Guys, this was posted at the start of the day by Spector ( I hope you don't mind me replaying it ). It sounds obvious to me that those who are confused about why the price has run so hard don't know much about the company and its prospects. Have a read of this, its brief but you will get the picture.
"Brisbane, Oct 16, 2007 (ABN Newswire) - The Board of Republic Gold ("Republic" or the "Company")(ASX: RAU) announces an update on its drilling programmes. In Far North Queensland the latest phase of drilling at the Northcote Gold Project has been completed and the drill rig is currently drilling at the Mt Carbine Tungsten Project. In New South Wales a second drill rig is well advanced in the drilling programme at the Burraga Copper-Gold Project
New South Wales - Burraga Copper-Gold Project
Drilling commenced at the 75%-owned Burraga Copper-Gold Project in September 2007. This programme of 12 drillholes is testing a number of targets at and around the substantial historical copper producer, the Lloyd's Mine.
Exploration in the 1980's indicated an extensive soil geochemistry anomaly associated with geophysical features suggesting a larger mineralisation system than that mined previously. Initial drilling at that period encountered mineralisation associated with these features and supported the potential of the area.
Some of the current drillholes are twinning, i.e. being drilled adjacent to, old openhole percussion drillholes from the 1980's. Current RC and core drilling techniques are considered to provide a better sample than earlier openhole techniques, so the new drillholes are being used as a check on the older drillholes
Drilling on the current programme is expected to be completed in the next week.
Visible copper mineralisation has been reported from the field in a number of drillholes and importantly, previously unknown zones have been intersected away from the historical mine itself. Final analysis results will be available over the next 6-8 weeks.
Far North Queensland - Northcote Gold Project
Drilling has been completed at the 75%-owned Northcote Gold Project.
Drilling was in the vicinity of the East Leadingham deposit, the highest grade gold deposit located on the site. Current programme drillholes intersected the main East Leadingham structure and a structure further to the east. Visible mineralisation has been encountered in many of the drillholes.
Sampling and geological logging of the RC portion of all the drillholes has been completed and these samples despatched to the analysis laboratory. Much of the RC drilling has been what is termed "pre-collars," i.e. the upper portion of the drillhole before the diamond drilled portion of the drillhole. As such, the pre-collars would not be expected to contain significant mineralisation. Analysis results for this work are expected in approximately 4 weeks.
Logging and cutting of the cored sections of the holes for sampling has not yet been completed and hence no diamond core has been despatched to the laboratory. This is planned to take place over the next few weeks.
Far North Queensland - Mt Carbine Tungsten Project
Diamond drilling at the Mt Carbine Tungsten Project, that the Company has an exclusive option over to carry out due diligence, commenced two weeks ago. Two diamond drillholes are being drilled beneath the former open pit. The first of these drillholes has been completed. It was drilled to a drillhole length of 401.5 metres. Geological logging of this drillhole is nearly complete and core cutting has been commenced. The second drillhole is approximately 200 metres down the hole.
As was expected, extensive zones of mineralisation have been encountered, some of them showing visible scheelite mineralisation under a UV lamp.
When the drill rig completes the second diamond drillhole, it will drill a series of short RC drillholes in the No 4 tailings dam and the reject ore stockpile. Visible scheelite can be detected in the tailings sands and there is anecdotal evidence of wolframite in the stockpile.
Far North Queensland -Future Programme
When the drill rig completes the Mt Carbine programme, expected to be early next week, the drill rig will move to the 100%-owned Whumbal West Tungsten prospect where the very strong tungsten anomaly that has been developed by the Company will be drill-tested for the first time.
Drilling will then commence at the 100%-owned Far North Prospect at Tregoora where a series of drillholes will test a number of gold anomalies that were developed in the 2006 field season."
RAU was already on the launch pad back in August before the subprime debarcle, why the surprise? Launch had just been delayed. Results soon will send this to the moon.
BIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
