PSL 11.8% 1.9¢ paterson resources ltd

Ann: Annual Report to shareholders, page-37

  1. 3,034 Posts.
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    No one, probably not even Matt Bull, could give you an accurate date. However, here are some considerations that probably apply to the first two holes drilled by late September.

    • I assume that hole 1 was drilled RC to around 400m as planned. The samples were probably available by 10/9 and shipped from site to a lab in Perth. Allow a week in transit and then however long it takes to get them through a back logged system - maybe 6 to 8 weeks. QAQC and preparation for announcement adds up to a week if all goes smoothly. Do they announce hole 1 on its own or wait for EIS results? From the timings above a solo hole 1 announcement could be late October or early November. How long is a piece of string...
    • The EIS hole was drilled with diamond core. This adds some further unknowns to armchair commentators. Where are the preparation, photography, logging and cutting facilities? Probably not on site so the core needs to be packaged carefully and moved somewhere. Perhaps Port Hedland or even Perth. I don't know but suspect it will be batched and transported. Not a huge amount but each NQ tray weighs some 40 Kg and needs to be moved carefully enough not to damage or, heaven forbid, spill trays and end up with a "million" piece jigsaw. Allow 1-2 weeks for this process and then it is essentially the same as for the RC through the lab and PSL. Hole finished by the end of September with maybe an early batch shipped followed by the last core (preliminary logging, photos on site? - not ideal to do much more IMO but they could. )
    • To process some 800m of core. Preparation (metre marks, orientation lines, geotech, photography in a good facility - 1-2 days: logging (for a first time hole in an area) 2+ days; Cutting 1-2 days; shipment from core yard - ?? 1 day if in Perth. I have mostly worked on sites with dedicated facilities so these estimates reflect that where staff are well trained and efficient. PSL with their first core hole have options as to how to proceed which make the estimates rough guidelines only.
    • Results for the diamond core could be expedited by selecting zones (e.g. the sections with photos in the announcement and surrounding halos) where they hope for better results and process quickly to put through the lab. This would leave the majority to be processed and reported later. Paying extra can help jump the queue and has been done by some companies hoping to get good results out to the market earlier.
    • EIS core earliest (partial) late October unless they jump the queue. Even then don't expect much more than a week or so earlier.
    • EIS core all processed and sent to lab as one batch Mid to late November.

    As you can see @fmgl there are a lot of vagaries in the chain which may include more than above. MB could fill in some, but not all.
    Last edited by salpetie: 08/10/21
 
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