ASX Discussion9 Feb 2021 23:33
See Below Extracted from ASX Chat:
[ Well I'm a holder, with plenty invested, and I'm inclined to agree @Henry Walton. Nothing much out of these last 7 holes we were waiting on. I was expecting something like that as the visuals weren't as strong and the company had already announced previously they would be recalibrating their drilling plan as holes that missed were indicating a change in dip. So yes, it's handy that ROM Consulting found the FME records - I'm assuming as part of their work on prepping for maiden JoRC.
The FME results are interesting at least, for 50+ year old RAB drilling, except for the fact that they can only really be used as a drilling guide. The vertical results are an additional aspect I think. I imagine that they've got the company a bit further excited about open pit economics with some starting from very shallow depths. I'm not sure if it would change anything about the company's view of the model though?
This announcement doesn't add much to what we already know, at least not for me. But in the context of the campaign to date it's not a full bust. Where we stand, waiting for next round of drilling, is that we've demonstrated that there's more to the system than first thought and probably more mineralised too - halo mineralisation identified (which may add to open pit economics), a second parallel system found (but may be an offshoot) and possibly 3 separate layers of mineralisation.
What we don't know is what happens at depth and therefore just how big the Big One is. Right now it's 3 high grade lodes with potentially som economic halo in between them and around. I'm glad that the 2nd campaign will be designed to test depth but wish they'd put a couple of decent depth in this round - it wouldn't have been a gamble stepping out a bit more to go under the known lodes.
Looking forward, I note the IP plans for the area and the dykes not far away. Great, lets see if we can find more but I would like them to do some DHEM right where they are. They mentioned DHEM in the announcement but only as a possible follow up to deepening some of the existing holes - can't they get useful intelligence out of the existing depths? I would have though so given the possibility of a 2nd parallel system but they're paid to be the experts.
Summing up. There's a lot of work to be done to put flesh on the bones of the dream but we've made a start. ]
Unsure how to take that summary.
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