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78.0¢ avz minerals limited

I find it strange that mgmt keep saying we're on track for end...

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gasmanau

259 Posts.

59

22/05/18

12:21

Post #: 33250415
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Originally posted by Taneehga ↑

Ok boys and girls, the AVZ forum has become a hive of disappointment due to missed deadlines by management, especially on the drilling and JORC front. So, I present the drilling stats to date:

Feb 1: drilling starts
1 rig

Feb 14: 1 hole done [reported 5 days later]
1 rig
380m completed in 13 days with 1 rig
29.2m per day per rig

Feb 25: 2 holes done [reported 9 days later]
3 rigs
365.7m completed in 12 days with 1 rig
30m per day per rig

Apr 6: 8 holes done, 3 in progress (intermediate progress not reported)
4 rigs
1757.7m+ completed in 40 days with 3 rigs
15m+ per day per rig (low estimate)

May 16: 25 holes done, 4 in progress (intermediate progress reported)
4 rigs
5277.8m completed in 40 days with 4 rigs
33m per day per rig

Total drilled reported in tables as of May 16: 7781.2m

Reported in summary drilled as of May 16: 8073m

Assuming 30m per day per rig, with 12000m remaining, 100 days to go from May 16. Expect drilling to end before mid-August. In order to finish by end of June (45 days), need a drilling rate of 60m+ per day per rig is needed. Realistically, I think a drilling rate of 40m per day per rig is sustainable.

Maybe some of you believe that the intermittent assay news wont move the SP, or that the delay come June will push the SP even lower, or that there are better opportunities in the ST. Maybe you think the execs have caught ebola.

I personally reckon this drilling delay mostly priced in. And for those who weren't aware, I hope this information will allow you to break away any clouds of doubt regarding whether to buy or sell. I have already cast my die.

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I find it strange that mgmt keep saying we're on track for end of June - they must have something up their sleeve as you've shown that it's incredibly unlikely they'll be able to finish this in the next 6 weeks.

AVZ Price at posting: 16.3¢ Sentiment: Hold Disclosure: Held
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