I went to the Red Fox website link in the CML Announcement. On the opening page under Portfolio Update, click on the Download Portfolio Update here.
Going through the historical results, I see a lot of upside (apart from the Rio involvement and QLD Government funded drilling at Gipsy Creek.
Tenements are all granted, walk up and drill targets plus all other positive points in the CML Announcement.
Obviously no historical assays can be published due to ASX JORC requirements which they cannot meet.
Going back to the Portfolio Update PowerPoint Slide 12 attracted my attention with this:
GW Gossan Prospect
• Anomalous rock samples up to 35g/t Au over 60m, structure traceable for +1000m length
• Channel sampling 50m @ 8.5g/t Au including 10m @ 25.6g/t Au along strike
• Channel samples across strike 10m @ 3.4g/t Au and 5m @ 9.2g/t Au
NEVER DRILLED (Slide 3)
Alotta will still be there in the New Year, but in the interim its holding cost is minimal I presume, so I think this deal was great for CML (shareholders). Two drilling programmes and exploration results vs nothing from Canada.
See no need for a CR until Alotta work restarts or Red Fox needs a further cash injection (CML has a pre-emptive right over any further shares issued by Red Fox).
What is there not to like about this strategic investment? I think management was very astute.
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