I have no problem admitting I bought more yesterday at slightly higher than this current price.
Well - actually its gone up since I started writing so I might be Even Stevens already now.
Probably not quite, but I'm not fussed.
55% shorts yesterday. Another 2.45m shares that they need to buy back for 1c reduction in price.
The shorters have their drilling program too but its not working very well any more.
These new JB drill results are the kind that coulda/woulda/shoulda spiked the sp 20% and I buy on fundamental value. It just went up. 2 more dykes and thick intersections.
James Bay has a value of precisely zero to the share price at the moment.
Its the free steak knife when you buy the 50% undervalued operating mine.
Perhaps people didn’t read the whole thing?
One poster managed to read one sentence and get it wrong.
I’d suggest spending more than 10 seconds with it.
The detail goes down many pages through to an explanation of the historic drilling program.
Basically, these results are on top of drilling and jorc work done by Lithium One nearly 10 years ago.
There is more general info on the company website
http://www.galaxyresources.com.au/projects/james-bay
You may also want to research a bit more about Quebec's geology (specifically the occurrence of spodumene) and mining infrastructure to get a good context for why the company is so keen of pursuing this project.
The JB pegmatites that they knew about already, prior to this drilling, rise above surface level to 30m above ground.
There is no overburden to remove to get this thing started - its a hill of spodumene.
Further drilling now helps determine the best location of the pit (or is it a quarry?) and the path that intersects the thickest high grade sections
as it finally goes underground in the years ahead.
They will be working on, or above the surface for years.
The program will serve to increase the jorc and reserve totals and they seem to be having a pretty easy time of it.
They also need to determine what is going on in the new tenement they bought to complete the JB set.
Dropping 10 lazy holes in the new sections they hit 4 x 40-50m intersections and virtually every hole returned at least narrow sections of very high grade 3-4.4% ore.
The reason there aren’t more geos from other stocks attacking these results is that they’re really good.
I can't remember if I've seen a 4%+ grade strike in any drilling report I've seen.
Somebody who should know better accused the deposit of being petalite.
To believe this you have to believe that not only are we being lied to by the company
but that Lithium One, the Canadian assay lab and the experts who put their names to these and all past assay results are all wrong.
The geology of the area is rich in spodumene and the company has verified that the LCT pegmatites are of the spodumene variety, rather than lepidolite or petalite.
It's sitting right there on the surface to prove what it is. Enough said.
I think they are pretty much sour grapes because these results hint at the possibility of significant high grade
areas that are double the grade of some of the more famous recent Australian discoveries.
The deposit is open at depth.
When you use a 200m drill and find spodumene intersecting so regularly pretty much all the way down - what is the point in complaining?
That is a good thing.
That just means the mine will be delivering spodumene for as long as most of us have skin on our bones.
And the good thing is that there will be more results to come. For a paunchy middle aged stock like Galaxy we get to look forward to a period where James Bay firms up into the kind of monster that might just make our hard rock friends on the ASX a bit jealous of what is going on here.
For now, Canada seems to be the perfect location to do a bit of bear hunting.
Well done to the drillers and good luck to all holders
