Given there is some complexity I wouldn’t get hung up about the speed of progress. The exploration seems to be well targeted and they are finding hints of possible parallel lodes.
The announcement seemed a little low-key to me. Not giving much away. Better to be constrained I think so expecatations don’t fly too high. My gut feeling is that there will be a little more meat in the sandwich. There is also little doubt that this is an important set of results for the project and the company. If we need to raise capital in the future much better to do so with a share price above 30cents or at least around the 25cent range.
How hole RCLR0206 extends will also be an interesting result to watch out for. Previously it had ended in mineralisation, 25m @6.80g/t.
So far most pierce points have delivered gold results so waiting on another 11 such points one might expect a bit of news to flow. It would be interesting to know how depended the grades are to the sulphide content. With gold anything is possible as long as the alteration is there. It’s not that predictable and that’s what makes it exciting IMO.
I’ve seen a fair bit of geochem in my time and I’m not disappointed with the picture that has emerged especially if sand cover had previously been a problem as I think I once read somewhere.
Still a strong hold in my book but we need a little more derisking. A resource calculation will help to do this so I’d like to see an announcement which commits to doing one within a certain time frame. Esh
AOP Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
