That is seriously an awesome update and summary HeliosUK !!Can...

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Bruce72

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11/05/23

13:05

Post #: 67721819
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Originally posted by HeliosUK: ↑

I also met up with Ian yesterday, had a good chat. My takeaways:

News flow
@Cocky5 they will have XRF machine on site, and will use this to get initial views on the copper content to guide decisions on next step drilling.
@Bruce72 They will likely release to market a regular news style approach, with visuals and XRF whilst drilling.
They will submit the key portions of drill samples to labs to ensure cost effective, and will drip feed these in and play back results as they receive them
All in all, expect a busy time over the next 8-10 weeks

Drilling strategy
Probably going to 100-150m depth with the RC campaign, as opposed to 200m, which from the 2000m contract should give them up to 15 holes. However, would modify this pending what they find in Ardmore South
Ardmore South is the priority (obviously), and will have 3 lines of drilling into the IP anomaly with 3 holes per line, totalling 9 of the ~12-15 holes we have
Visuals and XRF to guide depth, and any need to add additional holes or lines
VTEM survey initial results will be viewed prior to the 5week turnaround, but unlikely to drive any drilling direct from this. The only reason it might is that they see a super strong area on results, drive over and kick some sand away and find an outcrop that looks tempted. Then they MIGHT consider it, but would likely part it and aim for IP lines instead
Overall strategy for exploration is currently 1) Ardmore South, 2) VTEM high priority targets if identified, 3) return to King Sol and potentially add a diamond hole or two to get a better understanding of the structure and inform their interpretation

Comradery
In good and regular conversation with the HMX and the CNB guys, sharing thoughts, opinions, etc
Very aware that they're the current minnows in the area, with the potential to re-rate
I spoke to the HMX boys too... have to say, that comradery doesn't seem to rub off on the CNB side, still very much a bitterness around the boundary decision (which, I totally understand when the decision went against you with zero middle ground commercially)

Long term
Clearly need to see what comes out of the ground here, but a general feel that the whole region, CNB, HMX etc, has some big eyes starting to pay attention. Ian mentioned he's keen to grow the market cap / shareholder value ASAP before someone attempts to swoop in and take anyone over (them included)
Aware that there's a tight register that would resist any low ball offers, but you never know what the targets are for individual investors when the bag of money is put on the table
Happy that they've got the cash for the year with the current knowledge of what they have. However, obvs if there's interesting results from the above then they hope that a re-rate from Ardmore will support a future CR at greater price to drive a broader campaign. Note - there is no near or medium term expectation of a CR

IMO, you're mad to sell in May

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That is seriously an awesome update and summary HeliosUK !!

Can not thank you enough to all the effort you have gone to, so much appreciated !!

Will keep reading it over and over, however will not for the sake of a pip or 2, hesitate to start buying more on market, like right now !!
CPM Price at posting: 30.0¢ Sentiment: Buy Disclosure: Held
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