MPJ
After reading mixed reactions to the August announcement, I though I would review and summarise the April to August announcements and see if MPJ are on track, of full of bs. Here is what I found.
April - what are MPJ doing?
Testing for Kambalda style massive nickel sulphides
Where?
Talc Lake & Roe Hills - within a well defined targeted prospective ultramafic corridor identified from previous DHEM surveys
Tools - Ground MLEM Geophysical Survey
Strategy - a staged/prioritised programme commencing with the Talc Lake Prospect and ultimately covering the entire 40 kilometre strike length. Results will help plan the follow-up drill testing at the completion of the first stage of the survey.
How - The new ground MLEM survey will be undertaken utilising the latest technology for greater depth penetration and better resolution of conductors to help locate massive nickel sulphides.
May - Looks Good
MPJ completed first stage of work commenced in April. Finds 2 significant conductors and a new prospect. Focus spreads north to Hootan.
Hutcheson confident in emerging strategic targets. Why? Because the data they have been analysing has been further analysed on the ground and they have located the gossanous horizon marking the surface. Gossan is good. Fertile gossan is what they are looking for and it can be found in the neighbourhood of blebby sulphides. This is significant to the exploration team. In MPJ's May announcement they show a photo of Directors, on the ground, holding a Talc Lake Gossan sample. Most company's pictures show execs looking at the camera, often smiling. These guys are smiling but they are looking at the gossan and a map of the tenement. That is their excitment. They choose this pic because it is a defining moment for them. It gives them confidence in their targets.
June - Hello Sarah
1st stage MLEM completed. Finds multiple new SIGNIFICANT conductors. Diamond drilling engaged to test priority targets AND to establish DHEM platforms in key areas to test and refine geo models. Clusters of conductors shown on map.
Drilling commences to test whole Western belt at Hootan and establish DHEM platforms in key areas. Goals are to continue the broader geological defintion across all prospects and to finalise strategic drill targets on the multiple significant conductors at Talc Lake.
MLEM has moved on to stage 2 - evaluate conductive targets at Roe 1 prospect. Dowling is guiding the mapping of drill holes.
July - Where do we start?
RC/Diamond drilling well under way. Hole 15 returns blebby sulphides, which confirms significant mineralised system.
18 conductors highlighted, 7 classified as Significant. Recommended FLEM follow up to further constrain targets.
A further prospect identified with another cluster of conductors to the north Pt Perchance, extending the strike zone further north from Hooton.
Recommendation of MLEM to west of Talc Lake to explore two interesting new conductors.
Sarah has finished the current stage of mapping and identified an important and unexplored extensive high MgO ultramafic sequence on the western flank of the Roe Hills belt. It is suggested that this may be the "fold repeated western limb" they are looking for, "the most prospective part of the sequence". How this slides through the announcement so unassumingly has me beat. It is that ants pants!
August - How have MPJ done?
MPJ have done everything they have said they would and the next step is exactly what they said it would be. Downhole EM surveys using the platforms they just purposely built, review the data and the assays when they come, ready to drill the highly defined priority targets they just methodically targeted and are still methodically targeting to find the Kambalda style massive nickel sulphides that are suggested to be here.
MPJ are not drilling this month because they are analysing the ongoing stream of data, drill results, EM results, historic data, groundwork and meeting the outcomes of the drilling plan mentioned back in April & June - to finalise strategic drill targets. So these September drill targets are the strategic drill targets. The August drill holes were planned to help finalise strategic drill targets and that is still continuing with the DHEM, the MLEM geo survey which is happening now in the important western flank (as recommended) and the analysing and modelling of data. The next drill round is exciting and important and the geos must be very busy.
MPJ's other goal from the drilling - to continue the broader geological defintion across all prospects was the target of three of the August drill holes, mapping the bigger picture across the 40 km strike zone. This also went to plan and the map is filling in nicely.
North along the long strike zone. The passage between Roe1 and Talc Lake has been opened north from Hootan to Pt Perchance and the last hole to be drilled was in Roe 2, which is south of Roe 1 and northwest of Pt Perchance, Hootan and Talc Lake. At Roe 2, MPJ notably found approx 23 metres of "fine grained heavily disseminated nickeliferous sulphides" and are waiting on assay results and planning DHEM to determine if massive nickel sulphide is proximal.
So between the Western flank, Roe 1 & 2, Hootan, Talc Lake, Pt Perchance and all the unexplored conductors, I can only say that is a fantastic August announcment. MPJ have defined a strategic action plan and stuck with brilliantly, adapting it as needed and plodding methodically through the work load.
The directors are feeling encouraged and they have their skin in the game. They are getting a sniff of the massive sulphides in the breeze and if we don't hear from them very often, I guess that's good - they're too busy doing the work we need them to do.
It's only a matter of time before the market digests the importance of this announcement and if they don't, it's no big deal unless you need the funds elsewhere. Not many spec explorers tick the boxes so precisely and then to find the gossamous horizon and know that the historic data wasn't lying must have been a fantastic feeling for those on the ground. I have faith in the team and the territory so I'm holding what I've got and buying more. Great announcement. Very detailed. Very thorough. Very prospective.
Yes MPJ have met their goals and are continuing to meet them strategically. This is going to blow when they find it! Can't wait for September, although I'm super interested in the western MLEM results before then. Exciting times ahead. I wonder what their capital raise is and if it's one we can participate in or not? Well done MPJ! Happy to be a holder!
