Nice to have confirmation of the program commencing...

Nice to have confirmation of the program commencing (communication continues to improve), though I would still prefer to get some news on the drilling at Ok/Star, even with Paul's confirmation that they drilling will undoubtedly increase the reserves further.

Considering that the Butterfly area looks to be receiving around 40% of the planned metres of the drill program, PNR clearly see some huge upside for the area. A shame they did not include a bit more detail on where the holes are being drilled specifically (slide below is from the most recent presentation).




Perhaps more importantly in the short/medium term is Scotia drilling. Especially the U/G.



If they can replicate the main lode, then... as Paul has explained, the potential for Scotia U/G is huge (doubling of 60-70k p.a). That alone would enable PNR to get close to their aspirational target. Whilst I know they are focused on the U/G, if the open pits are high enough grade and already have a good amount of M&I, I see no reason why these would not be hit for production as early as possible (a question I would love to quiz management on).

Pity it will take a while to start drilling via the Bullen decline, at least it's not going to cost much compared to building a brand new decline.

Hopefully we get another update when they start drilling on the green fields targets like Lake Cowan..?