Silvermarc,
Mea culpa that the Loch Lily government money has been granted. The government money is for 75% of drilling costs so the the other costs, wages, assays, consumables etc. will be ~$70k and borne by ARD. Depending on how difficult the drilling is, they have secured $100k to $150k of government funding.
So to get to 51% they will spend around $100k. It is a good deal but not unknown for leases that are pure grassroots exploration. The last announced hole at Kempfield was significantly good and news flow to May is still worth staying for.
PS An announcement about the details of the targets at Loch Lily would be great. Why are Eaglehawk and Netley "compelling"? I expect something will come out when they are ready to start drilling.
ARD Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
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