PUR's "Julimar Discovery" in Calingiri East?, page-1772

DEV has Pt + Pd to 50ppb. This was, according to one of the gents who found Maggie Hays, the contour in laterite samples, that defined the 1% Ni orebody contour there. Different beasts, the komatiites and intrusion hosted stuff (intrusive has higher Cu and PGEs) but certainly, rule of thumb, the Pt and Pd are diagnostic of magmatic sulphide fertility, so their presence is an encouragement. Without any ground geochemistry or (eg, TRT) some auer/AC drillhole geochemistry, it's equally a CUL as a CHN result just drilling conductors.

eg, at Maggie Hays it was the 17th of 19 holes that found Emily Ann. It was 19th of 21 that found the southern extension to Maggie Hays (I logged this hole, be as it may). These were all holes drilled into conductors in a fertile komatiite camp, and that was 2 of 40 in the near mine exploration effort. Just to put the chances in perspective for the Western Gneiss Terrane in general. eg, CUL is drilling the duds, maybe someone else gets a strike, but there's lots of duds to come.

I mean, I also understand PUR's objectives and motivations. Doing a round of auger or AC might take 12 months if the cropping season (underway) stops you until December-January once the wheat's done. Who knows what the equity market is like. You've got $8M of cash and expectations burning a hole in your pocket, and someone else might go off (my guess a CPN leaky boat) and no one might care. People being as they are, it's a risk weighted gamble on sticking a hole in now, and take the roll of the dice. Plus, what if the auger and AC kills it, and it's a black shale with no nickel, and you prove it? The end result is the same on the downside, but on the upside if it's a Julimar 2.0 you et the shiny hits faster, but it's just more risky and costly.

If I were in their position, would I do it differently? Maybe not. I mean, I have, and things might pan out for me, but I've done what these guys are shaping up to do, and for the same reasons.