Reading the Project Activities Report, p13, it is clear the emphasis is definitely on Sabolo. No doubt they are waiting for permits to proceed, and having Mr Alan King, former Chief Geophysicist for Global Exploration at Vale and Inco on staff is a major plus.
Pebas seems to have been put on the back burner - I expected drilling during this current wet season, but now they suggest it will happen in future wet seasons -- p15 Given the favourable location and ease of access to the regional centre of Parauapebas, any drill program is likely to be undertaken during the regional wet season, when work at the Salobo West Project may be restricted.
I get the hunch that Itapitanga Ni - Co is seen as of higher priority, yielding more certain results and a more consistent news flow, which I think is exactly what CTM needs now in the lead up to a major drilling program at Salobo.
So for the next Annual Report, prove up at Itapitanga, identify some really tempting plays at Salobo, get the SP up to (at least) 3 or 4c ($100 mill cap), raise (or better still, see the IO projects cash flow positive), and start a 10 to 18 month intensive drilling campaign on the first Salobo prospects.
I am happy that this is my largest play in a market full of outstanding opportunities. DYOR.
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