You wouldn't be able to tell from the SP, but assays are...

You wouldn't be able to tell from the SP, but assays are pending at the lab on a highly prospective gold tenement we are exploring at Jarama.

Looking over the descriptions of the exploration and drilling planned for Jarama, I have found you get a much more comprehensive picture by reading the relevant information in the Prospectus announcement, the Exploration update announcement and then this announcement. In the exploration update announcement there are references to the existing gold mines surrounding Jarama from every point of the compass, this tenement is right in the middle of a significant number of gold discoveries in the Murchison region. These existing discoveries yield some interesting reading if you google them and the associate announcements relating to them from the companies involved, particularly the Surefire resources Ann on the Yidby gold project just 17km to the south of our tenement.

Jarama is the name of a river in Spain which runs from north to south, and whether a coincidence or named accordingly, the magnetic inversion shown in this Ann clearly shows the bright magnetic anomaly running from top to bottom. Of course as it's inversion of the magnetics it's actually showing a very dark zone indicative of no magnetism in the centre, which is why Georgina our exploration manager would be excited since Gold is not magnetic. This line running from top to bottom is smack in the middle of a narrow band of greenstone wedged between two grantites flanking it on both sides, forming a potential hydrothermal fluid trap.

I found it interesting also that AC drilling was initiated immediately without any other further follow up exploration of this target. Talk about the company being keen to get drills into the ground and results ASAP. They also mentioned the rig was capable of RC so the depth on some of those lines might surprise, they only expected a shallow amount of cover too.

I wonder how much of the directors buying on market shortly after listing was due to this prospect, not just horse rocks being granted in 2Q. They seemed very confident indeed. Market completely asleep on this with price below that of on market purchase by directors... crazy stuff.