I read today's announcement a few times and was reminded of IGR back in the days when Chris Cairns was dogmatic about a new province around Salt Creek. I remember investing in that one at 5 cents at some stage and getting back 43 cents and being very pissed off because I felt it was never really developed properly, before SLR happily divested holders of the stock. I always imagined IGR as a $1 stock. I also remember IGR was a darling of Tony Locantro.
While I will be honest and say that the grades did not impress me, I did note that the announcement did say "feeder" structure with massive copper-gold magnetite mineralisation. In other words, this is not the main deposit, and they have a lot more to explore. If this is the feeder structure, then perhaps there is a lot more down there. Those not familiar with IGR, (now no longer as SLR bought them out) I would suggest go back and read the announcements from 2008 onwards, to see where ORS may be heading and why they were interested in being in the region in the first place. Quite a lot of similarity. The only difference I really feel was that Chris Cairns was charismatic and passionate about his company whereas Anthony Grey and co are quite reserved. I am hoping that will change if and as the project in WA develops.
The company is working in the right direction and is getting on with business so I feel that is one key performance box that gets ticked.
Todays announcement will be met with a fairly muted response due to gold price and patersons placing negative sentiment a month or so ago, but I think the company has a lot going for it. Can't see a major price hike just yet, but then again I can't see a reason to dump it either. Both IGR, NST were Locantros picks and both were harrassed by the market in the beginning, yet punters made decent profits from both. Likewise, I would expect Locantro to look at ORS again and would not be surprised to see some interest begin showing up in the near future.
ORS Price at posting:
3.2¢ Sentiment: Hold Disclosure: Held
