6. 160 samples in lab from first 4 holes. Assuming 1m splits...

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kemj

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16/10/23

15:14

Post #: 70369298
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Originally posted by wenty: ↑

Some good buying today. Big line wipe at 36c.

bought more today. MD has me convinced that we’ve found something. Here’s why:

1. In last weeks drilling update the MD said he was “thrilled with early progress.”

Now, at this point 7 holes had been drilled. The MD would have seen visuals, he knows what to look for, knows what spod looks like given our 6% spod rock chips…and MD has put in a lot of time and effort to get this acquisition, go over the data and get the drilling happening…knows shareholders have placed their hope and faith in him… SO: if those first seven holes had been dusters, I doubt he would say he’s “thrilled.” Because he wouldn’t be thrilled. He would be very disappointed. So if the first 7 holes were dusters I don’t think he would use such positive language like “thrilled”, rather would make a neutral statement such as: “drilling is progressing on time and within budget…”

2. The plan was to drill 22 holes for 2700m. But in last weeks drilling update we are told 7 holes have been drilled for 1100m. So seems we are drilling a lot more/deeper than planned and look like we will blow that 2700m out of the water. The question for me is why? What’s happened to make us drill more than planned? Reasonable guess is that they’ve hit something they like the look of.

3. In the proactive interview when asked what is he seeing from the drilling, MD can’t stop the smile hitting his face. Grinning like a Cheshire Cat.

4. In the proactive interview, MD talks about mapping the north west where they identified more pegmatites with spod crystals observed. Now, more spod at surface is great news all on its own, but again the question for me is why did they decide to map the north west after the first few holes of drilling? I think it’s likely that they could have found something and are trying to map and trace it back.

5. In the proactive interview MD says he has no plans for a CR because he will get $10mil - $12mil from options conversion, and this will give him enough money to drill 30,000m - 40,000m of RC drilling to then prove up a resource estimate. If the first 7 holes were dusters, would you be so confident in the options being converted? Would you be talking about a mineral resource estimate already if your first 7 holes found nothing???

Thats how I see things anyway. Either MD can sell ice to Eskimo’s, has no idea, or is talking so bullishly because we’ve hit something.

IMO

GLTAH

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6. 160 samples in lab from first 4 holes. Assuming 1m splits that’s 40m/hole. Unlikely to test entire profile. Will likely able to confirm if bearing spodumene or not so would I’d imagine would not waste time or money on barren material. So about 30 m:/hole could be of interest to them.

TOR Price at posting: 35.8¢ Sentiment: Hold Disclosure: Held
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