Ann: Drilling Intersects Prospective Lithology at Paterson, page-54

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15/07/21

12:05

Post #: 54521788
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Originally posted by SandyC: ↑

Hi @Trapper

I understand the DD rig was sent for repairs around 1 month ago so I suspect there has been no drilling at MA since then as there was only 1 rig running single shift on site. I have been a big supporter of the St George team but this is latest hiccup is very disappointing! Whilst Covid has presented many challenges for all explorers and miners regarding rigs and crew availability, many of us continue to express the same concerns we have for several years now - There are not enough DD rigs at MA! If there were more rigs the drilling and news would continue to flow even with rig issues and the likelihood of a major hit would be accelerated and enhanced significantly.

Continuing to have only 1 DD rig means the CR funds raised are not being utilised in the most effective way as the majority of these funds continue to be consumed by the fixed salary and admin costs, which result in less bang for each CR raise buck. 2 to 4 DD rigs would use up the funds quicker but the significant upside is that there will be more drilling meterage in a much shorter time frame, more of the highly encouraging targets will be drilled, the probability of hitting something special and sooner increases, the sp will most likely increase due to the increased momentum provided the results come in, and the fixed costs will be a much smaller percentage of the over all costs. The downside is that there will be more frequent CR raisings until the shallow mining operation starts but if St George hit something sooner the next CR sp raise will be much higher - I can live with that!

It's time for a momentum change!

Cheers SandyC

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Thanks for that SandyC. I agree with your sentiment but JP has mentioned the difficulties in securing rigs so is it a case of not being able to secure them or is the slow progress intentional. Cheers
Trapper

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Ann: Drilling Intersects Prospective Lithology at Paterson, page-54

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Ann: Drilling Intersects Prospective Lithology at Paterson, page-54

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