Just been watching Grand Designs and another dude 'learned from the internet' trying to take on a building project completely out of his depth, while the Kevin records the train wreck with barely disguised glee. Had to laugh at the simile with HC, told Mrs 2ic but received, as usual, the same disapproving, disinterested, dismissive response i get on HC. The irony, almost enough to have me think it was me... almost.
But then i log on and see this projection of positive impending drilling and assay results table and approximate valuation... like wtf? An actual mathematical escalation from April to November 2023 of an MRE going from 10Mt to 70Mt, between 1% and 2.5% Nb, with no justification of how the MRE might get there or how such an MRE translates into an EV? An attempt at comedy hopefully, a display of naivety probably. Plenty of love by the usual suspects of course.
I'm going to consider Wurlitch's pearl of advice with Sargant Schult's effort from earlier today that "we can go off here in the absence of assays"
Yeah man, let's not go off half-cocked in the absence of assays, but 10 bags from here and P2 hasn't even been drilled yet I'm a downramping buffoon obviously, so maybe someone can help me with the maths around up-coming assay results. This diagram is a little busy I'm sorry, but tried to make sense of salpeties 24th June good work on drilling progress, together with company reported hole completion to guess what hole results will be released shortly. Salpetie's white stars have assays reported (my yellow circles to be clear), purple drilled awaiting assays, green site prep plus drilling to 24th June.
I've embellished the plan with an outline of the magnetic high outline in dark blue (almost certainly the actual carbonatite) intrusive, big black strike circles with very low Nb assays, blue crosses where WA1 didn't bother yet completing the 200m x 200m infill (because holes on the 400m's were sheet) black crosses where they didn;t infill to 100m centres because the 200m holes were sheet, outline in red where they did infill to 200m then 100m where ealry holes were either good or good enough. Yellow circles are assay released holes... unsurprisingly clustered around initial LUR 2&3 holes as they worked their way out.
If it's too much, too bad. It looks really clear to me they have infilled and sought to find the edges of thicker, higher grade Nb with 100m centres first effort (purple now drilled) and then follow-up in green site prep. Hole 26 in big-yellow strike circle is both the best hole to date, and the centre of the drill plan (funny that). As per the infill holes around the complete duster LUR34 (big black circle rhs), infill doesn't mean chasing up good results. They are trying to find the edges and define the good stuff for an idea of tonnes/grade.
Black crosses in-between 200m centres where no infill has been prepped tells the story imo. No point drilling half way between 'something' and dead, especially when you're not confident it will report halfway. Better to have the market think it drops in a straight line from something to nothing, than drill half way and shrink the orebody footprint even closer. That NS line out west (9 to 14) must have been an absolute stinker to have left iot hanging at 400m spacing to holes 15-18 imo. Maybe they just too busy with great holes in the NE but I doubt it, I'll bet on it! Luni is shrinking to reality, but only if you have salpetie to provide the evidence and the nouse to join the dots.
Hole 26 needs a post on it's own, it's the 'Cummins' primary controlled HG great white hope, but that's not the point I want to make right now. Focus on the holes with white circles. They are the holes left un-assayed from the 5th June results update, from holes completed 5th April update, 14th April update and 1 - 3 holes complete by the 1st May update. The way I interpret things, every un-assyed hole except 38, the last hole drilled by 1st May according to salpetie's satellite, looks like being somewhere between a duster and just disappointing.
Holes drilled after 1st May must be a long way from the lab given we still waiting for samples submitted 5th April, unless they play the old 'hold back the sheet, fast track the good stuff to headline a release' game. I'm not losing sleep over a good release to finally sell down into, I'm only interested in the actual results regardless when they released, but guessing Wurlitch and his mates are....
Bottom line for those can't read more than 256 characters, wouldn't bank on good results next release running this stock unless they wait until late July and some recent winners to paper over the disappointment. Otherwise, @salpetie, it strikes me your handle is an anagram of satellite with the letter 'p' replacing a letter 'l'. Guessing then your first name is Pete, and you obviously specialise in satellite imagery-interpretation... am I close or is it too much wine with dinner?
GLTAH (except the DHs)
WA1 Price at posting:
$5.80 Sentiment: None Disclosure: Not Held
I'm a downramping buffoon obviously, so maybe someone can help me with the maths around up-coming assay results. This diagram is a little busy I'm sorry, but tried to make sense of salpeties 24th June good work on drilling progress, together with company reported hole completion to guess what hole results will be released shortly. Salpetie's white stars have assays reported (my yellow circles to be clear), purple drilled awaiting assays, green site prep plus drilling to 24th June.
(20min delay)
