Is MGA ~$10M MC a decent risk/reward play ??? They announced...

Is MGA ~$10M MC a decent risk/reward play ???

They announced soil sampling results of Li2O670ppm lithium which seems pretty high when I compare with otherspecs that announced soil sample results. (almost guarantees there is some degree of lithium mineralisation there - but it's only one sample, and the rest of the soil assay data is missing)

For example:
EFEannounced "significant lithium soil results" being517ppm at its Trigg Hill project

Outcroppingpegmatites but no mention of them being lithium bearing / spodumeneetc (it's a gamble at this stage).

"Encouraging soil sampling assays including Li2O 670 ppm and Ta 103 ppm have been returned. Multiple outcropping pegmatite dykes occurring in swarms, with pegmatite dykes strike approximately 8.0 km x 4.0 km."


They think they're possibly in the same system as GL1's Archerdeposit:
Initial observations suggest Upper Coondina has two generations of pegmatite - G1 and G2, which host the lithium mineralisation found within the Pilbara lithium field. MGA also believes Upper Coondina may be part of the same system that hosts the major lithium discovery announced by Global Lithium (ASX: GL1) and similar geological setting as Pilbara minerals (ASX: PLS) north of MGA’s ground.

Upcoming Catalysts: (from the announcement)
Pending soil samples assay results are expected to be received over the coming weeks. These results will allow the Company to define more drilling targets to test the outcropping pegmatites at depth, to confirm their orientation and the extent of any high-grade lithium mineralisation continuing below surface.

Earthworks for the upcoming maiden lithium drill programme are scheduled to commence in mid-November 2022.
*The start of drilling is scheduled for late November.


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I wanted to tag @Weally because he made this post highlighting the negatives in the previous announcement which had poor surface sampling results. Interested to hear your thoughts with this latest update