I reckon as far as updates Chief that was a pretty good one...pretty damn thorough.
This was the first part of the announcment
"Warrior Project: Pursuit is now moving to expedite drill testing at Phil’s Hill, the Company has executed a land access agreement, a drilling contract and is awaiting Aboriginal Cultural Heritages requirements to be met. Remaining soil lines over the northern EM responses at Phil’s Hill were completed on 21 April 2021 and have been submitted for analysis. Fully processed AEM data was delivered 19th April 2021.
Barry Bourne and his geophysical team are presently working through the data to define additional ground exploration programs at Calingiri West, Calingiri East and Wubin.
The Calingiri West tenement covers part of the Sovereign Magnetic Complex and is immediately adjacent to late-time airborne EM anomalies drilled by Devex (see ASX Announcement 27 April 2021) confirming extensive elevated palladium (Pd+Pt) and copper (Cu) associated with a differentiated mafic-ultramafic intrusion. Pursuit will commence moving loop EM surveys and geochemical assessment of the airborne EM data over this tenement."
Looking through the doc its easy to see which parts were given the most emphasis, put simply the most words.
A lot of emphasis on Phills Hill which we all expected.
Actually a lot on Calingiri West and explaination with reference to DEVs results as to why and also what the plan is there...this is new and very significant. We are cashing in on data coming from DEV and motivated to explore our own targets instead of just "coasting along" with that lease.
This is a big deal as IMO Cal West is the lease we have most in the can, meaning I think it is our lease that has highest likelihood of commercial minerals.
The references to Wubin/s indicating they have not been abandoned in any way. Lack of obvious EMs does not equal lack of minerals Chalice have found this themselves, obvious EM just make the job easier and admittedly increase likelihood of drilling success.
It needs to be said compelling EMs don't guarantee target minerals either so it cuts both ways.
Next point. There was no leak, anyone thinking todays pullback was around Wubin EM is firstly over rating the importance of EM results. Secondly over rating the importance of Wubin in our scheme of likely company makers.
And lastly and most importantly the whole sector mini tanked today after confusion followed CPNs results which were great IMO and all that could be expected from visuals but their investors wanted more. Well actually CPN is a weird stock because there are so few shares in the free float even small shareholder reactions up or down can cause a buying rush on the upside or stop losses to be triggered on the downside.
So almost every PGE stock down today. And we followed suit.
Moving forward.
This was/is a really good explanation of the state of play and where our priorities lay from management .
It goes into great detail, everyone who is invested needs to read it slowly and probably twice.
Things are progressing, targets and priorities are being defined and revised and we have a bloody drill rig secured when they are nigh on impossible to secure...this document was full of lots of good news and progress!!
Well done management if you read HC you have been hard at work.
(20min delay)