Thanks for your post which I tend to agree with. Particularly about the need for drilling at Tolukuma EL2531 i.e. no drilling = no JORC resource.
You made a very good point about the cut-off grades at Tolukuma EL2531. I am basing my forecasting on information from PorterGeo about the existing Tolukuma mine and mill ML104 (see link below). Having said this, I have the feeling that FNT's EL2531 will probably much larger, and the grades far better. Of course, as we both know, the proof of the pudding will only become known after an extensive drilling program has been completed and the final assays received.
I would also agree that the market has valued FNT's Tolukuma EL2531 tenement at a fairly low level (probably around a A$8 million), which IMVHO, is fair enough. That said, I still believe that the impending assays will have a positive impact on the SP (as long as they are good). In addition, I feel that the latest potentially very positive developments at ML104 i.e. the reopening of the mine and mill, could have a very positive effect on FNT. Of course, the announcement that FNT will commence drilling at EL22531, will also be warmly greeted by investors. I expect this news to come out after all of the current still outstanding assay results have been received. Once drilling has commenced, which will probably be early next year, the interest by investors should significantly increase as drilling progresses and the assay results are received.
Like you, I see FNT's sudden new venture into rare earths as a huge bonus for FNT shareholders (it has already been warmly welcomed by new investors). Indeed I now clearly see the Murraydium Project in SA as the major project for FNT. If successful, it will be far far larger than Tolukuma EL2531. Indeed, IMVHO, I believe that investors are only just beginning to realise the huge potential of this project. Therefore, I see the SP moving further higher over the next few weeks.
Depending on how quickly FNT decides to progress with their Murraydium Project in SA (my guess is that they will move quickly), this will also heighten investor interest. Right now, based on what we know about Murraydium, and more importantly what we know about AX3's neighbouring Koppamurra Project, which, just like Murraydium is also an ionic clay rare earth prospect, I am very optimistic that FNT will be able to report similar successes as AX3 sometime within the next 3-6 months.
All in all, the next few days, weeks, and months should be very exciting for FNT holders.
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