@irfanali ... "Enormous results, but somehow in red" It was...

@irfanali ... "Enormous results, but somehow in red"

It was obviously a sell based on the news, Crean pinching off to the West, a few good hits here and there at Green but nothing much in between.

Why should a stock go up just because a few holes had some nice mineralisation? We already knew there was good mineralisation in both areas Crean and Green.

What today did is confirm it's not going further to the West at Crean, and there are only scattered places of good mineralisation at Green!!
You had to go into the details from pg 4-9 to realise how disappointing the results actually are!!

The assays and the dud holes in between, basically say we wont be mining these areas as a stand alone mine, nor should there be an expectation of sudden improvements.

Go back 3 months when we had the first announcement of high grade over a wide area (about 100m) at Crean and along strike form other good hits. The SP went from 30c to over 80c before having a rest, then in early July another great announcement, extending results at Crean and giving huge speculation about the large Green target with samples heading to the labs for priority assaying..

Huge possibilities at that stage with Green potentially being larger than Luni next door, with SP going over 90c.

Then a week or so later, first results from Green, showed it's only another Dyke like feature, not widespread mineralisation so SP started to fall...

Today just ended the dream of Crean, Green and possibly even Joyce (because of no priority samples), of a potential stand alone mine (or in combination), so the odds of a decent find now lie with Emily, around Hurley and then other areas not yet explored.

The hype behind the SP being high, based on possibilities ended today, so what should the SP be at? Going on where it was 3 months ago, around 30-40c at best, but now ENR have less funds to explore with, because of spending over the last 6 months, so the next cap raise is closer.

Every drill program closes off areas of discovery, if they don't find a resource, so there are now less areas to search for the monster Niobium deposit. Remember they always search/drill in the most likely areas first (Luni discovered in first drill program!!).

Anyone thinking the SP should go up because a few scattered good grades were found, are in the wrong game. We all knew there was high grade, we needed to see continuation and widening of the positive results for the SP to go up. The share price is still around $200M for a junior explorer without any resource, though there might be some minor ones from Crean and Green. Given the location though, they will only ever be satellite deposits at best unless a lot more is found..

Realistically, why is the SP above 20c? Anyone want to answer that with some depth please?