As always under David Busch, a professional and well thought out release. But it is ultra conservative. For example there are is no mention of geological results.
Great we have (a) drilled the deepest hole at Kempfield, (b) got beyond planned depth and (c) cased the hole for future geophysical surveys (see highlights of the release). But this is NOT why hole 2 was drilled. It was drilled to test for massive sulphide lenses and evidence of a feeder zone but the release is silent whether these objectives were achieved.
Now massive sulphide lenses are a mappable unit. They may be considered as a “rich mass of metallic sulphide minerals, with little country rock”. That there is no mention in the press release that massive sulphides were detected and this suggests that they were not found over a significant intercept otherwise it should have been mentioned as it would be a significant result.
A second objective of the drill hole was to identify and test the feeder zone. This is probably characterised by disseminated to massive sulphides (pyrite and chalcopyrite) with or without alteration of the wall rocks. But there is no mention of whether such mineralization was intersected although it would be a loggable unit in the drill core. The experience in hole 1 would point what to look for.
When discussion of the casing takes 45 words and discussion of the core takes 39 words and is related only to cutting core and sending for analysis seems to me to a misalignment of priorities.
ARD drilled good targets. They will need the analyses to determine what future work, if any, is warranted. In the meantime plethora of sellers and lack of buyers clearly interpret the release in a less than positive way. Hopefully West Wylong will turn this around.
ARD Price at posting:
3.0¢ Sentiment: Hold Disclosure: Held
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