far earlier than the prospects in the south (Hueca, Porvenir).
Drill results are important and need to be disclosed a.s.a.p. after all we, the PIs are hanging on them and the 'market' as well. I am sure NM will release them as soon as he has them. However, they do take time to drill, then they have to be analysed, etc., so we haven't had any yet as they have only just started drilling after the Coronavirus lockdown. He did say that not all the prospects will be Tier 1, but he expected a lot will be, so the odd poor results won't be the end of the world and he has prepared us for the odd possibility of one or two not being upto Tier ! standard.
Drill results are definitely market sensitive information. Firstly because Solgold is an exploration company, secondly because the market has been begging for the company to drill and thirdly because the management have been singing the praises of all these prospects. And if you want a fourth why were they getting so excited about Alpalas drill results a few years back. If it’s not price sensitive wtf are they drilling it for?!!
They've only just started drilling (the regionals) - there can't be any results yet!
I don't think anyone has been suggesting that SOLG have been withholding drill results. What imo has been delaying the regionals getting going (given that SOLG have had permits for La Hueca, Porvenir and Blanca since last October) is the lack of cash pure and simple. They didn't have enough to do both the regional drilling and advance Alpala - throw in that fiasco in Ecuador last October and a pandemic, and we are where we are...And where are we now? In an excellent position, finally.
Hi Quady..... I am not 100% sure of my ground here, but my understanding of a companies obligation is that it must release any price sensitive information within a reasonable timeframe, usually within two business days unless there are provable mitigating circumstances. So that begs the question.... in my mind.... that if you are correct, then drill results are not deemed to be price sensitive? Seems strange to me. They are often the most sensitive info that comes out of an exploration company!