@Mantisshrimp .... From your second ever post on ENR from a poster that's only been on the forum for around 2 months....
"
There is every likelihood that the ENR resource will be significantly larger than WA1 next door."
From the existing areas, most certainly NOT.. there are some nice dykes of high grade niobium mineralisation at green, Crean and Emily, with hopefully more around Hurley, but any talk of being larger than Luni, only means you clearly don't know what you are talking about.
I've been holding ENR a couple of times this year, I bought when it was as cheap as I could get it, and both times I sold on the opening after an announcement that was disappointing.
I would have much preferred to have bought a lot more, on really good announcements.
However the finds are what they are, nothing more or less. There are now plenty of air core holes drilled in likely places, and air core is an excellent method for finding weathered Niobium mineralisation, as the high grade carbonatite is always going to be in the weathered sections that cheap air core can penetrate.
IMHO management here has done an excellent job of searching for high grade Niobium mineralisation using a cheap quick method that has pretty much defined 3 separate areas of relatively thin high grade Niobium, each over a few hundred metres long.
Drilling deeper with either RC or diamond drills, is likely to find the source fresh carbonatite, and give more accurate widths of mineralisation as air core can smear the mineralisation, so not necessarily give the true thickness of what's found.
The latest announcement had a row of holes around 400m further west, which were disappointing, meaning the mineralisation is not a large widespread blanket heading further West, it pinches out in that 200m gap. Further drilling will find out where...
Hole EAL259 that had the 23m at 4.2% was fantastic, it's Easting being 433210, Northing 7541236..
The closest hole to the West being EAL739 around 213M West and 86M North at E 432997 N 7541322.
EAL 739 had 2M at 0.6%, plus 2 other small intersections at 0.3%, a very disappointing hole, that is almost directly 200M West of hole EAL260 at E 433197 N 7541313, that was also a great intersection with 16M at 2.7% Nb2O5.
The cross section on pg 3 of the latest announcement is very encouraging, yet just 200M to the West of these holes there is another line of holes with much poorer results, the single best hit being just 2M of 2.4% in the entire row.
Notice the announcement from 8/7/24, had all the information of the holes marked on the map on pg 4
Yet in the latest announcement on pg 3, all the hole identifications were missing.
We can see the great mineralisation as the purple dots all in a line N/S, but no commentary on the holes to the West, an no identification of them to make it easier for those without mapping skills.
The unwritten information, that should have been included as per JORC compliant requirements on reporting, was the important information in this announcement, which was more disappointment as the Emily mineralisation appears very limited now. Of course it's always possible there is another dyke further West, and we wont know until drilling has happened, but that is also a bit of clutching at straws...
At Joyce to the East, there were no priority assays requested, which tends to indicate some fairly average results, remember they did send priority assays for Green and Crean, because the XRF results were highly positive.
Looking at the totality of all the drilling, many hundreds of holes now, there are 3 good Dykes of long thin mineralisation, not enough for a mine on their own, plus a bit of hope for Hurley and the corridor to Crean, plus further N/East of Hurley along the EI fault, with drilling planned for next year there.
What's left for this year? From pg 5 of current announcement ....."
Continuation of RC drilling at Green and Crean to define initial zones of thick, high-grade, near surface niobium oxide mineralisation. Further assay results from aircore drilling at Emily and Joyce, and assays from RC drilling at Green and Crean will be returned during November-December 2024. "
In other words nothing of potential great discovery and excitement left, just drilling of RC to help define existing areas.
I bought in on the huge potential of another major discovery in the area, the actual results showed some small areas of fantastic mineralisation, along dykes that seem associated with the major faults, but no actual large WIDE areas of mineralisation, so the 'hype' from initial potential, has should continue to wane, until another possible target area has features worth drilling.
This is all in the context of a junior exploration stock worth ~$50M in Mcap before niobium was found at Luni. At current Mcap of ~$160M it's very high, around where the neighbour was after Luni was known to have a large area of high grade ore as proven by multiple drill results over a wide area in May last year.
I purchase stocks not on 'belief' but potential as shown by the known geology. Juniors often have disappointing results and eventually get marked down accordingly.
I place near zero value on the existing mineralisation ENR have, because it's not enough to build a stand alone mine... (I will go and do my own MRE using kriging from all the results so far, but that will take time, so I should say 'initial thoughts are not enough), plus next door do not require any 'extra' to make their mine viable. Why would they offer ENR a good price to buy, or good terms to mine it, when they have decades of their own high grade ore?
Of course my 'valuation' could change dramatically if ENR found a great deposit worth mining, but that's going to be in new areas explored, which is why I keep watching with interest.
(20min delay)