If you are a "no stock held" then its a bad announcement.
If you hold, then its a good announcement
Not sure if Adros holds or not
IK has never been one who gets too excited in announcements, but I think he at least cracked a smile on this one
More pleasing is that the IP data also directly correlates with the Granite Castle JORC which contains 79,000oz gold and 1.5million oz silver in a 600m length of the shear and down to 130m vertical depth. The Granite Castle shear has been drilled down to 300m and a prior JORC resource of 167,000 oz gold to that depth was downgraded in 2008 when Mantle redid the JORC base to new modern compliance levels. However more deep drilling is expected to return that JORC to the full 167,000 oz gold level
It appears, from this latest drilling and the IP data (Figure 2), that the Coronation shear could be a larger and richer structure than the Granite Castle shear thereby leading to the conclusion that more drilling to JORC compliance spacings next year could yield a doubling, or even quadrupling of the JORC compliant resource base at the Granite Castle project. Significantly both shears remain open at depth, and there remain others yet to be tested to equivalent levels.
MNM Price at posting:
8.4¢ Sentiment: LT Buy Disclosure: Held
