Just a little quote from the announcement a few weeks ago:
“This larger mill will be run on one shift initially, but a second shift is planned to increase its daily use to 12 hours once we are confident it is running smoothly. Given the large amount of underground material, processing of the 1,000 tonne tailings bulk sample will not commence until the second shift starts on Hammer Mill 3“
Explains the slight delay IMO. There was a delay prior to the hammer mill installation of 9 days due to storm conditions and the holiday season. Possible that storm conditions may have come back, temporarily hindering progress? Maybe someone could check weather reports for the region over the past week. Also, getting everything running smoothly may have taken a few days. I expect the company has been extra cautious as accidental damage to the mill at this critical time would not be well received. They’ve probably spent a while cycling the mill on progressively harder ores to make sure it’s running perfectly before getting started on the 1000 tonne sampling. Anyways, here’s some calculations.
1000 tonnes/ 25 tonnes per hour = 40 hours
40 hours / 12 hour shifts = 3.3 days.
Then factor in the time taken to measure gold yields (a meticulous process that shouldn’t be rushed, screwing this up would verge on lying to the market) and you can see why it might be taking a while. Plus as others have said it is a public holiday in WA today (where the company is headquartered) which explains why nothing today. IMO we should see the announcement tomorrow or the day after. In the mean time, this delay has kind of benefited OGX as exposure has steadily increased. We’ve built a higher SP base on no news, improving our position for when things really kick into gear. GLTAH.
OGX Price at posting:
12.3¢ Sentiment: Buy Disclosure: Held
