Ann: East Pogo Drilling Update - 64North Project, page-38

Don't get me wrong, I'm all for them drilling deeper, but with the cash position and the fact that no gold was intercepted on the way down to the target area, I don't think it's really a liberty the company can afford to take.

like I said, after analysing the data for a year to identify our targets, and to not return anything at all, a decision to double down on seemingly barren land to go drilling deeper is going to be the biggest hail Mary shot ever.

people are already angry, and if the last of the money was spent and nothing was found, there would no doubt be a chorus for heads to roll.

from what I understand, diamond drilling costs more than $200 per metre.

if we want to go down to 400m X $200/m we are looking at about $80k per hole, which is about $110,000 AUD.

let's say 5 X 400m holes on the 5 holes that intercepted quartz = $600k IF diamond costs $200/m, and blows it quickly if it costs more.

what about access? How easily could they get the drill rig in? They used helicopters on the last drilling campaign.

with the quarterly telling us we had $1.7m in the bank 40 days ago, how much is left now?

do the copper drilling costs need to come from whatever is left from the $1.7m, or has that already been paid for?

I think it's unlikely it's been prepaid, but happy to be wrong.

How much is the copper drilling going to cost?

it would take balls of steel to invest another $600k - $1m on drilling deeper after these results, especially when that represents half (or more) of all the money you've got.

a raise at $0.014 would be catastrophic for the number of shares on issue, which is why I think they'll wait for the copper results before they go back to Pogo, if at all.