Correct. The holes refer to by you, is exactly the holes Management is referring to as well "23 holes for 2494 metres" in their reports. You drill till you determine the "edge" of what you think is the resource, and then you relinquish the area you don't see value in. That is what I interpret BMA did.You do not see the holes in the report drilled by BMA as part of their ML application, but you can assume it must be there.
If you look at my first post, where I wrote about the interpretation from the seam dipping USUALLY from West to EAST, considering these holes, AND the assumption on the granting of a MDL (Holes you will not see as they do not form part of the relinquishing report), I made the assumption that BMA picked the "edge" where the seam "daylight" or is accessable below level of weathering. The area to the West of that is thus not likely to contain the target seam.
Supporting this, look at the Annexures to the report, for example the one on the Lotus Pit (To the South East of EPC 1065.) There are literally hundreds of holes in there to determine the absolute edge of the resource, and sweet spot to start, hence you relinquish the area interpreted from these holes (And assumptions made fom it like dipping angle etc)that it will not contain your target seam.
What I also said is that it is not impossible that the area can contain the valuable seams, if there was a geological disturbance which might have created an upthrow / downthrow of coal, but from the available data I assume it is not likely.Hence the comparison to CLR, where the GM seam was not foreseen to be present at economic thickness etc, and hey Presto ! The GL seam was there !
I repeat: There might be some value in EPC 1065 if drilled, but I won't bet on it till proven by the drilling
program. Hope it will not be too late to re-enter then.
Good luck
DYOR - Just my personal opinion.
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