That is what today's results are relative to the hype leading up to them...generated by the Company and proliferated by excited types on HC.
Yesterday I posted my "conservative" expectations, with high and low-side ranges...they did not even make my low-side ranges!
In fairness to ICG though, I suspect they are probably as shocked as we are at the low (lack of?), gold results for the Porphyry section.
The breccia was actually very good.
But for such a deep porphyry, Cu @ 0.12% (+/-) was never going to be enough, unless they had associated Au in the 1g/t+ range (and perhaps Ag in the 10g/t+ range and Mo at say 250ppm+)...then they may have been in with a shot.
Even 0.15% Cu with 1g/t Au would be getting close.
But, 220m at 0.13% Cu and 120ppm Mo...nup...like I said...can't polish a turd!
If we are to give credit where credit is due...the predicted there was a porphyry below, and have confirmed this with their first hole...so geologically the hole was a success...clearly...and given the size of the prospect, it is far from a dead duck.
The Cu and Ag grades towards the end of the hole (10m at 0.78% Cu, 20g/t Ag), from 573m - 583m, suggest Cu/Ag grades may be trending up with depth...or that they are proximal to higher grades...one can hope.
However, from a market perspective today's announcement is well and truly an egg-on-face moment for the Company with respect to the nature of recent market communications.
Frankly...I can't believe they have managed market expectations as badly as they have...which is why I believe even they are surprised at the lack of Au in the deeper results.
I can see them now...opening the email and looking at the assay file...scrolling down the Au results seeing line after line of -0.01 (or <0.01)...it would have been a heart breaking moment, so they have my sympathies there.
Welcome to the realities of exploration.
But...given the hit we all took today, I will afford them no excuses on the corporate front.
Cheers!
ICG Price at posting:
5.0¢ Sentiment: Hold Disclosure: Not Held
