I think the main reason for the fall is simply lack of news from Torrens Drilling. It was only 5 holes on the edge of the lake and the results so far even though they go some way to confirming the geological model were not that good, basicly crap. The remaining results are way overdue. Wether the holdup is with Straits or the labs is anyones guess but it is enough for speculative traders to jump ship. Those who have done their research and are in for the long term are not phased by this as they know SRL need to drill on the lake to get to the best gravity signatures. Approval for this is still under negotiation and maybe they need to prove the geological model before this is granted (pure speculation on my part).
I am happy to hold at these levels because in the longer term (i am only thinking six months) there is so much potential in areas other than Torrens. Unfortunatly the bigger potential targets are Overseas and for some reason Aussie Inestors seem to shy away from companies with tenements overseas until they produce definitive numbers. (JORC).
Latest results have been ignored because Nickel prices are going through the floor which affects the bottom line on wether these mines will be economical especially if the grade is low.
I will continue to hold my free carried portion and trade the ones i am picking up sub 20c as current levels are cheap as this thread says
Position: Currently looking for more at 18c Sentiment: Medium to Long Term Buy
ARE Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
