Imo, today's announcement cast me to think about 'damage control'.
Meaning of damage control:
damage control is the emergency control of situations that may cause of the sinking of a ship.
Most highly likely successful VMS prospect(Vulcan West) turned out, in my interpretation, very less likely one.
Then, theoretically, any r possible other contenders of VMS deposits in the company Doolgunna tenements are less likely turn to be good results.
How about FR?
We have encountered 'magmatic nickel sulphide'(they said 2nd case after 1st of SIR).
We have confirmed above sulphide and rocks are same as SIR's Nova/Bollinger ones by expert.
JV partner AON has carried out high powered GEM surveys over whole FR tenements and they said they found about 10 target areas. As far as I know they highly likely did pilot test drillings at both Plato and/or Oceanus at least. Initially their drilling campaign was planned around October. But strangely, plan was postponed to (early) next year.
Personally, possible reasons could be:
1. Funding issue
2. Very weak base metal market (almost 5 years low of nickel price)
3. No definite conviction to their findings (conductors or whatever) after test pilot drills
Whatsoever any reason might be, FR's destiny is in other party's hands and they also have no enough fund without CR raising.
Then last remaining achievable hopes are at SEDEX deposits like Borg, Bono, Azan etc, imo.
Luckily, apart from how they could turn out eventually, we have some photographic evidence of 'layered pyritic sulphide' indicating to find potential SEDEX deposits.
Regards,
ENT Price at posting:
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