LTH here, putting in my 2c. Been holding for a bit over 18months now took my position for the Antimony exposure and had both hands burnt in the process. Hopefully we do actually get something to talk about soon rather than a continuous stream of nothing announcements. IMO, this isn't news. Unless the team did their D/D on the tenements with their eyes shut there is no way they could not have known this was clay/not there.
People getting all excited about comparison to WA1 is absolutely absurd at this stage. WA1 is a complete animal and a complete outlier in regards to performance on the ASX. They weren't even hunting Niobium, they were looking for an IOCG deposit and found the Niobium by accident, pretty well immediately after the kick off of their exploration campaign. That's not to say that we WON'T find Niobium here, its in the sediment sample, and that has to have come from somewhere, however it may not be from our area. That's the nature of waterway sediment sampling, it gets washed there from somewhere else. To get all fired up at the moment over it is nonsense, until SUM does a broad scale surface rock chip, soil or auger sampling program it is complete speculation. As a positive, it will be much more cost effective to do this exploration work over there than it would be here in Australia.
Re Substantial Clay system identified at Aratapira - Same deal. This isn't a new discovery. The people in the area have to have known that this was a thick Saprolite zone here. The photos show clear sections of the stuff exposed by land fall or erosion Why hasn't anyone ever checked this out before? Why did the project vendors not drop a heap of augers/rc drills in here if they knew it was a 200m thick clay complex? Unless the big players in the district had blinders on, you would have thought they would have noticed that this system is just kinda sitting *over there* sometime in the last 40 years. A more accurate (or honest?) announcement would have stated something like, 'Significant Clay zone present, which we intend to test for mineralisation in the near future'. The mere suggestion of a IAD at this point is a bluff, we don't even know if the clay contains any minerals worth getting excited about yet or if it does, if they are economic quantities. An IAD at less than 500ppm TREO isn't worth getting out of bed for.
Don't get me started on the fact that no-one in the office seems to have proof read the release, as page 6 states their active projects as Castor, Ahmed, Windfall, Magwood, Stallion and Phillips River. For the newcomers here, Ahmed, Magwood, and Windfall are the old Antimony projects we had until they were dumped rather ungraciously earlier in the year. In addition to that, the map of the geological units on page 3 is also more or less useless, terrible resolution and no contrast between the boundaries of the geological units the area is comprised of. Makes it very difficult for me to make up my own mind on the placement of the tenements vs the geological host units.
Don't take this the wrong way, I am excited for the prospects of actually finding something here. But the thing is, they have rapid fired three announcements in 3 days, of which only one had anything of substance in it (the first acquisition announcement) and the other two are full of throwaway attention grabbing lines. Gotta agree with the others, does indeed feel like a pump. We haven't raised since the Castor acquisition in June last year so its gonna happen eventually, and I would imagine looking at the evidence it will be sooner rather than later. It is inevitable in exploration, no-one can run a business with no capital, and i'm not totally against a bit of hype so long as its based on something not just a guess. For example, on the back of an announcement outlining the results of the total rare earth suite testing on the soil samples, not on something like 'We have some clay, its might be IAD, and it may be large scale'. In the end, I, like everyone else invested, want to see some return of some sort on my capital - which requires something of substance. I know its only been a few days but this is just nonsense response to some nonsense announcements.
Re ENV Brokers, I didn't know they had the same brokers. Not sure how I overlooked that, I have been watching the ENV situation for some time now. My first link I noticed between the two was one of SUMs directors was a large option holder over there, and the other one was Mr King, our Geologist, provided consultancy to ENV as an independent geo there sometime in February if I recall correctly. Mr King, if you are reading this, and I suspect you do read HC, please suggest to the marketing/announcement team to tone down the announcements.
I want to see an announcement that says something like, surface sample / auger sample program started. Then ill get excited. Until then its all noise. Not downramping. Just being realistic. DYOR. Hold/Held. Rant over. GLTAH, old and new. OP.
SUM Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
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