Now that I have had the time to digest today's announcement and follow the structure of the day, here we go.
A very interesting day, a lot of negative reading in here this morning (90% were non-holders, 10% were those who sold out on open). People seemed to be a bit more confident and less stressed as we hit the afternoons trade. Obviously, this change of sentiment arrived as we hit support levels and many who were non-holders yesterday, managed to snag a sub-10c entry this morning. A volume day of 106million shares is massive! A huge portion of the SOI. I suspect a lot of the traders have disappeared for now and this should shore up the register for the next leg up Imo.
Those worrying about "IOCG-style mineralisation" and "IOCG mineralisation" should not stress about this. Even if the company had 100% certainty it was IOCG mineralisation with massive copper sulphide intersected throughout the entire hole (not just veinlets), and even proof from pXRF readings, they would never have said "IOCG mineralisation". This is because they need to await complete certainty from the certified and JORC Code compliant assay results to confirm this. If they said anything more than "IOCG-style" then they potentially steer themselves into all sorts of legal issues.
The major point for me is the visible gold. From someone with experience in gold, it is very rare to see visible gold within the core and Imo it is a guarantee that there is a gold forming catalyst somewhere in the region. The motherlode is down there somewhere, and this gold has migrated and spread out from the source. As we know there are plenty of target anomalies in the region and I suspect the major source is somewhere in the Pokali area. Historical mineralisation evidence supports this theory, with gold assay proof in surface sampling having leached out from a source too.
Diamond hole drilling was always targeting IOCG from the beginning and we have only drilled 2 DD holes to date. As we get more information and data, we will get closer to the source. There is always the chance that we may need to drill many more diamond holes in order to find the motherlode and major source of all this mineralisation. Such is exploration! It is like detective work and not many companies hit the pay zone and future mining zone in the first drilling program. I am still hopeful and confident the assays will show high grade Cu & Au but the market lacks patience in this day and age, hence the sell off!
A lot of the market today was probably expecting REE & Niobium news from these diamond holes, probably those who are not as educated with the geology of the region which is understandable. The more likely scenario is that the RC drilling has hit potential carbonatites closer to surface and perhaps that is the reason DL jetted here from London. After all, the news of his trip to Australia did coincide with the first RC drilling hole completion post released on LinkedIn.
There were a few lies on here saying that there was no newsflow upcoming until assays are released (DD1 late May, DD2 late June approx.). We know that is false, you just have to read the announcements to know the RC drilling program is about 1/3 through and 2 weeks remaining, IP survey results are also due to redefine the targets through geophysics. Plus, news of the exciting Luni-style Avalon anomaly being heritage surveyed quicker than expected. It sounds like they are well onto this task, having only released the target on 22nd April.
A lot of stressing for ulterior motives this morning, but it is business as usual, drilling ongoing, assay results upcoming, more than enough cash to see out the quarter. Lets continue to let the drill bit do the talking imo!
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