"2IC is doing what he normally does, which is an attempt to...

"2IC is doing what he normally does, which is an attempt to exhibit his knowledge (often enough to the detriment of his credibility)"... really? We spar every now and then, thought you would have learned a little bit of respect from the experience. You talk yourself, education and experience up a lot but write very little substantive or worthwhile opinion (maybe just relay what you hear form the company verbatim you will sound more credible). I let my analysis speak for itself, and if it's wrong I'm happy to be corrected (but probably not by the likes of you).

@plough was referring to the Discuss project I believe (in reply to @Pat700) so you're already confused having a dig about Bighorn mag signature ("Comments are probably doubting the mag signature as a whole as definitely diagnostic. That's like a general comment before you even start studying what magnetic geophys can do.")... no worries mate, let's look at both of them and you can add some value on top for the thread.

We all know the IP Charge Anomaly is deep and flat, which is why NWC proposed it was more likely Porphyry (their interp, not mine)


Given the very large, flat IP anomaly in steeply dipping lithology, and close location to the Bagdad Porphyry camp, that interp is reasonable. It's also reasonable that once they realised just how low the probability is of finding an economic porphyry that starts at 350-400m depth, because the higher-grade economic part of porphyries are more in the guts than at their top, which means maybe 600m+ to the goodies, that such a deep porphyry next to a 0.3% Cu open-pit porphyry mine is not such a great target... and changed their tune back to high-grade VMS, potentially tuckable to Antler bla, bla.


Here is a positive interp then for those think I'm always too negative. The IP anomly clearly sits adjacent to the hanging wall mafic unit (green) at the top of the Dick Rhyolite (red) contact. Major VMS deposits often form at the top of volcanic units, because during early volcanic unit formation there is too much material being laid down for long-lived hydrothermal vents to form large deposits. Not large, but for example above that Old Dick, Bruce and Pinafore all form at the top of the Bridle Form'n. Anyway, we have most of the higher grade rock chips found along that rhyolite-mafic contact along strike form Red Clooud and where the IP anomaly sits (zoomed in below)


My explanation for a 'flat' IP anomaly to be sitting in steeply dipping lithologies (and why I think it may be VMS related) is because disseminated sulphides (which causes the IP anomaly) are often formed in the footwall of VMS deposits (ie in the volcanics under the massive sulphide ore bodies). Basically, large area of footwall volcanics/sediments are altered by rising hydrothermal fluids with disseminated pyrite/pyrrhotite/chalcopytrie etc. These large alteration zones can be stacked above each other over time (eg look up DVP's Woodlawn for example) together form a very thick zone of disseminated sulphide alteration below the rhyolite/mafic contact and would appear flattish if the stratigraphy was folded to steeply dipping. Not a great picture, but hopefully this explains the process


So far as the Bighorn target goes, I think my post https://hotcopper.com.au/posts/72273414/single speaks for itself and doesn;t need any embellishment (unless you have some issue with the interp?). Very, very clearly, Bighorn IP anomlay is off set in a separate, lithologicaly controlled unit west of the Antler Host Unit. As to why magnetics 'coincident' with IP chargeability anomalies are so important, I'll quote the company again:

"There is considerable magnetite and magnetic pyrrhotite associated with the alteration and mineralisation at the Antler Deposit. This, coupled with the massive sulphides that make up the majority of the mineralisation (including chalcopyrite, sphalerite, galena and pyrite) gives rise to both strong magnetic and IP responses at Antler."

This suggests... if the magnetic anomaly at Bullhorn is in a different lithological unit that doesn;t exibit an IP response, then the mag anomaly at Bullhorn is probably magnetite related and barren. It also suggests that the alteration responsible for the Bullhorn IP anomaly is not related to magnetite or pyrrhotite, and therefore not the same as Antler where magnetics and IP are intimately related. One could further speculate that pyrrhotite formed from pyrite under high grade metamorphic conditions during the emplacement of two granites that squeeze the Antler sequence (ie at high temp-pressure the pyrite became unstable, turns to pyrrhotite), in which case a large sulphide system at Bullhorm should also have magnetic pyrrhotite present (but is actually a magnetic low in detail, over what looks like a magnetic destruction zone?).

While waiting for @arsenic to correct me, ny thoughts on the share price action...

Drilling started at Discuss in Dec (according to Qtrly) and thus the first couple of holes have not hit pay dirt, those with inside knowledge are disappointed and stepped aside risk free.

The Qtrly cashflow report was a shocking $6M and the same (more) again this Qtr, so CR by the end of the Qtr and that is a shit sandwich for holders to eat so soon. So, hold back the good news and release the BLM permit application to market ( state permits ~12 months, hopefully submitted June Qtr, BLM "will; take longer for approval than state permits", meaning two years for BLM approval and more CRs at this rate of spend).

'the market' steps away and shares fall with no success at Discuss so far and the Qtrly bad news. Wash out the weak hands who were disappointed to see another CR coming so shortly, pick them up cheap then run the stock on new Bullhorn target, another ig, more drilling of all targets, new geophysics and of course the PFS. Hope the market should up, deliver PFS just before all the drilling is done (and management has a feel for whether it's a price raising success or not) while upside excitement remains, then go for the next CR...

All in my cynical negative opinion of course...

GLTAH