(Here is a post I just placed in BAR stating my opinion - and I like you, thing the current s/p is just totally inexplicable - any explanations though would be most welcome!)
I think the result was actually quite good. The 1 hole which hit the goods was the only hole which actually went down deep - to about 200 metres. Of the 5 holes which have gone down deep (down about 200 metres) 3 have hit the goods - that's a 60% strike ratio! Only 1 of the shallow holes hit the goods - so 4 drill holes have hit the goods and 3 of those were the deepest yet drilled at the project...Now we got these 2 deep diamond drill holes coming going down even deeper - well, if this thing plunges down and they hit it than it will be on. Why? Because all the stars have lined up save 1:
* They have discovered a virgin high-grade nickel sulphide deposit - no mean feat, who else can boast this (only STB comes to mind in the last year and in that time they have gone from 10 cents to $3!) *For all the current love of copper in the market nickel is three times the price (so when BAR/FIS hit the 8% nickel its like finding 24% copper) * They are in nickel sulphide central with a myriad of billion dollar plus nickel sulphide companies all around (so it won?t take a great leap of imagination for the market to see where this baby is going!)
...so the only question becomes, how big is the deposit/what is the shape of the deposit - if this thing has any size to it at all it will be economic which will mean a huge rerating for the microcap holders BAR and FIS
This play actually reminds me a lot of South Boulder (STB) who also hit high-grade nickel sulphides which the market also ignored for quite a while - until they also put down some deep diamond drill holes and hit 5 metres @ 9% Ni - after that they ran from 15 cents to over a $1.00 in the space of a month or so...Incidentally this strike by STB was something of an outlier e.g. the most recent success STB hit at their Rosie Prospect is 5 metres @ 2% Ni and 3.8 metres @ 2.4% Ni ? and this great mineralisation is 600 metres underground (whilst BAR/FIS have been hitting as good if not better from 200 metres...)
I guess history never repeats but it sometimes rhymes!
FIS Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held
