OMI tweet of 29th March6 Apr 2024 16:55
some of you may have read this already, but for those who have not, here it is. it repays close attention.
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"it is probably worth pointing out that pepas may not necessarily be the best prospect at anzá, but it is the best place to start.
ultimately, as a junior miner we are utterly dependent upon the market’s preparedness to fund us – and at the moment, that is at a low ebb. we need somehow to differentiate ourselves from the dross.
there is probably something close to a decent resource at apta, but it is geologically complex and was never going to be of sufficient scale for mma and so they quite sensibly (from their point of view) looked elsewhere. we are pulling all those data together into 3d models to try to get a better sense of what we are dealing with and where (if) we can add high grade ounces and perhaps in time move to a 43-101 resource.
at el roble and el cedro, we think we have a major gold porphyry system. we see all the right rocks, the alteration, the place is dripping in sulphides and ****nic (that’s a good thing), brecciation, pervasive silicification and we see swarms of gold bearing quartz veins. but it is large (2km x 2km in rugged terrain) and thus where do we start? given our teams have never been there and did not collect these recent data, we need a few months to verify and pull this together, and that field work will hopefully commence about the same time as we start to drill at pepas.
and so, in the meantime we need to get runs on the board, especially with a hot gold market. having a walk-up drill target is (pardon the obvious analogy) worth its weight in gold. if that goes well, it buys us both time and credibility, and gives the market something tangible to hang a valuation on, while we add more value by developing the other targets.
and then there is el pantano, but that’s for another tweet."
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