From a technical viewpoint C2 is a success. They modeled an anomaly, targeted it with 2 holes, and hit intersects that explain the anomaly. Unfortunately those intersects by themselves are not representative of potential ore.
This is contrary to C4, where the anomaly was modeled and remodeled and all attempts thus far to target it failed to provide an explanation.
Where C4 sowed seeds of doubt that took 6 weeks or so to unfold, C2 is more of a straight up result. So if price reflects the fundamantals, then C4 happened in steps over time, and C2 was wham-bam over the course of 30 minutes this morning.
IMO, the only new news left to come out of C4 and C2 would be good news. So if the market reads it the same as I do, then holders shouldn't be punished for any more holes indicative of non-economic mineralisation out of C4 and C2. Similarly, continued good infill holes at C1 don't have much effect on price either.
In short, I see C1 and now C4 and C2 all priced in. Further upside, or downside, will probably come via news from the north of the fault in the near term, and in the longer term - the broader prospects of the tenement.
SIR Price at posting:
$2.03 Sentiment: None Disclosure: Not Held
