In hindsight, they did what they should have done from the get-go with this project, but after the pivot from NT to Alaska, and a name-change, I guess they were keen to get some runs on the board & thought that Millrock has provided them with some walk-up drill targets just across the fence from Pogo. Then came the 'Aurora debacle', diminishing funds, and ballooning SOI.
They've then spent the bulk of what the could raise on doing some real exploration leg-work at East Pogo, and then have run short on the funds needed to have a real crack at it.
I've had a couple of cracks at North American focussed gold explorers. Looking at it now, both of them have been flops in their initial exploration drive & have pivoted - maybe in desperation - to what were billed as very promising projects, but they may have been done over by the vendors I feel. I think the phrase 'moose pasture' came out of North America.
Being honest with myself, I've been seduced by a low SP and the promise of big rewards, and have ignored risk to a greater extent than has been usual. The company's I have success with are those that have runs on the board & are going after more runs: the 'hail Mary' plays are not working out.
It will definitely be a change of strategy for me from here. I will be staying away from North America focussed plays and sticking to plays where the risk is justified by some runs already already on the board. RML have still got no real runs on the board, they just have some interesting graphics and puffs of smoke. I've got no idea if Sunrise could ever amount to anything or how many millions of dollars would be needed to explore these blocks properly, but my feeling is that it is a big number.
No luck for Christine and Duncan, but this latest campaign has been like going deep-sea fishing for Marlin in a floating bath-tub with a piece of string and a worm tied to a stick. Pointless spending a million bucks on a geophysics if you put in such a half-hearted and doomed effort to find something.
RML Price at posting:
2.2¢ Sentiment: None Disclosure: Not Held
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