Next Week9 Jun 2018 12:46
Morning all, everything being well we will get an update next week and I thought I would share my latest summary with everyone.
1) Remaining M2 assays; I suggest that they must have these by now and if it was bad news it would have been released as soon as practicable so we would have been told by now. The wait must be linked to getting a new JORC report and due to the previous JORC issue meaning that the only have a valid JORC for the lower amount of copper I look forward to hearing about this shortly. I expect a RNS in the next week or so. If they do release a JORC and the figures are okay or better we will see another strong rise and hopefully hold onto the gains this time.
2) Small drilling at M1 with Crownpoint. As previously said I am treating this target as a bonus but I would think that the drilling must be complete so we will hear about M1 soon. The drilling was started end of April so they have had 6 complete weeks of drilling / assays since then.
3) M4, which some think could be a major resource, had 60% drilling complete before Christmas. The restart drilling was end of April (6-9 drill holes in total, i.e. 60% of this complete before Christmas) so they have had 6 complete weeks since then. It is diamond core drilling (as per ST) rather than reverse circulation drilling so slower but more detailed.
4) ST. I doubt if they are at target depth on hole 1 yet but they must be very close. They had drilled 122 metres of a max 900 metres 7 weeks ago so hole 1 can't be that far off. I expect them to release ST hole by hole (i.e. rather than waiting for all 3 holes) so I expect a RNS in the next 4 weeks.
5) Other than the 4 drilling targets they have hinted towards more of a general update for shareholders and I expect that they will tell us more over the next few RNSs. Possible details could be future drilling plans, how they plan to move forward with these 4 targets after the drills and maybe even if they have started discussions with any partners yet.
6) Cash. I know that we have been told that the company is fully funded for these drills as well as the corporate costs and at the end of 2017 the cash position was strong. I do see them looking to raise in the future but only when the share price makes this wise for us shareholders as DF has been sensible about this to date. My guess is that as they find out more about the drills they will plan based on how they think the share price will react once news is released. If I was DF I would probably get M2, M4, M1 and hole 1 for ST out to the market which will make the share price a multiple of the current price and then they will have a solid resource to then attract new capital telling both existing and new shareholders that the cash will be used to advance the targets above, drill new targets and look to allow the company to start commercial discussions.
I doubt DF reads bulletin boards often but I will email this over to him so he can read what we are discussing / expectin