Hi
@behanj
I am willing to bring you up to speed a bit....
SOC has been mismanaged for nearly three years. This drilling should have been done yonks ago.
This tenement was previously housed in another ASX listed entity PMR [which was turned into a shell Co and later became FCG].... the tenement is now owned by SOC. Halls Peak is highly prospective, if you go to the SOC website and do an internal search you will find that very explanatory.
This should be a bit of deep drilling to test the conductor. If the drill returns a mineralized core from any part of the conductor it is confirmation the whole conductor is mineralized. What the drilling needs to establish is the anomaly is not due to a high water content etc. [which will also show up as a conductor in an EM survey]. The high grade surface deposits make it very likely this is indeed a Sedex deposit. What will then determine the commercial possibilities is true width of any intercepts and the grades/composition.
It is entirely possible they stuff up. It is also a high risk/high return drill campaign. 1200m's is not a lot ... there could be a huge deposit down there but that doesn't mean you intercept it on the first attempt. If they plan it well and have reasonable fortune there is every chance they discover what many people hope/ believe is there.
Buying into SOC is a not a straight-forward investment in an exploration Co. Right at this moment there is a struggle for control of the Co. The current management has secured control of the board by means which are hotly disputed by many long-term shareholders. Several of us have lodged formal complaints with ASIC. We are continuing to work towards removing the current management. It is entirely uncertain what the current management intends. It appears they are in SOC because they have plans to do some sort of reverse takeover and transform the company into some sort of tech investment... as they have recently done with a few other companies.
The Halls Peak tenement is a very good gamble ... but the history leading up to this planned drilling and the opaqueness of the current management [manglement?] is something you also need to understand.
(20min delay)