ALR (ASX) HW Drill Results

Originally posted by Ignatz01: ↑

Haven't been on here for a while due to remote work etc.

After having read some comments not sure if I want to come back but felt that it might be good to provide some clarity where I may.

There are a lot of comments going around that simply are not accurate and do not help.

Horse Well - I have overseen major exploration programs and for those that may not be in the know there is a huge amount of work in getting samples prepared for the lab. The core has to be secured and delivered to a core shed and prior to preparation for the lab has to be logged in detail - there is not always time to do logging full justice at the rig. When the core is delivered a decision needs to be made on what will get analysed and that core has to be filleted - that means cutting it down the middle in one metre sections using a diamond saw (that is because you always want to keep a half section for future study). This is laborious and for hard core (like the Horse Well material) can take many, many man hours to complete. I have cut over 100,000 metres of iron ore core as a junior geo in the dark ages and it takes a huge amount of time and is a brain numbing exercise. Please factor this in. And with preparation facilities at a premium and huge delays in lab turnaround times I think it is wise to cut some slack as no management can control this process and it takes a crap load of time. Smart companies will always half or even quarter fillet core to ensure they have intact core for future work as almost all companies will go back and review after they have done additional exploration work - that's why we have huge core shed facilities around the country.

On a technical note I saw in one of the Mining Australia articles that the Gawler Craton is around 440,000 square kilometres. The footprint of the Olympic Dam Mine appears to be around 40 square km and it is an 11 Billion tonne deposit - the largest IOCG deposit in the world. On a pure surface area basis that huge deposit represents 9 one thousandths of a percent (0.009%) of the surface area of the basin - that, as the CEO mentioned in an interview - is truly looking for a needle in a haystack. Making decisions on where to drill when it could cost $450K+ per hole ($300 per metre or more and 1,500m hole) can definitely keep you up at night!

I also noticed (going back through threads I have missed) people saying that photos of core have been deceptive and misleading. I have often found that if there are no pictures at all people believe the worse and if there are pictures people draw there own conclusions - damned if you do and damned if you don't. Showing examples of mineralisation (such as bornite) are done by just about every single company - note that no statement was made in regards to the potential so if you feel mislead I suspect that may have been your own doing. I've written a few ASX releases in my time and hate doing it as you deliberate over every word to ensure you get it right (and the ASX are very good at ensuring you do not mislead). I think the releases have been very balanced - certainly far more so that the spruiking I have seen from some other companies.

I also saw a few comments about "Sleepy Andrew" - I think most CEOs have a pretty thick skin so I am sure he takes this with a grain of salt if he even views these posts (not likely). One thing I have noticed is that he is on a part-time contract with CHK which is highly unusual. I know a few CEO's of junior explorers and none of them are part-time because the workload is usually pretty huge (governance is a killer). It is a hard gig. At least us shareholders of CHK are benefitting from a very lean team. And if anyone thinks you can be a "sleepy" CEO of a junior explorer with such a small team you just don't get it (IMHO).

Finally Pyramid Lake - is not a lithium deposit it is a gypsum deposit. It was assessed prior to the CEO coming on board and deemed that the lithium potential was not there - look back over company announcements and reports. Comments about the CEO not understanding that they are "next to a monster like Greenbushes" are just wrong because it is not next to Greenbushes, it is a lake bed deposit (gypsum) and not a hard rock, spodumene deposit. Not comparable and the lithium potential of Pyramid Lake was put to rest prior to current CEO coming on board so I am not convinced that the "I don't know comments" are accurate at all.

Apologies - a bit of a rant. I just like accurate assessments and there has been some crap floating around - it isn't helpful and neither is character assassination. If you think you can do better see how you go getting invited onto a Board (very few do) - it isn't fun, it is rarely a "lifestyle" choice and you can cop a lot of crap. I wouldn't do it. Be really good to conduct an experiment and see what would happen if shareholders actually supported the people who are trying to run the companies on their behalf!! Wow - that's a novel idea!

Cheers

Expand

Thank you. Great posts with very useful information.

I hope it quietens down some of the doubters of managements performance. We need thread content that discusses the machinations of the spec end of exploration while letting them get on unimpeded with chasing a IOCG deposit.

Have a listen to Willem from the 24 minute mark. He has shares in CHK and he explains why he invests in companies like CHK. Good enough for me

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