Yeah, but the value of your shares in the merged entity is fixed...

Yeah, but the value of your shares in the merged entity is fixed by a ratio. So if you buy up FFR based on the assays, you're actually dudding yourself out of value if you go cray-cray pre-merger. Are these results interesting? Yes. Do they mean anything? no.

I say this because, if you read the JORC Table 1, they say the rock chipping herein is 'representative sampling of outcrops using hand tools'. So, just bog standard random rock chips.

They are also only reporting the significant results. There's a significant population of sub-grade rocks not reported. eg;

There's at least 24 out of a minimum of 40 rock chip samples that are sub-grade. These are not channel samples, they are all around known old workings, and likely come from sampling of the best bit, or even the mullock dumps. If the company had cut channels across the lodes or mineralisation, it ought to have been mentioned in the JORC Table. But it's just 'hand tools', ie; a hammer.

The Table 1 is a bit of mess. For example, they say they are assaying all samples at North Australian Laboratories in Pine Creek. They then also say that sample custody for the rock chips was maintained by delivering these rock samples directly to the laboratory. So this implies that FFR's geo drove from Yalgoo to Pine Creek. A fairly long 1 week round trip for the geologist.


Easier to just admit you use a courier, and update the JORC Table 1 & 2 for every release, but I guess nobody got time for that these days. Sloppy.

Since the JORC Table 1 and 2 wasn't updated in any meaningful way, and there's a host of dud samples not reported, it's fair to say this is a reasonably meaningless announcement of the best grades scalped off the walls of old workings.