Well I'd be lying if I said I wasn't disappointed with today's announcement and subsequent sell off made all the worse by what has been happening in the markets in general.
As I stated in my previous post the other day.
"Reminding myself and others that this drilling was designed to understand the stratigraphy and geological controls of the underlying bedrock first and foremost.
Further reminding myself that the drilling was also done along the discovery line 5 so the chances of hitting mineralisation deeper into the bedrock has a high probability of success.
Disclaimer. with mineralisation spread over a known area of 2000m x 1000m drilling a hole with a diameter of 63mm is literally like sticking a needle into a haystack."
So they did hit gold just not in economic quantities.
The point being there is gold here......somewhere?? and it's spread over a very large area 2000m x 1000m.
Trying to pin it down is the difficult part but it's been originating from the source somewhere.
Kanowna Belle was no different. It took some time before they nailed it and it only had a surface footprint of 500 x 400m or 400 x 300m can't quite recall.
I'm sure they have gained valuable information from these first 2-3 holes that will help direct the location of the next hole.
4000m of drilling so 8-10 holes.
I wouldn't write KWR off just yet based on the first 2 holes with still plenty more to come.
$16M mc is awfully cheap for 500k oz of gold at Menzies alone.
Cheers
KWR Price at posting:
6.7¢ Sentiment: Buy Disclosure: Held
