I got in this recently but was too conservative with my take profit,
so lost some but not all of my AQD holding a few days later at a small profit. Seems the share price is rising mostly through Pattersons nearology and people accumulating due to lots of drilling starting.
I like that these guys are going drilling, have had them on the watchlist for a while but progress in Peru just wasn't doing it for me (or the market it seems), I assume that Peru is all on hold due to Covid-19?
Anyway - went through the presso and wanted to put a few random thoughts out there....
First of all - the Mag and Gravity targets at the Patterson - true wildcat exploration with high chance of failure but if succesful its off to the moon, plus you get the bonus of being a "nearology" play for some unsophisticated punters if other companies have success at Haverion or Winu etc etc. I'm not a big "nearology" fan myself but at least these guys have some targets and are prepared to drill them and the depth of cover dosen't look ridiculous or prohibitive either....
And the story close in shows they are prepared to drill a few holes and not just drill one deep hole and walk away if its a failure - so they are giving themselves every opportunity to have a successful hole even if it means drilling a few more metres than some would.
Secondly - I'm looking at Hamilton as a high risk high reward exploration play - its under decent amount of cover and has some anomlous Cu at the contact with the Mesozoic and the Proterozoic basement, and by going for mag they are obviously skewing their exploration more towards an IOCG magnetite+hematite + Cu and Au target rather than a "Cannington" look alike. I'm a bit "lairy" at chasing Cu on unconformties with 400m of cover as I have seen this sort of thing before and even with only 20-50m of the same cover it takes a lot of aircore drilling and figuring out to see if the Copper anomalies on the unconformity are even meaningful and allow you to find an orebody nearby that you have possibly just missed (i.e. hit the dispersion haloe). Its a long shot but the proposed drill hole near the Mag high is a "no brainer" to drill, but the other drill holes seem predicated on a preconceived geological model and coupled with the fact that the 2019 Stage 1 drill holes drilled at IP targets came up with nothing downgrades the potential of this area in my opinion. Having said that - its 400m of cover which can mask stuff but with 400m of cover over the top of it any drill success will need to be a "Triple Cannington" or a "Double Ernest Henry" to be economic to even consider.
The third weird one for me is the Tangee Zn strata-bound stuff - I must admit that I'm not overly familiar with the region and previous exploration but I can see a sort of MVT style Zn target here but the strange thing is that they have this nice Zn in soil anomaly with strati-form rocks in a nice syncline and there is a nice little Zn anomaly hosted in the Wiluna Hard-pan (pale yellow colour) - I'm sorta wondering why prove up the Zn soil geochem and then not at least test it with one RC hole directly, at least that way you would know if anomalous Zinc in the Tertiary Wiluna Hard-pan is just remobilization of Zn from the older strataform basement or if there is some other structural trap and/or surficial enrichment or dare I say potentially secondary enrichment with some sort of Zinc carbonate, Zinc oxide or even Zinc Silicate orebody hiding in the Wiluna Hard-pan there? They have a RC rig booked there and they have the right idea to test as many faults, syncline axis, stratigraphic horizons down dip from the surface soil Zn but why not test the geochem anomaly itself directly with one shallow RC hole? I reckon they could even expand their soils coverage anyway before drilling as that might generate a few more targets and clarify things before drilling anyway.
Please feel free to correct me, if it looks like I'm completely talking out my butt,
as I haven't done the deep dive into everything yet, due to the fairly small nature of my holding.