thanks for the tag. extremely high level observations.negatives...

thanks for the tag. extremely high level observations.

negatives first.

Firstly, no indication or tests to prove it's ionic - hence the title "potential ionic". noting some text of ammonium sulphate leach being used at the end but results are unreported.

secondly, the grades are high. you're thinking why is that bad. well if it's ionic it's the highest grade ionic hits globally. but, that makes me question the likelihood that it is.

thirdly, the basket is a little odd. I'll need to get back onto the laptop at some point and map out the basket and the percentages. the context of the elements would be unique for an ionic clay.

On that note the refer to the area as an "alkaline complex" this is a hard rock formation and so I am curious as to whether this is a simply a weathered profile of REO in clay from a feeder alkaline intrusion complex.

20M USD acquisition but have 17/18M coming in and it's a periodic payment so that kind of it neutral but obviously some dilution will be required you would think before securing the full payment for project. if the share price rises further any CR won't dilute it much

positives;
the grades are obviously very good for clay. highest I've seen. if it's ionic and that is the existential if. this is a globally significant project.

the depth is well great. it's from surface so the strip ratio and mined/t rate will be no issue.

these 2 items working together may actually place it in the realms of viable even if a small portion is ionic and a large aspect colloidal. if the acid consumption was to be low and it doesn't need pH0 to leach it's not dead and buried.

so in short, I'd really like to see the $400 ionic leach test which is done at nuetral pH takes 2hrs and is usually performed with ammonium sulphate or sodium chloride etc. the met extractions of that test will indicate whether the project is worth 20M or 200M. if very little or nothing leach's under ionic conditions and aggressive leaching is required the upside is marginal.

I will await those results before considering allocating any capital in a long position.

I still may opt to trade this stock in the interim.
more DD required but certainly an interesting one to watch but is all hanging on the ionic leach results.

SF2TH