from Peter Lester's Chairman's Review Annual Report 30/9/2019:
"The Cobar Gold Project has seen a detailed review of the geology and structural framework of the gold systems in the area. Helix controls the entire Battery Tank historic goldfield with at nine known historic workings. The review will now allow for an update of the JORC Resource for the project including gold mineralisation at the Boundary and Battery Tank prospects to be included with previous resources at Good Friday and the Sunrise Prospect.
and...
The year ahead looks to be an exciting one for shareholders as we progress the Collerina Copper Deposit towards initial studies. Against a background of a strong gold price, ongoing drilling at the Company’s Cobar gold project should lead to the outline of a revised JORC resource".
'Ongoing drilling'? I must have missed that somewhere in the last few QRs! At least they are paying lip service to their Gold projects.... and where is the 'review' anyway?
Why is there no urgency to capitalise on the rampaging GP sentiment and breathe some investor interest back into the share price?
It is now almost 5 months since Lester made these statements during which time the GP has risen by $US200/oz - and still no further update but sadly as many have repeatedly pointed out, that's exactly what we have been forced to become accustomed to over a prolonged timeframe.
While it all makes one wonder what the heck is really going in the background with this company, at the same time it is a reminder that better days could so easily be ahead if the board pulled its collective head out of the sand and gave shareholders at least some tangible inkling that it had their best interests at heart.
Despite my protestations, I am changing my disclosure to 'Buy' purely because the contrarian in me says they have pretty much screwed this company & share price as much as they possibly can and investor backlash is building to a crescendo.
Every ungeared enterprise or asset has a minimal net value and I instinctively believe we are close to or right at that point now.
HLX Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
(20min delay)