Porphyry systems are very large and consistent low-grade copper...

Porphyry systems are very large and consistent low-grade copper deposits. When they come with gold then sometimes they are economic as well; but you do need to be seeing long sections of copper better than 0.4% in the drill holes. In this case 9 deep holes of low grade copper (best in MCD009, 20m at 0.18%) and paltry gold, drilled in the most prospective parts of one prospect as well as around the edges, all in an expensive, remote region, tells us shareholder funds are better spent elsewhere. PNG is full of low grade porphyries like this, even though it's prime exploration real estate, in large part because the geology is so young; so the chances of multiple mineralising events creating an economic prospect aren't as high as in other geologically older parts of the world. Don't get me wrong PNG is fantastically prospective because the geological action is still live, but it needs to translate into commercial deposits to be worth investing in. With 9 holes in one prospect, all "technical successes", then I'd say it's past time for GMN to acknowledge the fact for their shareholders, cut their losses and get some better exploration drill prospects into the pipeline.