But questions about the size and quality of what has been described as a massive new copper discovery persist, and may not be resolved until after the weekend.
It is understood that AMI, which is due to come off a trading halt this morning, could seek an extension from the Australian Stock Exchange until Monday.
That would leave a good number of edgy investors in limbo after they pumped AMI's price from $2.93 on Monday to as high as $10 before falling back to $7.11 ahead of the Wednesday morning trading halt.
But The Australian understands that the latest drilling results provide further evidence that AMI's drill holes are making intercepts that are both wide and contain high-grade copper at its Las Minerale deposit, one of several zones reported to exist at AMI's Rocklands project.
This was indicated by a brief statement from Mr McCrae to the ASX yesterday.
It read: "Drilling is continuing to increase the resource at the Rocklands copper-gold-cobalt group project. Drilling is continuing seven days per week, 12 hours per day. Further RC (reverse circulation) drill hole results have been received confirming the Las Minerale continues at depth, length and consistent width. An updated report will be released Friday."
The ASX has some questions about last Friday's resource announcement - that the company had an inferred resource of 59 million tonnes at Las Minerale at 2.04 per cent copper equivalent - a figure that rolls the cobalt values in with the copper grades.
It is understood that the ASX queries are about some details, but do not question the overall resource statement as to grades and tonnages.
Mr McCrae, meanwhile, shot down speculation that the trading halt concerned a capital raising.
He claimed earlier this week that the company was sitting on what could become the biggest copper mine in the world, and that several parallel mineralised zones were yet to be drilled. Some analysts have criticised AMI for providing insufficient details on hole locations and other information that would provide a more reliable picture of what Rocklands could hold.
These analysts have also criticised the ASX for not demanding more details from the company.
Another point of contention has been the upcoming AMI shareholder meeting to approve options to Mr McCrae and his two fellow directors who also work at the site.
Mr McCrae was to have received 15 million options exercisable at 50c, while Tim Koitka and Peter Hutchison would get 5 million each.
While he would accept shareholder views, Mr McCrae believed this was just recompense for all three men working seven days a week for $50,000 a year each
AUM
australian mining investments limited
