The RIU Sydney Presentation from 11 May 2023 stated that the order of drilling would be Cyclops, Yeoval East, Goodrich, and Caleua. However, there has since been a change of plans and Goodrich was drilled first.
Goodrich is the only prospect to be drilled with Diamond Core Drilling (DD); the other three are to be drilled with Reverse Circulation Drilling (RC). I'm guessing the change had to do with rig availability. It might have been more opportune to secure a DD rig than and RC rig. By getting the DD out of the way first, once the RC rig is secured, it can be deployed non-stop for the remainder of the program. Seems like a more efficient way of undertaking the drilling than the original plan which would have entailed RC, RC, DD, RC.
Drilling at the Goodrich prospect will have been completed by now. IMO, the likely order from here will be Cyclops, Yeoval East, and Caleua (which is over at the Copper Hill East Project). Hopefully, GRL will secure the RC rig and begin drilling at the next prospect sometime this month.
Anyone have any thoughts?
GRL Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
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