This is why : "Drilling at Achilles consisted of 12 RC holes for...

This is why :
"Drilling at Achilles consisted of 12 RC holes for a total of 1,218m. The majority of these holes were drilled asnominal 150m spaced RC traverses to provide a first-pass drill test in the approximate 600m gap betweenGateway’s previous drilling and the NE Caledonian Pit. The drilling successfully intersected significant, shallowoxide gold mineralisation, clearly demonstrating the potential for continuous mineralisation over an approximate800m strike length between the two historical open pits."

So with that in mind -

• In the context of what the objective is, I'd say the goal was met - it was only a first-pass test to test the extent of the mineralisation.
• Given that the program was only 12 holes for 1,200m it implies shallow drilling (only 100m), again this is first pass stuff only.
• Grades were not amazing its true, with 1's & 2's but CMM & STM are highly rated on similar or less.
• The best place to look for gold, is where the old-timers were working (with old technology) & if this mineralisation links the 2 open pits there's a good possibility of futher discoveries.
• This is just the start of a 25,000m program, the largest campaign in the company's history. It's way too early to write them off. Have a look at the history of DEG or MGV for example, more often than not, time has to be put in to find the good intersections
• With a market cap of $38m & $10m in cash, its cheap v it's peers.
• And yes, you do have to take note of management. If you can't back the guys who were successful with Jubilee & NST etc. (Kerry Harmanis & Peter Langworthy) who can you back?