I was annoyed with the July 28 announcement that drilling in Frewena finished for the season despite many targets not drilled and 3 months left in the dry season. Also that the study of Frewena re next steps to commence after assays received.
[sort of boxing yourself into a corner]
What we now know is there was a cash burn and insufficient funds to drill all targets, despite $5m t/f from the Peru fund.
Also, the study of assays has commenced - with assays for 2 holes now received , which I interpret to being inconsistent with the stated pathway back in July. The stated pathway back in July not only killed off the OA's but also stymied the sp.
Anyway, we move forward and as already posted I am pleased with this latest news @ JE - to the extent I bought again yesterday.
The shallow drilling @ JE and Camel Creek in particular will hopefully include some Diamond drilling through the Camel Creek veins [JORC compliant] and a few R/C drills straight down the middle of some wide veins to see how deep they are. R/C drilling straight down - whilst not JORC compliant - is a rather cheap way to see how deep the veins are.
Say drill the vertical R/C first and IF the veins are deep, then put a Diamond drill through the vein at depth, knowing that the vein goes all the way to surface. Success would do wonders for the sp me thinks.
As for a CR - I can't see that happening until after the OC's expire [hopefully excised] , simply because BOD have locked themselves into the Option strategy for $$
But I do see scope for a JV for a decent chunk of Mt Lamb before next drilling - perhaps with ICG being reimbursed for expenditure @ Mt Lamb. There is an IOCG around FW22007 and FW220008 - cash part of it in even before round 2 drilling.
Sure not ideal compared to if the Mother Lode had been discovered, but we have to work with what we have.
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