Amigos the announcement says in the JORC appendix that the geologists did
not use portable XRF to assess the nickel content of drillcore samples. (Note that longterm holders will remember that many years ago the company
did use pXRF data from drillcore and reported it in a preliminary announcement, only to find later that when the assays were received, the accuracy of the onsite pXRF data was not up to scratch.) So without pXRF data and the very small grain size of the magmatic sulphides, the recent announcement is cautionary. But, at the same time, the drilling: 1) did find 55 m magmatic sulphide as well as 2) a core of nickel-containing mineral (visible pentlandite mineral). They haven't done that before at Fraser Lake. It means that the company could have found, at last, a reliable geophysical method for finding nickel-containing magmatic sulphide. These are unusual ancient sulphides which came up with the metals in very deep intrusions of mantle rock (not by dissolving sulphide-containing suface rocks). If the success of the geophysics is supported by assay results, then Brett Smith has his go-to method. In that event, the company should re-evaluate all of its "near misses". For example, below is an image copied from Feb 2021 where they drilled into the "South Pipe" which strangely had a large magnetic pipe-like anomaly and a large conductive anomaly (about 300 metres apart). Corazon couldn't nail the nickel magmatic sulphides in three drilling shots, so they left it in the too hard basket. But now, perhaps they have a method for accurately targeting the location of the large pipe-like nickel magmatic sulphide body that Corazon has predicted should exist at the South pipe. IMO that is why Brett Smith is excited about the "proof of concept" - at last the company has a geophysical method that works in the swampy conditions at Fraser Lake (and will probably work at Lynn Lake). For longterm shareholders it has been frustrating to routinely read that the drilling "missed it by that much" (Maxwell Smart, alias agent 86). Hopefully we will start reading that the drilling is hitting the bulls-eye. Fingers crossed.
(20min delay)