Wow, the Kingfisher drilling campaign appears to have been a massive success.... so much so that the company is now looking to mobilise on-ground geophysical surveys of the Paragoda prospect. WTF? Wasn't Kingfisher supposed to the main focus of the company now, especially considering that HOA and other alliances with Queens Mine and Monash were cancelled this year? Should we read between the lines here people?
Unless we hear otherwise from the company, it appears that commercial viability of Kingfisher has been found wanting. We have the results from three holes drilled at Kingfisher being PLB004, PLB011 & PLB 013 (See market announcement 7 Sept 2015). The company needs to stop dancing around the issues and clearly indicate where it is at RIGHT NOW. According to the Annual Report, 30 holes were drilled and we are told there were "several high grade intercepts". Several???? Tell us exactly how many drill holes intersected graphite and how thick were the veins? If graphite was found in more than 3 holes, then tell us how many.
Can management also please explain the following statement from the September 7 release: "Data will be reconciled against remote sensing work and surface exposures to produce a geological model that will be tested in the next phase of work." What is the "next phase of work"?
Also in the 7 Sept report: "The drill core and sampling program is presently scheduled to be completed in September with all analyses being scheduled to be returned by late October/early November." Let's see if that milestone is met.
I'll bet all of the those sophisticated investors who bought in at 50c are as happy as a pig in sh@t right now.
BTW, we are still waiting for an explanation as to why our geologist (Johnstone) and Company Secretary resigned from the company this year.
DYOR
Biggles
BBR Price at posting:
7.8¢ Sentiment: None Disclosure: Held
