RE: My 4.5 pence worth27 Jul 2023 13:49
Answer:
Relating to the copper, I have listened to all the recent Shaun Bunn, CEO interviews.
In particular, he mentioned that the copper may be in the FISSURES etc where they accumulated [hypothesis].
As for copper, BHP 's Boddington mine [south of Julimar. EEE's Pitfield is North of Julimar, W.Oz] the mine grade is 0.1% cu which is not even 0.45% at Rio's Winu in the Paterson. So, large district scale usually means not the types of high grade that ordinary pi's think there is. Colin Bird is instructive on this as to the operating mines and the current grade.
So, given the Pitfield COPPER assays are due, one has to wait for Shaun Bunn to explain in terms of the large potential tonnage scenario if any.
As to other metals, there may be eg vanadium, zinc, silver, nickel [inc titanium & copper]. In particular, nickel is now the sought after metal in Western Australia as well as cobalt.
As for the raise ,that 4kandles may think is a good idea, Mr Bunn said that the Pitfield project is
dependent on results and this was also stated by the CEO of the Havieron deposit. Raises cannot take place UNTIL results justify it. For example, the Maiden Drill at Pitfield was successful @21 holes.
This drill reached 153m @average 4-5% titanium.
The next drill PLANNED and permits in progress will be to 5 0 0 m.
Normally, co's test to 300-350m. So, why 500m? Usually, co's go further than the
SURFACE benchmarks to test the lower depths by another 150-200m.
Significantly, the next drill #2 is to test the 40KM STRIKE in "sections." This is to TEST "GEOLOGICAL CONTINUITY."
For Havieron, the strike was only 1km and therefore, the market & geo industry wanted to see a step-out of 400m to test continuity.
Pitfield #Drill 3 - In theory, it will test depth to some 850m or a bit more.
Julimar tested to 850m but Cascabel goes further to 1,200m and a bit further. But this is only contingent if there is a deep blockcave.
EEE has £1.8m CASH in hand and this has been repeated many times in the interview and final results RNS recently.
Mr Bunn has stated repeatedly that the Maiden drill of 21 holes cost £300k [A$500,000] so there is more than adequate to cover drill 2 or even 3.
Drill 3 can in theory take place if Drill 2 shows END OF HOLE mineralisation.
By the Drill 2, the market can already see the results and 500m will be indicative for open mining.
Then, EEE will have to decide whether they will be going for Pitfield on their own or JV etc.
So, until then, co's do not plan so far out as it is contingent on the next steps as norm.
In the case of Havieron, the JV partner undertook all the technical studies inc MRE etc.
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