Ann: Assay Results Continue to Confirm High Grade, page-5

re: Ann: Assay Results Continue to Confirm Hi... Hi Shocks, yes I do watch it closely. Some need a little more watching than others. :)

I have been doing a bit of digging through the last report and a couple of things jump out; in fact one was screaming at us on 1 July, it was one of the bullet points:
"Holes 2, 3, 4 and 5 (CHUDD0002-5) are now completed with a mineralised section visible in all holes."

My digging has turned up the fact that if the 'visible mineralisation' is vanadium and/or uranium it is very unusual. Both metals typically present in ppm, although SHE reported the vanadium stunner of 1.3%. Put simply 500ppm is pin prick stuff, far from visible.

The second point almost put as a throwaway line is the "Daejon mineralised system now is defined over six kilometres with indications of consistent high
grade mineralisation throughout the Black Shales."

The third point is the current programme is a twelve hole programme, the drilling to date is less than half the programme and we only have chemical assays for one hole.

Sometimes I feel SHE announcements are as riveting as Hansard Reports on temazepam. However, when you read their announcements carefully, a lot is in the reports but is very understated.
So here is my take on the parts of the 1 July report I missed in my last post.
1. Not only is there visible mineralisation but it is in four now completed holes (awaiting chemical assay reports) and vanadium and uranium appearing as such is very unusual. It could be some other mineral but my guess is the hand held XRF was run across the cores and indicated what was expected, not something from left field. I believe the 1 July report would have remained silent until the chemical assays came back, if there were indications of something unexpected. Roll on the next seven holes.
2. They have kicked a lot of rocks around and now have a mineralised system of over 6 kilometres. My take is they have done significant surface rock sampling and the desired stuff, be it uranium and/or vanadium, is present in respectable ppms but rock sampling doesn't add to a JORC requirement. Rather than bang on about samples than any light weight sniper can take down, SHE is going to let the drilling and the chemical analysis do the talking.
3. Vanadium is increasingly being mentioned, SHE has stated Daejon could be either/or. Current mines tend to grade around 4,000 ppm vanadium.
4. Based on my Point 1, five of the holes are looking hot; roll on the next seven holes.

Oh and a couple of extra points:
5. The Announcement on 3rd July advised that both directors have forgone Directors' Fees (to preserve cash) in lieu of shares. That suggests, rather clearly to me, that the two closest to the coal face have a lot of faith in what SHE has. And that faith is a big plus for me.
6. An announcement last year, I can't find it at the moment, reported on recovery rates from a pilot plant. The process which, from memory, was a fairly basic, low cost, with temperatures low, around 60 deg C, returned very good percentages. That is, unlike some occurrences of both uranium and vanadium, extraction of the metals was straight forwarded.