re: Ann: Initial JORC Resource for Buller Coa...
Been watching the stock for a while since I bought in. There is a buyer(s) out there prepared to keep soaking up the shares and pushing it higher.
IMO - no doubt its the broker/Arganaut Capital pushing it up to get the 5 day weighted average for the upcoming placement as high as they can, no doubt also the early placement of 12.5m shares went to them. Thats not a bad thing - gives us confidence in the share price/project.
7mt is a good start. Remember they only drilled 4 holes so far. There are drill holes in the rest of the 'target resource' also and it won't take many holes to bring those up to JORC compliance either. The existing drill holes would be sufficient to calculate a resource on, however JORC will require BTU to drill a few additional holes to confirm such factors as coal quality/thickness etc.
Coal being found in continuous seams, makes it much easier to obtain JORC compliant resources with fewer drill holes than say gold, which can be very irregularly distributed in small, narrow veins and require much more drilling to come to a JORC compliant resource.
Next announcement will be completion of the terms of acquisition. Placement to follow thereafter sometime.
BTU Price at posting:
14.9¢ Sentiment: Hold Disclosure: Held
