Well shucks... seems the thread's mood is shifting and at least 27 people want to hear my opinion on today's results. After bullish only posts from the usual suspects and one of HC's most prolific promoters and can understand the desire for an unbiased opinion.
It's crystal-clear drilling was hugely disappointing outside one hole at Chicken Little, given the projects were already well drilled previously and the best ideas for some upside were targeted. 13 holes all very strategically targeted, and even those drilling under previous best intercepts came up with essentially nothing... fact. That the thread is spruiking a Twitter Geo explaining the possible styles of deposit mineralisation drilling didn't discover with no mention is so DRE really. Gold is where you find, and no amount of prevarication about path finder elements or possible analogies changes the fact they keep infill drilling these prospects over years and shrinking any possible deposits hiding there...
The one ray of hope was CYRC012 at C-Little, which returned 4m @ 14.9g/t in porphyry between BIF units, with a sub-economic 13m @ 0.77g/t halo into the semi-oxidised zone BIF below (note 4m @ 14.9g/t at top of 17m intersection. deeper into the inter-BIF porphyry, CYRC103 gores a long way to killing the lode at depth with 7m @ 0.2g/t only 25m deeper...
Now the inter-BIF porphyry is clearly mineralised, but the best hit to date has two question marks.Hhow much of the elevated grade is related to a thin supergene effect concentrating remobilised gold down the lith-structure, and how repeatable is the 1m @ 43.5g/t that largely carries the intersecxtion but may be a bit nugget effect?
It doesn;t really matter, because DRE are chasing very small hits in a very small target, which has already been drilled on sections 100m either side for nothing. DRE says, "Sulphidised BIF horizon to be targeted along strike to test plunge extensions"... except skinny any shoot with meaningful grade in only hole at 25m vertical centres will almost certainly be way too small for economic interest without a surprising blowout tin size at depth. Never say never (as Spartan says) but skiiny, patchy hits with no strike potential are dime a dozen in the Yilgarn and not worth anything until the dynamic changes.
I try to be kind to DRE management as you know, but their biggest problem imo is one of scale myopia... they get excited about very small targets they can see close up and don;t pay enough attention to developing targets with large scale upside. It's almost like they grew up in Lilliput Island and so get excited about giant targets that normal size people see as small.
Don;t believe me, fine, just ask Mr Market.
GLTAH
(20min delay)