Companies do surface exploration (kicking and leaking rocks), geophysics, some Air Core drilling etc.. and then build a model or theory where they should start deeper drilling. Once the first round of deep drilling starts it will always - be reconnaissance campaign - no matter how the company will dress it or how investors view it. If any of these first holes make discovery it will be a huge bonus and people should thank their lucky stars as it doesn't happen often. At same time, if no hole hits enough mineralisation to warrant any follow up then the campaign should be taken as failure (in my view).
As an investor I hope 2-3 holes to produce good enough results to warrant follow up drilling. Anything more than that is a bonus for me.
Also, to note ICG may sink few more holes in areas where they did not hit much at all as they may adjust their original theory on where they thought the targets were as even "dud" holes provide important information on what the geophysical scans are showing.
Generally, as these initial holes reveal more intel they will allow ICG to refine their targeting and we will see better and better outcomes. Assuming there are economic deposits in the vicinity of the drilling.
Just my thoughts..
ICG Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
