They've telegraphed that they are looking to pivot into another metal that is hot. Probably the best & smartest thing to do all things considered.
Prior to the maiden drilling at Barkly, based on the surface readings and outcropping the targets look promising. I mean, how can you have wide spread ultra high grade mineralization and not hit a mineable width? well, after 3000m of deep drilling and not hitting mineralization, it is time to abandon the project for now.
Appears they are blaming the exploration manager for missing the target. but the prospect is probably just a hoax. It is so rare to nail the game changing target, very few do.
They can maybe sink another hole into the target with some rebate from the NT government, otherwise, it's best to GTFO.
Reflecting back, flogging off sandstone was probably a bad idea and a knee jerk reaction and probably would have been best delayed until after they had sunk at least 2 holes into Barkly..
They really need to pull a rabbit out of a hat now, hopefully securing a project in a metal that is hot and has better liquidity that can generate some newsflow. Not sure if battery metals is the right play as that story has already ran. Probably best to pivot back into gold and just be patient.
MDI Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
