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Dabbler009

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05/08/24

13:55

Post #: 75074267
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Originally posted by ozblue: ↑

ENR is up 13% on another 3m and 2m hits of nice niobium, with the extension along the Elephant Island fault (possibly) a couple of km to the East of the other drilling.

They are now around 30% of the Mcap here, where we have a known mineable resource, with ENR still having sniffs but nothing definite as in a mineable resource. If they had a resource 5 km long by 100m wide and 40m deep at an average grade of 1% they would have about 15% of the Niobium of Luni.

Of course they haven't come close to proving up anywhere near this much. Today's announcement by them didn't add much value to what they have found so far, but did add excitement of 'more' niobium.

On a relative basis, they have more excitement of 'possible' further discovery, while we are just going about normal business of proving up what we have. There is nothing 'exciting' about going about normal business so most traders will avoid WA1 as there is nothing in the near term to provide a huge sudden rise in the share price, which is why some people 'talk' T/O, trying to offer a spark of excitement. Pretty sure we are going to mining and the big companies know how tightly this is held, so any T/O could only come with board and large shareholder agreement, so would have to be juicy.

IMHO ENR have done us a great service by proving that aircore drilling can add value quickly. Aircore is relatively cheap, so we could do a lot more searching on our tenements around Luni to extend the resource size.

If anyone is going to Diggers and Dealers, and gets the opportunity to ask questions, can you please ask why we haven't bothered to do any work on the other side of the Endurance fault with some aircore drilling, or around the Urmia with aircore on gravity highs where the magnetics are more subdued??

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WA1 Price at posting: $13.76 Sentiment: Buy Disclosure: Held
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