The SP is reflecting the SPP now. Shorting a few to get more 11 mill shares is better then buying in the market. Friday this will be finished.
Then will depend in how the company will work out the ann's. If they delay and hold the information from market, we can expect the SP to fall to middle 5 cents.
They already sent material to the lab? Or they are waiting to finish all the phase 1 drills? That wasn't clear in the previous ann's, could be the difference to receive some assays news in the next couple of weeks or in month time.
IMO the second drills where encouraging, because they decided to drill out the conductors. I interpret that as they found something really good in the first round and are going outside to test the bottom of the intrusion.
So I think there are something there. Need the assay to determine the amount (as said before, anything above 1% would be great) and see the market reaction.
To be honest I don't expect great grades in this first phase, but the mineralization at 300 m is great news, enough to proceed to phase 2 drilling (diamond drill). My hope is that AFTER the first diamond drill this can be a second SIR (which jumped only after the first diamond drill). So we are talking to middle June to July here.
MEU Price at posting:
6.3¢ Sentiment: LT Buy Disclosure: Held
