RE: 250% to 450% upside?28 Jul 2021 08:28
The additional capital from this Placing will enable sustained drilling at our Copperhead and Copper Dome porphyry projects in Queensland and provides the company with opportunity to expand our exploration at either or both projects, as required. Our planned, inaugural drilling at Copperhead continues to advance, with all drill pads now complete. Sufficient water for drilling has been sourced and a drilling contract has now been signed for an imminent start to drilling."
I was surprised and frustrated that there was an additional placing after we were told all campaigns were fully funded - we fell from 10 - 8 million Mcap but now have a II on board, funds to expand the drill campaigns at both copper assets with the first to start "imminently" to quote the Monday RNS -
The discrepancy between the 8million Mcap Vs reconfirming what was previously found to be worth 750mil+ and then to continue to expand into the rest of the 97.5% of the orebody is rediculous with the copper already proven to be there + copperdome which all historic drill holes ended in copper, just to so a magnetic survey and find out we just need to drill deeper to hit the two significantly large targets ( 0.23% Cu for 88meter even while missing by 200meters) + plataue which after 5+ years of development is close to generating profit + merengo currently available for JV partners
Chances of success couldn't get higher at copperhead as we already know it's there with previous grades up to 2.8% Cu , with also high likelihood of success at copperdome - ROCK won't be valued anywhere near 8million after both copper campaigns
Dyor to confirm the above, ATB
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