Good and bad here. They are going to start strategically / methodically going over all their tenements with a fine tooth comb to try and turn known smokey bits into firey bits (hoping for where there's smoke there's fire). Having said that, if I have read this correctly, they are prioritizing known mineralized bits and ensuring the resource is there (talk of ensuring indicated resources are present at Wonawinta, Boppy and McKinnons). I could tell them gold is around McKinnons - I read all the lab results from that deposit about 10 years ago!
A bit of a shame they've waited until now to do it. As @gc2016 noted, they need A$8M, which will probably have to be raised from SH as I don't really see anyone coming to the rescue to lend them more $'s.
One pointy bit: "The table of Exploration Targets is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource." - so conceptually they will find nice deposits, but no guarantee of that. It's not too far-fetched an idea however, look at the deposits that HLX or PEX are finding around the area. Big vertical VMS deposits that have little surface signature to suggest where they are. Only problem is it takes cash and time to find them.
I'd suggest they'd be better off sticking with the gold at Boppy (and McKinnons if they want to go there). One benefit of McKinnons - its on the back road to Wonawinta, so only about 50km of hauling instead of 150km at the moment from Boppy! Still mostly unsealed however so can't run while its raining, and we all know how they love to cite the weather at site when its bad!
I don't know why they mention finding cu/pb/zn deposits - they still dont have a processing plant for it. Maybe they can do a deal with AMI to use the Hera plant while it's on C&M? That's only 75km away!
MKR Price at posting:
8.7¢ Sentiment: None Disclosure: Not Held
