PUR - Charts, page-387

In simple terms in relation to CPN results and PUR implications:

From a exploration perspective:

1. They found some prospects, albeit width of initial hits wasn't great, but the geology is, in part, what they were looking for but need to find more significant geology of substance.

2. CPN have more data for their geological modeling and are keen on progressing some of the hits and areas they identified in the current hits.

3. The above two points is what an initial exploration program seeks to do. Julimar is the exception that you hit something decent first time around, but the market for some reason thinks Julimar is the actual norm (which it is not). The reality is most explorers go through a systematic process of drill, assess, and then drill some more until conclude one way or the other 'nothing there' or 'we have found something to assess in feasibility studies'.. The fact they are continuing drilling suggests they think something is there to investigate, but whether it will hit a payable load well time will tell noting most exploration plays do fail. The risk this side of the market.

From another perspective:

1. There was way too much initial hype on first results IMO for CPN, and without a significant discovery in these latest drill results market would be disappointed (obviously looking at the CPN SP today).

2. It is the modern world now that investors think every drilling program is a payable load find of the scale of Julimar (and/or very decent hits upfront).

3. Relevance to PUR - the only relevance is they have found something and they are continuing exploring, but to repeat earlier posts on here by me nearology doesn't mean every tenement has a commercial deposit. There is a bit of luck in the exploration game that the tenement you have is where the majority of the payable loads have formed compared to what is happening next door etc etc.

Time will tell.

All IMO