I got on the wagon with this stock in the hype for the Mag Survey Ann - at the time I felt like it was overhyped, but FOMO got me (especially as a newbie to the share trading world).
I've since been trying to read back through a fair bit of info, thanks to
@pustayo pointing me in the right direction on where to start looking.
This is relatively long and more just me thinking out loud, so feel free to pick through it and disagree. I'm a geo, but I work in the 2D world compared to this stuff so my knowledge is minimal.
Out of all the ground in the regional area, this is probably as good as anything. That said, there have been a lot of people have a crack here and come up empty handed. Earlier in this thread pustayo says that there's good potential to the SE of the recently granted EL (EL8952 on Minview - ELA5854 elsewhere) - I wouldn't argue with that at this point given the lack of data in the area.
EL8491 has a lot of historic gold finds in the area (probably which is what makes it so interesting), and in an earlier thread a few people pointed out that a fair bit of gold has been extracted from here in various volumes in both alluvial and shallow quartz veins. There's a few spots in the middle of this lease that are probably worth checking out - although I wonder if part of the reason more hasn't been done is because of land access issues etc.
Off the previous exploration/tenement holders that I've been looking through, it seems that a lot of them have done the basics (some haven't even got that right), and due to financial limitations that all companies have, they've been having to make a choice between this site and their other exploration areas. Most have spent 25-30k (or less) reading over previous reports and kicking a few stones up the road before handing the lease over again.
Of the very few historical drill holes in the area - I'd say a couple of them were pin the tail on the donkey given what else is around (although they could have been looking at things I'm yet to find). So those that have spent money have come up empty handed and haven't been able to get the support/energy to continue.
There has been extensive soil and stream samples taken in our area, with relatively poor results compared to other areas nearby; that said, those with better soil results haven't had the historic gold volumes that this area has.
With $4million in cash, these guys can really knock over a couple of good drill holes. There's a lot of room for a hidden gem to be found, but there's also a lot of room for a whole lot of nothing! I hope they have a good drilling company lined up and a decent contract so if things don't go to plan the budget doesn't blow out too quickly.
IMO any sizeable deposit isn't going to be shallow - I'd rather see half a dozen deep holes over 12 or more shallow ones.
Good luck to all.
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