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clock Created with Sketch. 22/07/16
16:38
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Originally posted by Cheynne
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The funding outcome is a successful outcome under the circumstances at some cost to holders I might add.. At least the cash balance must be somewhere around $6m added to what was there before. The company says these are very exciting times (I hate the use of that word when companies are speculating). I think these are times when boards have to be very cautious and to try and make every post a winner and learn how to communicate and know when to step off the gas. A lot of us connected with PIO because of its diversification options whilst featuring a major focus on their Lithium projects. Holders like diversification because it brings about other options if something goes wrong in the processes.This is advice that was offered to us prior to to the SPP. Funds are expected to be used to fund the Company’s ongoing exploration programs: At the recently acquired Mavis Lithium Project in Ontario, Canada: o Field surveys and drilling of spodumene-bearing pegmatites; and o Further lithium specific project evaluations. Within its extensive portfolio of lithium, gold and nickel projects in Western Australia: * Field surveys and drilling of lithium targets at the Pioneer Dome Project; * Widespread aircore drilling at the Acra Gold Project, with follow-up RC drilling; *and o Diamond core drilling, subsidised under the State-funded EIS programme, at the Blair Nickel Project. Supergene Gold deposit demonstrated at Kalpini South – Drill-out to establish Mineral Resource next. Thick intersections of gold mineralisation in RC drill holes KSRC031: 9m at 6.17g/t Au from 60m, and KSRC032: 7m at 1.92g/t from 106m (see release to ASX 18 December 2015) demonstrate the presence of premium supergene gold mineralisation from a depth of 35 metres below surface, with vertical continuity to at least 100 metres below surface. (Refer to Figure 1). Supergene refers to secondary gold mineralisation that has been re-deposited within the regolith at oxidation boundaries. The gold is often very pure and metallurgically simple; and this style of deposit inspired the gold boom during the 1980s. Holes KSRC031 and KSRC032 are the start of the program to infill the Kalpini South Deposit, to enable a Mineral Resource Estimate to be completed. The Company plans to drill the balance of holes required during the second quarter of 2016. Additional holes will also target the recently recognised western gold zone. Supergene Gold intersections from RC drilling to date include: KSRC004 10m at 6.38g/t Au from 61m KSRC004 5m at 3.29g/t Au from 100m KSRC005 9m at 5.31g/t Au from 36m KSRC007 13m at 3.31g/t from 94m KSRC010 3m at 5.44g/t Au from 128m KSRC016 4m at 1.98g/t Au from 95m KSRC018 6m at 3.72g/t Au from 97m KSRC021 6m at 1.89g/t Au from 85m KSRC031 9m at 6.17g/t Au from 60m KSRC032 7m at 1.92g/t from 106m
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th March this year. Since then there has been effectively three more capital raisings and no drill holes for the year 2016.
