wadegarrett I strongly disagree with your opinion re the CEO’s interview. IMO:
He didn’t struggle at all to articulate what they’ve done or what they’re doing. That detail is in the ASX release of 24 January 2022. A 5 minute broad interview such as you are referring to can only provide high level pointers (to necessary follow-up research).
Your stated loss of confidence seems to mistake geological uncertainty in exploring a large area that is under a lot of cover with your apparent lack of knowledge about exploration and, it seems, your failure to DYOR. I'm offering some guidance below but also some feedback.
Frankly, you seem to have a rather shallow, and slightly needy, attention-seeking approach to investing in resource exploration. I notice you often drop glib one liners without offering any deep analysis. Worse, you pass flippant judgments which I consider way off-beam e.g. telling us how you found the CEO’s smiling to be a "bit annoying” - as if we're interested. Meanwhile, you pump up your own tyres in your signature line with “Wade Garrett’s the best”. Embarrassing...
DYOR?? I frankly don’t care whether you’re losing confidence - but if you were interested in “what they’ve done and what they are doing” I suggest you: Step 1: listen to the (5 minute) interview again for points like this:
in the first 1min 10secs - Greg makes clear that by the time the assay results came in for the first round 11 holes they had “sort of moved past that area … in terms of understanding…” and, more specifically “a lot of those holes were drilled in what we subsequently learned to be a relatively barren part of the intrusion…but there was enough encouragement there from some of the deeper drillholes which validated our down dip drilling subsequently…”.
In other words, they expect to find better targets in future. Successful exploration is a disciplined and lengthy process. Sounds to me like they've done a lot of thinking and have a (modified) way forward. That's exploration.
In that regard he pointed out that:
it’s relatively early days;
it’s a large exploration area (3km by 1.5km so far);
there are plenty of gaps in the info. currently;t
here are lots of targets to test;XC22 has been one of the standouts but a lot of the current drill holes haven’t got to target depth.
Think upside potential but also be professional about what success takes and respectful about likely timing. I have no relationship with the CEO but I know he's doing a good job and people far more switched on than me agree with that.
Step 2: Carefully re-read the announcement of 24 January 2022. It's full of helpful information. Luckily, it's very clearly written despite dealing with complex topics and early stage uncertainty. I won’t try and summarise it here but notice, for example my underlinings :
the Phase 1 drilling that we’ve just got results for was “a first pass test…”;
“Due to difficult ground conditions, the 11 holes were prioritised on ease of access … and did not necessarily test the highest-ranking targets…”. If you're WA based you’ll recall how wet this winter was, and that this is farming land.
Phase 2 ( a further 16 RC holes) had “many …holes (which) have failed to reach target depths and will be extended with diamond tails on the recommencement of drilling.” Stuff happens in drilling. Don't let legitimate difficulties colour your assessment of our leaders who are doing a good job.
"Central Yarabrook Hill Intrusion
The combined results from Phase 1, and visual observations from Phase 2 RC and diamond holes have given the Company a greater understanding of intrusion architecture and controls on mineralisation... The key elements of this model are that the intrusion (or at least its eastern section) ...has been overturned…The footwall of the mineralised section is defined by an interpreted fault, referred to as the Radio Tower thrust.Below this structure, the intrusion is barren and more fractionated, consistent with an originally higher stratigraphic position. It is not known whether the intrusion remains downward facing below this structure. Drill holes YARC0004 – YARC0008 & YARC0010 are now recognised to have intersected this structurally lower, but stratigraphically upper, barren section of the intrusion, below the Radio Tower thrust, and therefore would not be expected to be significantly mineralised... "
So that's a valuable learning which will be taken into account with future drilling targetting. Good work.
5. YARC0011 "Of note from the first phase of RC drilling is hole YARC0011, which is the largest step-out in the down-dip position to date, approximately 1,500m from the mineralised outcrop… This hole passed through a large thickness of granite before terminating in the upper part of the mineralised sequence of peridotite and pyroxenite. This hole also returned the highest-grade mineralisation from the first phase of 3m @ 1.32g/t 3E, 0.06% Ni & 0.82% Cu from 340m. This intersection appears to be a secondary vein system, that was remobilised from a nearby primary source. It is very encouraging to obtain such an intersection so far down- dip from the original discovery of outcropping mineralisation. Therefore, this hole will be extended with a diamond tail to test the full mineralised sequence of peridotite-pyroxenite….”…
So, will the diamond tail find / verify the primary source? Or a subsequent hole? Good work here, too.
6. "XC-22 Prospect The Company recently announced a new nickel-copper sulphide discovery at the XC-22 airborne electromagnetic (AEM) anomaly (See ASX announcement of 26 November 2021). A further four holes have been drilled at XC-22, with some further intersections of disseminated sulphide mineralisation. However, due to difficult drilling conditions, three additional holes (YARC0024, YARC0025 and YARC0027) were unable to reach their target depth and therefore the down-dip position from YARC0022 is yet to be tested. The geology of YARC0027 is particularly encouraging, intersecting a 38m zone of disseminated sulphides in a peridotite unit before the hole was abandoned. This peridotite unit is generally associated with stronger mineralisation at Yarabrook Hill." So, plenty happening here and it's obvious they'll get the diamond rig in to get down to the depths they want. More good work to date BTW.
7. "Airborne Electromagnetic Survey ... Results of the AEM survey are expected to be delivered in late January and will be integrated with magnetic and gravity data sets to identify suitable host rocks and potentially mineralised targets."
Good clear guidance. Let's hope they hit the date given staff shortages - we've all seen that they're running recruiting ads at present.
8. "Upcoming Work Program Drilling activities will recommence in February 2022. On resumption, the Company intends to test the Northwest geochemical anomaly with RC drilling as a priority whilst assay data from XC-22 and Yarabrook Hill is returned and interrogated. A number of RC holes that have not reached target depth at both XC-22 and Yarabrook Hill will be extended with diamond tails, also expected to commence in early February. Ground EM is expected to commence at XC-22 over the coming weeks to assist drill targeting. The Company also intends to expand its soil geochemistry coverage in the northern parts of the project area to complement the recently acquired gravity and AEM datasets. This work will be ongoing over the coming months as access to new farmland becomes available….” [End of extracts]
(La Tache) Suggestions So, wade if you're losing confidence despite all the above, that's your call. We're anonymous on here; no-one really cares. Sell if you like but remember on your way out that it’s not good to niggle good people who are working hard on complex challenges in difficult conditions at present.
(20min delay)