Mate, did the same calculations myself not long after the announcement came out. Not sure about Railway East and Coondewana Flats but I doubt at this early stage that Barry would be prepared to comment on the visuals for Fork North.
You will recall in the early days that Barry had trouble identifying the grades for Railway but he's a quick learner and there's undeniable proof that he now has the confidence to pick the grades with visual inspections. All very well, however those skills only apply for Marra Mamba and more specifically, the Railway deposit.
That said, drilling is a very expensive business and I would imagine that the initial drilling phase for Fork North would be not to drill beyond a certain depth and any deepening of holes would be guided by assay results. That drilling should occur in the second round. The other point to consider is that some holes may have been abandoned after shallow depths. This would result in an increase of the average depth for the remaining holes.
Anyone notice the stacking of the buy side this morning? Obviously a ploy to help some exit and it worked. Matt knows the ins and outs of the stock market and he should be protecting our interests by lodging an official complaint to the ASX on our behalf. We pay a steep fee to list and the service is very much wanting.
UMC Price at posting:
83.5¢ Sentiment: Buy Disclosure: Held
