"At Chakata, right now, we have just finished our first drill program, it's a modest drill program, seven drill holes for just over 1200 meters. Visual mineralization has been intersected, copper, chalcopyrite and Bornite et cetera. Those first seven holes are now in various stages of the essay process, in the sense that Ethiopia doesn't have full scale laboratories, but they do have a laboratory, an ALS prep lab. So, the core is being prepped into pulp and then exported to ALS in Perth. We expect to get some of those early returns over the next couple of months. Then just a couple of hundred meters to the east, we have started a second drill program, and that is testing some of those historical results. We've been calling that the G2 prospect, because it's a granite diorite in this strong granite diorite area."
"We think that 4 million will get us through, into Q2 next year. It gives us the flexibility to continue executing the strategic plan, which would include what we expect to be some more drilling programs at Chakata, which will all be based on how these early results go. There are 71 and a half million shares on issue. Of those, the top 40 shareholders are pretty much almost 80% of the Company and that's Management and a couple of sophisticated institutional investors. It's almost all with management and friends and family as well."
"And the fourth thing is right now we have the cash to do it. We have the cash to be able to put this train in motion, to prove our thesis. And once that happens, we expect to be really well on the way to identifying a resource in 2022."
MEG Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
