So $1.1m raised against a MC of $3m so an EV of less than $2m.
Just my thoughts on E63/2258 alone are as follows:
They have placed a $1.1m bet on some drill logs of some old RAB holes. Their test suggests they've gone and looked at the drill spoil, but doesnt explicitly state that, so my guess is they looked at the drill logs. which is what I just did.
So firstly, RAB drilling is destructive, i.e. textures will be hard to define in terms of crystal sizes (coarse grained vs pegmatitic vs porphyritic) when you've smashed the rock to bits. You can get a rough idea for sure, but if you're looking for crystals a few cm long, no chance.
So the holes they are citing as exciting or whatever are:
LJRB008 which hit a coarse grained granite. not interesting. Nor is it a good host for a pegmatite.
LJRB018 which hit a 'porphyry' which I assume they mean porphyritic textured igneous rock... so nothing to note there. Just Yilgarn Craton granite again.
LJRB037 which hit a 3m 'pegmatite' with large muscovite-biotite books, lots of qtz and <5% feldspar. If you're here reading this, you should know the importance of feldspar in lithium deposits.... not a good hole.
LJRB038 which hit a coarse grained pegmatite with large muscovite/biotite books. Further analysis likely required here, but the presence of biotite isn't encouraging.
LJRB039 which hit a moderately weathered pegmatite as in the last hole. so not encouraging.
I dont think these are pegmatites at all. just coarse grained, biotite rich granites.
Even if they were pegmatitic rocks, their search space is tiny before you're well into the Yilgarn Craton granites proper.
I have not looked into their other project areas, so I have no sentiment on Buy/sell/hold, but this project is toast.
Good luck on their other projects!
An example of on of the drill logs.
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So $1.1m raised against a MC of $3m so an EV of less than $2m....
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