So if we should really take this announcement as it is then here is how i translate it!
At October 5. The company announced that another 32 holes submitted to lab and forthcoming. Now they say that 32 holes are "surelly" due until March 31. so they expected that from October 5. (in about 25 week)we surelly get those results?!?!?!
Great!
And we also know from the CEO letter that until year end 64 holes were finished,and those which due until year end all will be included in the resource upgrade(and surelly it should), if we maintain the most bearish delay scenario according this Q4 Activity report then by end of June we will "surelly" receive all 64 holes(adding another 3 month on top of the october 5. submitted holes) which needed for our resource upgrade and also for our best outcome PEA covering Korbel Main,and south extension. How long does it take to calculate a M&I Jorc once all drill results in? (
@kduvey @Wombat or anyone got any timeframe guess for such work timeframe?) Assembling the PEA will take how long after defined resources? Can somebody help? 2-3 month? I dont know. But now according to worse case calculation reflecting our reccent announcements our resource upgrade will come out by the end of June? And our PEA will be out almost surelly in Q3?!
Worth to add here also that,now we got our results in 2 lab the second lab was surelly the least busy until our assays arrived somewhere in Canada,or in the US so the remaining 16 hole which finished until dec 31(and management expect it to arrive in Q2 otherwise they wrote the Q4 report accordingly) hopefully will be done with much less delay than what we experiencing now with the upcoming 32, perhaps the last 16 drill hole will be due in April-May? Thats my best possible interpretation of our recent accouncements.
What i dont understand in this report why writting in one report,on the same page contradicting things which close out one another:which is expecting only 32 holes this Quarter(but we know from the CEO letter that we need 64 for the global resource upgrade and M&I resource calculation) but writing: "further resource upgrade due Q1-Q2 supported by 81 completed to date at the korbel main deposit" Why write there Q1 when its not possible according to the earlier statement? Or i understood something wrong?
Also I dont understand why wrote this way that we finished 81 hole to date because its kind of suggesting that 81 hole will support the upcoming resource upgrade, but we know only 64 will be used according to the CEO letter from this month.
Again please help me anyone if i understood something wrong.
Also would be appreciated in the future if we would get updated more precisely of which holes been done, or whetever its only Diamond drill hole or it contains also RC drill hole which been on multiple announcement marked as planed holes on pictures. We could calculate approximate sceldule of news flow if we know that for example Block D area holes are done, Or block C area holes are done and how those results will come to market in order. Also i like to know where are our two drill pads now, and what they are drilling currently.I assume pad 6 drilling finished for example?
So all in all in my interpretation we did pushed again further out our resource upgrade, and PEA, i expect by the earliest in June our Resource ugrade and our PEA Results by the end of Summer maybe even autumn(mid year June-July PEA is already out of my expectations). I prefer deliverable timeframes in the future from management.Most of us wont run around because things takes longer, but over promissing and pushing out months doesnt helps for our expectations.
At the end i must write here that our patience will be undoubtedly rewarded with multiplying our money generously in the next 12-18 month, and delays are not super surprising in the mining industry in general, but clear communication is important so as promissing deliverable timeframes and rather surprise us with delivering things ahead of sceldule than with multiple delays.
Continue to be happy to hold my position,just wanted to share my mind here.
Happy weekend everyone!
(20min delay)