The short answer to your query is that this is a large campaign. Recall that PLS’s RC drilling in 2016 at Pilgangoora was only 15,000m which at the time was considered a ‘big lithium drill campaign’. Pilgangoora is now one of the largest hard rock lithium-tantalum deposits in the world. PLS market cap is now circa $8b.
In addition, some other salient points to recall:
(1) We know from the 21/4/2022 announcement that the plans to drill up to 25,000m within the next 12 months is comprised of:
- RC drilling expected to commence over Tambourah North and Coondina Projects in June – August 2022. RC program currently targeting 8,000m over outcropping spodumene bearing pegmatites.
- RC drilling expected to commence over Sisters and Shaw River Projects in August – October 2022. RC program currently targeting 8,000m over outcropping spodumene bearing pegmatites.
- Additional geological mapping and rock chip sampling will be undertaken over Projects before drilling commences.
- Infill and resource extension RC drilling over delineated Lithium mineralised zones expected to commence October – December 2022, targeting 9,000m of RC drilling with a view to defining new Lithium deposits.
- Further extensional drilling to be planned once all 3D geological Models have been established for recommencement of RC drilling in early 2023.
(2) MRR's share price, given it is currently small cap, can run hard. For example, we saw in early April that within 2 trading days it can increase 68% from 0.061 to 0.103 on no news. I held throughout that rise because we all know this will be a x4 , x6 even x10 bagger with time. There is no rush. Patience. MRR will have its day in the sun. It is flying under the radar for now, but not for long.(3) Recall that on 16/3/22, George said in respect of the Tambourah North, Leavers Well and Twin Well project areas that:- no modern exploration drilling for lithium has ever been carried out within the three project areas; and
- “We are delighted to have identified spodumene within extensive outcropping pegmatites over three project areas ... These rich spodumene stacked pegmatites have extensive width, strike and zoning which have all the hallmarks of a potential Archer Lithium Deposit." (I.e. a reference to GL1, with a current market cap of circa $230m).
Then, less than a month later on 11/4/22, George upped his confidence after the lithium rock chip assays came back and in his announcement of that day he said that the rich spodumene stacked pegmatites at Tambourah North "have extensive width, strike and zonation which have all the hallmarks of a
potential Pilgangoora Lithium Deposit".
(20min delay)