https://old.reddit.com/r/ASX_Bets/comments/ojs5m2/market_open_thread_for_general_trading_and_plans/h53mcl2/
This is probably the best explanation on why SP is dropping.
Here's the geo's log from the hole. Py = pyrite; Po = pyrrhotite. So no mention of pentlandite.
"Serpentinite to dunite with occasional granite-pegmatite dykes.125.1-127.3 - 0.5% py/po
disseminated; 127.4-127.8 – 0.5% py/po stringers; 130.42-130.82 – 4% po/py disseminated (almost matrix sulphides); 132.5-133.75 – 1% po/py disseminated; 134.37-134.52 – 0.5% po disseminated; 134.7-135.4 – 0.5% po disseminated; 135.73-136.94 - 0.3% po disseminated; 136.94-138.25 - 0.5% po disseminated"
Pyrrhotite is worthless. Chalcopyrite is great but theres nearly none of it in the cores. The downhole EM has found a magnetic blob nearby which they will drill. Hopefully this is where the PGEs and chalco is. The issue is it could be more pyrrhotite.
I'm not entirely well versed on PGEs in the Julimar region in terms of mineral associations outside of sulphides, but I would expect the PGEs to be associated with something other than pyrrhotite. So at this stage, I would be leaning towards not good.
A quick review of Chalice's 23rd March 2020 announcement shows they hit pentlandite/chalcopyrite, which is what the PGE's would be tied up with. Pentlandite is the nickel sulphide, which I'm certain now would be the money they're after. And none of that in MAN's core.
(20min delay)