value is in taub...

Market mismatch...

Yesterday's results were from Tagpura North, and whilst not earth shattering, are pretty good for a first pass result.

None the less, they will need better results to reclaim the momentum they had prior to Xmas...which they inexcusably let slide over the break via a news void.

But...my main interests are in Taub...and the main run on the stock came because of Taub. Judging by the shift in drilling priority to Taub mid Jan (prior to finishing the Skarn hole), I suspect MNE feel the same.

I am also a little unhappy about the obvious leak of sorts prior to the announcement...day after day of selling (more than likely based on the less than hoped for results)...then the day prior to the announcement we see an obvious buying effort to set the scene for a rally on news day.

It was all a bit contrived if you ask me...and has all the hall-marks of a certain broking house.

So why the sell-off on what were not great, but certainly not bad results?

With the recent significant gold results from both Taub and Ugpo fresh in everyone's minds, I suspect the market collectively viewed the Tagpura North results as being less than expected.

I suspect the gold-rich skarns at Tagpura North will eventually become a viable project one day...but much more drilling will be required.

Results from NCPDH00002 equate to about 12.2m @ 1.3% CuEq (including 4m @ 2.9% CuEq)

Nothing wrong with these numbers...but not what the market was hoping for.

NCPDH00001 hit remarkably similar grades suggesting a fairly consistent enrichment process...but also hit a wide copper zone of 35m @ 0.46% Cu...so we can start to think bulk-tonnage Cu with serious gold credits.

Also...consistent result means less drilling will ultimately be required to attain desired resource classification.

Anyway...these results should be This should be viewed as part of the expansion of the Tagpura project...a potential large scale copper/gold project with porphyry type grades.

That is not to say they will not one day discover a higher grade zone, perhaps once they pin-point the location of more reactive host?

It is a shame the skarn hole did not test all three mag-high targets...and the zones in between...I suspect the rig site became damaged for the storm, otherwise they would not be drilling Taub mid-January and I assume going back to finish this hole until as late as February?

Unless they have two rigs?

I suspect they are now chasing the short-term value changer...the gold at Taub and Ugpo...

As I have said all along, I believe MNE will eventually shift their focus to gold once the results from Taub and Ugpo come in, which appear to be hosted within a different geological setting, with less associated copper.

None the less, the market voted yesterday...and rightly or wrongly they were disappointed.

In the face of obvious weakness, and less than exciting results, I sold out some of my position yesterday (for a net loss on recent buys)...but still hold a significant exposure as an investment interest.

I am hoping my views on Taub and Ugpo will be proven correct, and in the near future we will be talking about MNE as a predominately gold focussed group.

Cheers!