I’m pretty certain the initial drilling agreement was for stage 1 drilling for 10,000m at a fixed cost for 33% paid in equity.
We only drilled 6,000m in stage 1 so I’d imagine we still have 4,000m left as part of the agreement.
Thereafter who knows what the cost/agreement is.
Jury is out on using pathfinder analysis. If it was so accurate then why were Baggy Green results so off!? 2 out of 3 had very positive drilling results so so far give them the benefit of the doubt.
We need a clear 2021 plan showing timescales going forward like we had for 2020. I’m stunned we’ve not had this already given we’re approaching mid April! I really thought we would have had the plan mid February and been drilling by now to keep momentum going to be honest but hey ho.
IOCG - exciting but one drill (no make that at least 10 deep drills to 500m minimum!) doesn’t make an IOCG deposit.
What’s the strategy for the IOCG targets and how the hell are they going to pay for it? How long before they actually drill the IOCG targets?
Too many unanswered questions. I’ve emailed asking for info and now all communication has stopped, why!?
I tend to agree more with your line of thinking Saint rather than with Christo but he/she does have some valid points.
I don’t believe it’s taken almost 3 months to analyse the drilling results, 5 months if you consider late November for the Clarke results given the actual amount of drilling involved.
What the hell have they been doing for 3 months!?
The latest news is we are finalising the next round of drilling with geo chem work starting next week once necessary approvals have been granted etc with a very sketchy plan for the year with very little detail of what’s being done and where and at what cost.
I’m excited by the IOCG targets but again we need more info and exactly what’s planned rather than just using the IOCG carrot to generate interest.
Methodical approach makes sense but it’s taking a lot longer than it should to be pushing this project forward!
Ok I take back everything I said in earlier post regarding the board knowing about CM leaving. I think the news has taken them aback and they were not expecting it at all. At least we know the reason why now, headhunted off to bigger and better things!
What I would love to know is how long have the board known that CM was stepping down and leaving the company? Does it explain the lack of news since end of January or has that time been spent updating models and analysing drilling results from stage 1? Surely they have known for a good few weeks CM was going to leave and rather than drop that bombshell with no other news to accompany it, they waited until they had other news to release with it.
My point is I reckon a new CEO has already been lined up and we’ll hear sooner than later who is it!!
What I hope we don’t get is 6 months of geo chem work and no drilling!! They’ve really dropped the ball here. Surely when the first round of drilling results came in they should have been reviewed then instantly start the geochem work on that tenement so they were always a step ahead.
I said a few weeks back all momentum had been lost which has been the case and throw in CM stepping down I can see this dragging on and on before things get exciting again.
Over all willing to hold out just frustrated how slowly the project has proceeded.
The problem is Dan I’m pretty sure it’s due to our existing MD being a Geo that we’ve been relatively successful so far. Who else on the team has the geo experience of Craig? Hopefully our new CEO will have even more experience than CM as a geo and better business acumen.
Other than Cm’s departure overall the news is positive but I just feel deflated by it which is strange.
Hmm, not the news I was expecting or hoping for. Overall feeling of disappointment to be honest. Goes to show I’ve got no idea on timescales to analyse drilling results thoroughly and it takes a lot longer than I thought. Looks like we’ll need to wait until Q3 before there’s any actual drilling. Not that much to look forward to over the summer unfortunately but later in the year once the drilling commences should get exciting again!
RE: What happened to my blue day?30 Mar 2021 15:33
Will there be a red dot tomorrow morning I wonder confirming ADI funding!? If we do get awarded funding surely they must announce it even if there’s some sort of NDA in place currently? Not the end of the world if we don’t get funding but would be a bonus if we do!
Ok getting a little twitchy here with the lack of updates for 2021. More frustration/impatience than anything else but don’t appreciate shareholders being kept in the dark!!
So trying to figure out why there’s been no news since 21st January these are the conclusions I’ve come to which could be way off the mark and naively thinking it only takes a couple of weeks to analyse and update each model for Clark/Barns/Baggy Green Etc.
Taken from 30th November RNS....
“Cobra will now work with Andromeda to establish a formal joint venture structure pursuant to which the Company's wholly owned subsidiary, Lady Alice Mines, will acquire a 50% participating equity interest in the Project. A further announcement will be made once the joint venture has been formally established.”
1. We still haven’t had any announcement that this JV has been formally established so we can assume talks are still underway.
Now the problem here is if the lack of news since 21st January is due to there being a non disclosure agreement in place with Andromeda surely Cobra wouldn’t have been able to release the drill results from each tenement on 3rd December for Clark, 24th for Baggy Green and 21st January for Barns/White Tank?
So my conclusions are...
1. It’s taking a lot longer to update the models after the first round of drilling for each tenement to then decide on what and where will be drilled next.
Or highly unlikely....
2. Given the drilling results from stage 1 were very encouraging maybe Andromeda (or another company) are going to buy us out!!
Time will tell but so far so much for an exciting 2021!
No reply to mine 8 days ago! Somethings up. Very strange to go from Proactive Investors interview and others after last results to total silence. Personally I still think it’s the JV with Andromeda being finalised causing the delay but who knows!?