13 people watching at least but very quite thread this stock. My thoughts on the infill drilling results for those interested. Very disappointing, I sold the rest of my stock this morning rather than wait for the London listing and Scoping Study. Stock could run on either or both events if certain players wanted to regardless of pending CR, but I took my trading profits to be safe.
There was a carrot dangled about graphite by-product credits at very low grades of 1.2% shallow infill drilling average (vs 9.5% graphite in the Malingunde PFS) which I don;t believe will be included in final decide or add material value (imho). Multiple reasons, including processing contradictions and grade/flake size distribution favouring ore >5m depth which coincides with rutile grade dropping off the perch. original graphite PFS only chased below the palid zone into lower saprolite.
Anyway, rutile is the main game and the report said regards high quality sonic aircore infill drilling (bold my emphasis),
"The Kasiya core drilling results are
in line with previous hand-auger drilling and continue to confirmwidespread, high-grade mineralisation commonly grading 1.2% to 2.0% rutile in the
top 3-5m from surface."
I scraped the new drilling results into a spreadsheet and compared with previous auger drilling. Infill drilling "program targeted high-grade zones of the existing Inferred MRE" so one would expect the infill AC average thickness-grade to be better than the original auger. Found the opposite, table below averages (mean not weighted, excluding 'NSR' holes) 148 new infill AC holes against 349 hand auger holes within the large Kasiya area (Nasuru excluded). Large drop in average Significant Interval and High Grade thickness from surface thickness, although overall grade was similar.
This is not good, one of the risks already was a deposit too thin per 'footprint' area given considerable footprint permitting and capital costs for a large tonnage operation. The sonic aircore drilling was recommended to test against assay inconsistency from hand auger drilling, make no mistake, hand auger is known in the industry for poor sample accuracy and the sonic aircore takes absolute precedence. The hand auger grades should be statistically downgraded to match the more accurate air core dataset (whether or not that is ever done). If not for the scoping study, hand auger results will have to be modified for a DFS is they want to get funded...
So, I delved in further and stripped out the new infill drilling over the potential High Grade starter pit immediately north of kasiya as per an earlier post many months ago. Found the same thing over specific holes in a specific location as follows (area immediately north of Kasiya surrounded by villages and low-grade channel washouts).
LHS is Table of 4 lines of infill AC holes (excluding NSR) within the red 'PIT' boundary..., RHS is the 3 lines of old Auger holes inside the 'PIT'. If the table is too small to read on a phone, the summary is re-pasted here, very large Sig and HG thickness downgrade imo...
The Aircore infill has an extra line of drilling north and south of the Auger lines which has a reducing effect (further away from central HG core of 'laterite dome'). Still there is a substantial downgrade in thickness even only considering the two new central Aircore lines... less thickness = less tonnes and less contained rutile per hectare of footprint. That's enough for today, if you don;t get my point and the implications probably never will.
Good luck
(20min delay)