I like it because: (a) very large alteration halo i.e. it's obviously a big mineralised system... with what looks to be a decent sized shear zone/structure, (b) mineralisation hit 400m apart on first holes (by both companies) which unless both companies got extremely lucky likely means there is a lot of mineralisation to be drilled, (c) potentially shallow and not deep like some of the other deposits in the area which means they could develop a lower grade deposit, possibly open cut, and cheaper, (d) the comments from various geologists involved in previous big discoveries saying the core looks extremely similar to major discoveries they've been involved with, (e) the confidence (and obvious excitement) of both management teams.
The grade didn't initially excite me but I looked up previous discoveries and rather similar intersections in initial discovery holes:
Arrow --> 5.5m at 0.3% U3O8 Gryphon --> 7.7m at 0.17% U3O8 GMZ --> 5.5m at 0.12% U3O8
Once the initial discoveries are made companies seem to be able to quickly delineate the higher grade zones, which can have significant vertical extent. The more I dig into this discovery the more it seems to me that the market is discounting it somewhat. The ASX has a pretty strong home bias and seems to not pay attention to discoveries happening overseas until they see a share price has done a few multiples (look how long STM took to get over $200M and then compare it to other similar discoveries in Oz). Fingers crossed this is just the beginning for 92E. GLTA
92E Price at posting:
60.0¢ Sentiment: Buy Disclosure: Held
