Sorry - not allowed an apostrophe in the title!! Well, someone's got to play it. So here I go.
With the greatest respect to GS and others, I don't think it matters at all whether the report said "Progress Update", "Sensational Grades" or "Further Drilling". Surely what's most important is what's in the report.
A lot of people have said the results are great or sensational. I must admit my reading of the report was mixed.
Firstly, it's great that detrital mineralisation can be upgraded and there's LOTS of it. But presumably this all comes at a cost.
Secondly - previous BRM/YML reports have highlighted cutoff grades of 55% Fe. This report has relatively few intersections greater than 55%. There's obviously a lot of ore in the 50-55% range.
It'll need an analysis by someone better versed in Fe geology and mining, but I'd say the new grades aren't sensational.
I'd therefore hazard a guess that the reason the share price didn't shoot up is not because of the headline of the report, but because of the content being OK but not great. Even with a title of "Progress Report", if we had seen 40 metres of 60% ore I would expect that the SP would have surged!!
Enough said by me - I'm really hoping to out one of our respected geos to tell me I'm wrong. (I hold a significant number of BRMs....)
YML
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