I'm very bullish on ICG's prospects at Chanape and believe that...

I'm very bullish on ICG's prospects at Chanape and believe that higher grade porphyry will be discovered and partly drilled out during this round of drilling; however, if the company fails to intersect mineralisation of significant size and grade before a raise is required then it won't be a company worth investing in any longer. ICG's appeal is that they are currently so very cheap yet hold an extraordinary project with cash and backing (RCF) to explore, and they hold the project 100%. It does carry far more risk than JV'ing earlier but by the same token far more reward.

Take a look at AQD for the other path taken with regard to when a project is JV'ed (I'm not a holder of AQD but follow them). While an early JV reduces risk it doesn't necessarily mean much cash either. Correct me if I'm wrong but most of AQD's South American JV's provide them with only $3-4 million cash staged over, but basically at the end of, three years. Yes they are free carried to a PFS but they only own 30% of each project. 30% ownership of an economic porphyry is great but if that doesn't happen shareholders are left with $3 million gone in director fees and admin!

I'm hoping for ICG to hold on to Chanape for as long as they can. From a geology perspective there is a deposit there and the company will find higher grade zones if they exist given that their exploration approach is detailed, systematic, and professional. With further drilling the value of the project could rise significantly and at any point along the way a JV or other can happen - better it is somewhat down the track and at higher value than too close to the beginning for less.