a bigger picture

was going over the drilling announcement again and thought i would share some observations, and invite (sensible) comment.

NOBLES NOB WEST
results fron 2 holes received are good (tho preliminary) having intersected high grade ore at shallow depth, but they need to be looked at in conjunction with OLD drill assays (this gold is still in the ground and essentially is confirmed by tues results)

old data
8m @ 35.03 g/t inc 1m @ 210g/t (agm presentation)at 248m
12.8m @ 5.44g/t at 127m
7.31m @ 6.6g/t from 118m
plus NEW DATA
3m @ 9.1g/t inc 1m @ 25.7g/t
6m @ 37.5g/t inc 67.4g/t

By all accounts the Co has mountains of old drill results etc dating back over 70 years, put this all together and you start to build apicture of what we might b looking at.

The announcement states " The mineralisation occurs over a strike length of at least 100m and remains open down dip and also along strike to the west. This area WILL be subject to additional RC and DD with a view to establishing a JORC compliant resource"
to me this statement says " We now know the highgrade gold is there,we have drills on site and the cash to keep em going 24/7 and we intend to drill this to jorc asap and we think it could be bigger cos we havent found the edge of it yet"
a lot of it is shallow and cheaply drilled by rc (also cheaper to extract) and as a bonus there is more at depth.
I recommend u all go to EXM website and look at agm presentation, see photo p25 nobles nob it highlights the level of infrastrucyure in place.

RISING SUN

Again result from only 1 hole should be viewed in context of historic intercepts, all still in the ground not jorc status yet.
from tues ann "Initial holes were planned to test downdip extensions of previously defined gold mineralisation"
1st hole results (which are 4m composites only) intersected 16m @ 1.23g/t and 8m @ 1.49g/t within 100m surface. If these are testing downdips etc then one can assume historic data inc gold at less than 100m.
the previous data for rising sun that i could find from presentations is (no depths were given)
1.53m @2.42 g/t
10.66m @ 22.8g/t
4.57m @ 2.78g/t
4m @ 13.33g/t
5m @ 22.32g/t
4m @ 23.84g/t inc 1m @ 85g/t
Those are pretty good intersections of good to high grade.imo.
tues ann goes on to say "the next round of drilling at rising sun will infill the existing drilling with a view of defining a JORC compliant open pittable resource"
I read this as "this stuff is low fruit, we have the cash and the drills to get it to jorc and we can virtually get at it with a front end loader"
again cheap to drill and cheap to extract.

clearly (to me) the Co has aimed for the low hanging golden fruit 1st up so as to prove up and exploit quickly, i understand milling arrangements are in place with previous operators at commercially acceptable terms to exm

Above we have only touched on 2 targets of current 10000m drill campaign. there are several others inc Juno, M10 and nobles nob etc. EXM also has other gold and uranium projects.
am expecting a lot of news flow on a regular basis from now on.

these are just my interpretations of the announcements
and my views on the Companies strategy and what i see as the bigger picture

The market atm is in the crapper and imo shareprices will only be driven by good news flow. As it should be.


cheers

boomtrader