Remember that in the latest drilling RNS Xtract stated the new holes were well underway. In other holes they chose to also report the depth and also that weak mineralisation had been encountered at the same time for the newly started hole. I wonder if they omitted that for maximum effect in the next drilling RNS?
Lucky, by the same logic they could have told us the hole was x deep and showing signs of weak mineralisation. They did with an earlier RNS. I think it's more likely that they were still shallow / not yet hit the mineralised zone and so didn't report to prevent us panicking !
Andrew, I have a feeling that RNS for SE telling us there is visible mineralisation will just be treated flat by the market. However if there is no visual confirmation then down we go. I think assay results at 0.2 or above will see a positive impact on the share price- we will know soonish either way !
The market has reacted in the sense that we opened at 3.4 and now up at 3.6, it's 4 or 5 % increase but masked as MMs opened so low.
I know it's Probably grasping a bit but there aren't many shares at 0 or in the green today on my watch list for this sector.
Steve, I was searching for the original JORC of 71MTs, cannot find it, does anyone have a link?
Anyhow it brought up some of the assays from historic holes that I presume became part of the JORC. They were getting 0.4 and 0.5s at open pittable depths, as you say plenty of scope here to see more of that.
I also have reasonable expectations that we will see 0.4s and 0.5% cu in the first assays as the purpose was to drill into zac's pink super yacht which was their estimate of where the higher grade portion of the resource existed.
If we do (fingers crossed) I think we will see a lot more interest and excitement will return !
Shorn, I don't think they have been that precise. Which is ok because they are still looking for possible pit extensions. I guess we would need a clearer idea of the possible shell for the pit before working out infill.
I remember 2 points from the interviews which could be relevant, Jeremy Read stated the financial model Was near pre feasibility level and they would be upgrading it with the new data, Colin got a little excited and said if they get good results with the current holes they might even start infilling. How they go from PFS to an independent valuation and what the workscope could be hasn't been shared and its probably too early to exist.
Leo, I looked over the model, freezed frames and everything and still couldn't figure out how those last steeply angled holes could touch both east and west sides of the pit. I made an assumption the 2 holes closely spaced in the centre of the clearing were the first 4 (we have Twitter pics for approx location) but I couldn't make sense of the RNS Vs the model.
I guess the modeller is too busy plugging in the drilling data to the 3d model and doest have time to draft out some 2d sections for visualisation.
Oliver, A load of expo miners have dropped by that if not more, over the same time, sentiment has fell away a bit for the sector but if you believe that we will have a structural deficit for copper going forward then it will come back.
Someone was asking about the hole spacings for different JORC levels and I found This on another board. I haven't had time to verify accuracy so please use as a pointer for searching the JORC code.
Note: Under the JORC Code, Measured Mineral Resources are restricted to where drill spacing is less than 50 metres; Inferred Mineral Resources are defined where drill spacing is between 100 and 200 metres.