Ann: Bonanza gold grades continue at Starlight 3m @ 884.7 g/t Au, page-180

Where to from here?

Obviously a fair amount of trading now coming into the stock.

Perhaps brokers trying to push down to benefit a cap raise price - unlikely to be them as they'd be licking their lips on a 15% cap raise against a ~$350m market cap = more fees.. AND we haven't had our AGM to give them the 15% yet.. or it could be an 'accumulator' buying in chunks when they can and then throwing out corn to the chickens to suppress the price to position for the next block trade - maybe.. who knows to be honest.

I think a lot of people are getting pretty spooked by what's going on outside the markets and the old adage to stay away until labour day may be at work globally. This stock has been on a scream. Up nearly 9x here and not going anywhere.

In my humble opinion, the next two legs up from here are
1. Resource update - I'm hoping they get through 2m oz. They're already at nearly 650koz before recent drilling. This will give confidence on a push past $1.
2. Extension drilling at depth - this is the big unknown.. grades of this magnitude tend to have a good source, but faulting can make the extensions hard to find. I know of one deposit where the extension was kilometres away from the open pit due to faulting.

As they are getting sniffs below these results (not great grade, but it at least is grade) and that some of the deeper RC holes have finished in grade makes me hope it hasn't moved or moved far. The diamond tail they're now putting down those holes plus hopefully some well targeted diamond holes stepping back a bit and going for say 300 - 400m depth might be their strategy in the next round of drilling - easily paid for by a small dilution in shares. If they jag it.. well, that's the $1b to $2b market cap we're all here mentally counting at the moment. My guess is a good depth extension will bring a real major into the picture. Not EVN, WGX or even NST but perhaps a Barrick, Gold Fields or Newcrest. They'd be running the ruler on dropping $100m in exploration across the area and pegging out a possible elephant. They are the best at greenfields discoveries, but they can saturate an area with exploration if they get excited. I'd be happy with a royalty on that.