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Ann: Maiden Pine Ridge Results - Significant Intercept Recorded, page-14

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Ziggyzinc

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07/06/19

13:53

Post #: 38961049
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Originally posted by WCJ: ↑

I agree the report doesn't read well and there is a fair bit of fluff in there TBH. I took some interest in this when they first announced the drill campaign as I like the silver project and I though this may add some decent supplementary value however reading through some of the old historical reports didn't overly fill me with confidence. The fact that the company claimed to be testing depth and strike extensions without depicting a drill plan in the two announcements upon drill commencement also rang some alarm bells for me. If you look at the drill traces you can see they have tested depth extensions (see below) but initially claiming strike extensions was a bit of a stretch when the confines of the deposit were already well constrained previously by Goldrim and they have not ventured outside those bounds (see below).

.

APDD031 has decent results but is hardly a revelation when you look at where they drilled. Still potential for some further depth extension there but that is the nature of the ore body with narrow vertically dipping lodes. As for where to from here it is hard to say, the old project was not advanced any further on the basis that it was marginal at best being a low tonnage, low grade and highly variable (read nugget effect) resource. That was however with a gold price of $487 Au oz and the gold price is obviously a lot higher now but you also have to factor in higher OPEX/CAPEX with that also. Worth reading the previous exploration reports by Goldrim (link below), here is a decent overview if you don't have the time to read the whole thing:

Link: https://search.geoscience.nsw.gov.au/report/R00002496?q=pine%20ridge&sort=score%20desc&t=all&a=true&p=false&s=false

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That does make a lot more sense of what we are looking at.
I am disappointed that they didn't use the previous results to do exploratory drilling around the area nearby.
We have really only confirmed what was known.
That said however perhaps it gives better data for the Aerial surveys to use?

ARD Price at posting: 1.1¢ Sentiment: Hold Disclosure: Held
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