Despite the share price reaction this actually is a discovery,...

Despite the share price reaction this actually is a discovery, note that there are no previous drill holes here, no old historic workings in the drill area and the CNB drill holes are the first into this FLTEM late-time conductor which also has anomalous soils for Cu and the initial costean done by CNB at surface was done months ago. This is exactly what a mineral discovery looks like - a geochemical anomaly and a geophysical anomaly with economic copper outcropping at surface and similar widths in drill holes underneath the costean - if you don't know what a discovery looks like then I am wondering what someone would be doing here investing in mineral exploration companies.






Now the details are that the best drill hole of 21m @ 2.0% Cu and 0.6g/T Au is actually a true width of about 10m, a similar true width as seen at surface, and although two drill holes don't make a mine yet, the mineralization is open in several directions, they have some continuity on cross-section and they have lateral continuity in the soil anomaly at surface and are beginning to understand that the copper-gold pyrite zone is adjacent to the very conductive pyrrhotite sulfide zone from the drilling. It isn't buried under hundreds of metres of cover and its reasonable grade sulfide ore near the surface, the main thing now is to get the geometry and the extent sorted out in 3D and if there are any repeat zones or faulted offset zones which is all done by drilling. The tonnage here may be modest but I note that they haven't even got the rig out to Mohawk North yet and are probably waiting for the VTEM coverage to expand before deciding on exact drill hole locations, the entire area is covered by anomalous Cu in soil anomalies and conductors that haven't been drill tested and I can tell you that late time conductors with anomalous Cu in soil anomalies are the most common way that copper sulfide orebodies are found in the Cloncurry/Mt Isa belt. Its a well documented proven exploration technique.

As others have mentioned at the moment, the market is behaving as if no one in the world will need copper anymore and no-one should be looking for it, which is obviously a macro story and short-term disconnect/irrational market behaviour so it looks like the share price is being driven down regardless of what they find, so it makes sense to add more on the dips if you can like this, as you are buying shares in a potentially bigger copper resource for less market capitalization as they drill and find more sulfides. Someone in the market will eventually twig onto this. No rush to buy though as it looks like a gradual accumulation as the share price gets smashed might be the way i'll play this one.