If infact Integra has got some super hot drill results it may pay holders of IGR to do some research on Ramelius. They have had some massive hits (inc one of over 1kg of gold a tonne) but under the JORC rules they had to "cut" these results. My layman's understanding is that to make sure that the reported figure is not based on the drill fluking a couple of nuggets there is an upper limit placed on what can be reported (which is the "cut" figure).
So when RMS reported huge hits its shareprice took off for a while but when they reported their JORC compliant resource (based on their cut figures) and it was bugger all (about 73k from memory) the shareprice fell back along way. The MD of RMS is like a bloke trying to play charades through the announcements - they are not permitted to say that they have an extensive high grade find but they are trying really hard to let people know that they think they have.
Now it may be that if IGR has come across a similar reef they may face similar problems - really big uncut figures, but no spectacular cut figures and resources. Seeing how moody this market is this could go against IGR (in a relative sense ie it may not kick like you would expect).
If anyone can give a clearer more accurate description of cut and uncut drill results I'd appeciate it.
Cheers
IGR Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
