hole 12 out, page-18

The FNT SP is making me sick too. We are in a group of great undervalued exploration companies. None have moved yet, so IMO, it is not time yet anyway.

Some good banter going on. Some IMO I have answers to.

William 1982: FNT are not going to run out of cash reserves with the xploration at Andewa. It's all been paid for by JV partner Newcrest + a managemant fee. It's actually cash positive for FNT.

Raiders: Swain IMO selling a small amount of shares is a non issue, maybe just bad timing but for whom. Time will tell.
I very much doubt he knows anything about the assays. I'm just hoping that when I'm 75 years old like Swain that I'm not in a a situation where I can't pull out some investments to smell the roses or an emergency. Give the guy a break.

Josimar: Have a look at the 21-9-12 Andewa drilling update about rock types, and also the for drill hole 1. I have a feeling that Peter was able to slip out that announcement a couple of weeks ago just for FNT shareholders about some interpretations without any definite conclusions without assays. IMO there's some very very nice looking core there.

This announcement today definitely had no interpretation because it was aired onto NWR as well, so G Doggy, I think you you are absolutely right about some editing by majors.
Just look at all the editing by Ok Tedi. Firstly IMO, I think they believe they don't need to disclose anything until they have played with the results for a bit, and then Peter's reports get edited by them when they finally release the results. I think we just have to get used to this now. That said, I still think the work is getting done.

Getting back to todays announcement, there are a few positives ( not many ) that FNT and NWR can take away. It will contain more information about the direction of the higher grade hot zone. Many times these rubbish zones contain very important info but in this case we don't know. What we do know is that this drill hole wasn't very deep, so much of it is affected by interference from surface processes like oxidation.

A few here have also mentioned about Newcrests commitment to this project. The way I see it is that it would be very stupid to pull out soon. The meagre money spend on FNT projects they have for a company there size and performance is very small. They are actively moving ahead with other risky projects on Manus island and Indonesia.

The way I ( and I hope Newcrest ) see the mineralisation at Andewa is fairly simple. For a porpyhry system and more likely systems to push out such huge pregnant alteration haloes with almost economical gold and copper grades, there has to be feeder zones and huge hot zones with potential economical grade mineralisation. It's not easy to find the suckers sometimes. For example, Drill hole 14 shows more signs of a hot zone compared to 15. Could it be West towards Komsen which has 1.5kms of area which hasn't been drilled and has a moderate varying magnetic anomaly. Could the Komsen high grade gold drill results be just leaks from an underlying ore body? Then again it could all be further south or deeper under the drill pad for hole 1, 10 and 12. We will not know until the assays from 10 to 15 are in.

Hole 16 is another ball game. It's miles away from any other drilling yet the surface geochem is outstanding.

Hole 17 nad 18 are IMO very interesting regarding Newcrest's thinking. They are testing deep underneath poor but very pregnant gold and copper mineralisation. They are very interested in why these areas are pregnant. With the deep holes together with the information for the earlier FNT holes they can vector in to towards the heat source and hopefully economical grades. This kind of strategy is not IMO a short term stab in the dark. I think NWR will be spending shitloads at Andewa and Schrader.

Regarding managing the operation at Andewa, I think both camps are on a win win situation until they find something outstanding. FNT have some of the most cost effective systems in place for the diamond drilling and I think NWR know it and want to take advantage of it as much as possible. That's great for FNT because it keeps the teams together, they get to see the core, and they make money out of the work.