Rehashing old info here, but after a day like today it's...

Rehashing old info here, but after a day like today it's important to remember that this is the same resource team and JV partner behind the 2,950Mt @ 0.52% CuEq (measured & indicated) Cascabel discovery in Ecuador, containing 10.9Mt Cu and 23.2Moz Au (~US$100bn in-ground value). And before that, the same team behind the 1,900Mt @ 0.5% Cu, 0.5g/t (inferred) Tujuh Bukit discovery in Indonesia - so they have the experience and a proven track record of success. Bramaderos is their 3rd attempt at a major copper-gold porphyry discovery.

I entered the stock in October 2017 during the trenching campaign, when the drilling permit was expected that quarter, but did not arrive until April 2019 - so they've had ~2 years of waiting to plan this drilling campaign. My opinion only, but it's probably worth giving them more than 2 holes to let their strategy play out.

I think sometimes people's memories can get muddled between what management have actually said and what the hype has turned their words into. Hole 2 was never expected to return earth-shattering results. From the 30 May 2019 announcement:

"Understanding of the geometry of the Limon porphyry system is evolving and drilling will return to Limon once all assays for hole LMDD002 are received."

“We are very encouraged by these early results at Limon,” Mr Norris said. “We have drilled two diamond holes into parts of a new mineralised porphyry system and its associated large-scale alteration zone but are yet to test the core of the system, which is our primary target."

“This is an outstanding start and we expect the next few holes at Limon to deliver some very good results.”

They've had 2 test holes to figure where to place the next few holes at Limon. From the 02 July 2019 announcement today:

“We are very encouraged by both the assay results from LMDD002 at Limon and the visual results from BMDD001 at Bramaderos Main. We believe we have drilled very close to a significant porphyry system at Limon and now have confidence in where the next hole should be drilled."

They would also be acutely aware that A$4.65m worth of options are expiring at the end of the August. Had not occurred to me until now, but this may have a large bearing on why they chose to sink the third hole into Bramaderos Main, with assays expected by late July. With surface trenching of 140.6m @ 0.57g/t Au, 0.15% Cu so closely resembling the historic drill results of 248.1m @ 0.56g/t, 0.14% Cu, it seems the safest place for a critical hole that could stave off the need to raise funds anytime soon.

I've heard Malcolm use the reference more than once that Newcrest's Cadia mine was developed on 300Mt @ 0.6g/t Au, 0.15% Cu - which has since produced over 9 million ounces of gold in the past ~18 years. I'm sure he'll be using it again should we get better news on the next results.

Nobody wants to see any of their investments down 25% in a day, but to use a great quote I recently heard from Chase Coleman: the person who does best is the one with the panic button farthest from his keyboard.