I, as many others, have been wrestling with Chris’s over promising style. In particular about the lack of “constant news flow” regarding the 80,000 meters of drilling that is supposed to happen this year.
To process these concerns, I have transcribed key parts of the last 58 minute interview.
During this revisiting of the interview, I feel less worried now, about the overpromising/underdelivering and greatly reassured by his explanation of korbel valley and where the 10 million ounces will come from.
I do have some confusion, possibly because of all these interviews bleeding into one, that there was a strong inference that they may update their reserves around the 10 million ounces, around the end of the year. I presume this will be the korbel system update (coming out later this year) combined with the RPM maiden resource (also coming out this year).
In any case, having re visited the interview, I feel that there is less of what appears to be American hyperbole or salesman’s spin, and more someone who really knows the details intimately, and more concerned with a longer term strategy than the timelines of all the spinning plates that makes up Nova.
19:17 “We think we are on to one of these 10 million ounces whoppers at korbel alone.”
25:30 “more results coming out in the coming weeks as well in fact I just saw some preliminary results just this morning so those will be released very shortly”
26:20 commercial labs swamped with work, turnaround times 4 to 5 months” onsite labs will reduce this to “weeks not months”
26:45 “4.7 million ounces is only a small step to what we believe we have at korbel 10mill oz at least we believe we’re onto one of these things ….along korbel main … we are currently drilling infill to get some of these resources proved up into the measured and indicated categories , also were drilling step out to the south east….”
(Korbel main is a and b)
27.30 Korbel valley include other anomalies, blocks c and D, cathedral, you beauty, Isabella, potentially all will converge.
29:30 “ Cathedral prospect has several ounce per ton, very strong colour anomaly, very close to korbel main, we believe cathedral could be the actual core feeder of the korbel valley mineralized system, so we will be drilling there this year… we need another drill rig! We just don’t have enough drill rigs…”
28:45 “Another resource upgrade for korbel coming out later this year incorporating all the drilling we’ve been doing since the end of 2020”
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In my head it does reaffirm that a long term play of Nova, is where the big returns are. Clearly his two pronged approach is get a mine underway ASAP as well as flesh out the bigger picture in terms of other potential resources on the Estelle holding. I feel that is the big picture announcements that will drive the share price up, not so much the dribbling out of the drill results. I only hope that the delivery of the 3 big announcements (Scoping study, rpm maiden resource, and korbel main update) will be delivered in a timely fashion, as per the expectations that Chris has set up.
my apologies for the ramble
good luck to all.
(20min delay)