It won't be Tech Cominco imo. They have enough on their plate at Carapateena. Tech have done a lot of drilling at Carapateena (about 75000m) but still have heaps more to do. Native title issues are a hassle for all the drills around the lakes areas in SA. Drills are still in mineralization at the rigs capacity of 1500m so it gets very expensive at those depths and greater. Olympic Dam is still in mineralization at 2500m and it costs something like $500 a metre for diamond drilling at that depth. Olympic Dam, Prominent Hill and Carapateena keep getting bigger the deeper they go.
CRJ will get the data from the recent gravity survey the SA govt has done very soon and when they analyse that they will be able to make a better judgement on where to place the drills. I'd prefer them to take their time getting the right deal rather than letting too much of the tenements go. It will take a lot of funds to prove up any discovery once they make a hit so it would be prudent not to rush things. If they used a bit of the funds from the exercising of the options and made a discovery then any JV or other deal would be vastly different to one made now.
Assays should be out soon for the FDL tenements which might move things along a bit also.
CRJ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
