Hi JJ,
You seem to be confused:
The area you are calling hot is where
Newcrest had a $10M JV with AQX and
Newcrest pulled out of the JV straight after spending their minimum spend of $1M.
Didn't find anything except hundreds and hundreds of meters of cover from memory?
AQX Consultant John Holliday handpicked both drilling targets (
in the
Newcrest JVand in the
current drilling) so hopefully he has more luck this time around.
I am
hoping that they do hit a monster because that will be
good for MAG and others in the area.
Thanks for using my map.
If you look at the map you will see:
-
AQX has the right rocks (
GREY colour on the map -
needed to have any chance of making a big discovery) up North over parts of their tenements
where they didn't find anything with the Newcrest JV -
AQX doesn't have the right rocks down in pretty much all of their tenement
next to the Alkane discovery -
MAG has the right rocks/geology across pretty much
all of their project next to ALK -
MAG already has decent drill results and they are
from surfaceIn relation to this morning's JV finalisation announcement; it's a bit bizarre as I said, in that the
JV partner spent 90% ($2.7M out of $3.0M) of the required costs and then
agreed not to spend another $300k which would've got them
51% of the Parkes project - thanks for the donation I guess!
Compare that to AQX where Newcrest
spent the minimum 10% of their total JV and then left the building.
You seriously
can't compare AQX to MAG as
MAG's grounds are so much more prospective and a lot more advanced with drill results, etc.
MAG's Parkes project (which is
MAG's probably 3rd or 4th best project) is
more advanced and
likely more prospective than all of AQX's NSW projects - and that's MAG's 3rd or 4th best project. Think about that.
Then think about
MAG's current MC of $12M and
AQX's current MC of $40M.
Which one is more likely to
give greater % gains from here? I'll leave that with you.
Give it a week or two and it
should catch up to the AQX valuation, which is multiples of MAG currently.
And as I said (about 10 times at least),
I want AQX to fire up and discover something big as it's
good for MAG and all in the area, BUT I'm also saying that
MAG's grounds are much better and that
MAG has a lot higher chance of making a big discovery than AQX due to the
more prospective grounds as well as projects being a lot more advanced with drill results already and
getting close to finding that big discovery -
AQX is just
trying to hit any mineralisation (they have
no mineralisation hits so far to my knowledge???). And never say never, AQX might make it big -
big boys like Newcrest do miss things too!!!
Cheers,
GB.
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