Ann: Broad Cu-Au Zones along Trafalgar Trend, page-46

My first impression of this update was not so wrong. I have only now had time to read the announcement several times and in more detail. It seems to me that the market overreacted at the first moment and punished the results, but then probably noticed that the HMX team is continuing to work systematically here. Overall, the results are not so bad that the SP should have been punished with a 25% loss - 12 cents still seems a "fair" price to me, considering the news pipeline and the still real potential (especially in connection with Ajax or Trafalgar).

Obviously, a top discovery would have been more pleasing. But it looks as if they are continuing to work on making just such a (or more...) discovery. Rome was not built in a day.

It seems to me that we can expect an acceleration of the exploration efforts at Trafalgar. It doesn't seem to me that the team here is already throwing in the towel - not at all.

What I particularly like:

"Meanwhile, the Mount Philp IOCG target is a large-scale high-prioritytarget with several features consistent with large scale IOCG systems. The resultsfrom these upcoming programs are in addition to several eagerly awaited resultsfrom our recent drilling activities at Ajax, Overlander and Neptune."That means: We can expect to see the next drilling results from Ajax, Overlander and Neptune soon - that's how I interpret it.

Mt. Philip, Ajax East (I assume this means the conductor) and Trafalgar will probably the coming weeks. Probably Ajax East first (starting next week?)

"A diamond drilling rig is due to arrive on site this week to test targets at Ajax East (100% HMX), Trafalgar and Mount Philip."

If I assume that the labs need about 3-5 weeks to analyse the drillings, I think we can expect results from Ajax East "conductor" in the second half of May - probably Trafalgar and/or Mt. Philip in June. So the news pipeline remains well fed.

Whether Mt. Philip is that interesting, I don't really know. The target seems to me to be quite deep.

So the focus is on Ajax as I see it and Trafalgar as a second priority. The nice thing about Ajax is that it is 100% HMX.

It would be interesting to read Geofiji's opinion on the results.

Either way, it seems to me we are not quite where we want to be yet but HMX continues to work on finding the game changer(s). If they try hard (and they do...) they should succeed at some point.

DYOR