why hasnt t2 been drilled yet?, page-2

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hi chopscity, havent ignored you, have been in Mildura for work with no access to internet for 5 days, that was hard.
didnt know i was so reliant on it!!!
although probably a good thing with meerkat causing his/her usual stink.

first question you asked, what i thought of the announcement, well only read tonight, trying to digest but here goes.

from wikipedia

"Iron oxide copper gold ore deposits (IOCG) are important and highly valuable concentrations of copper, gold and uranium ores hosted within iron oxide dominant gangue assemblages which share a common genetic origin.

These ore bodies range from around 10 million tonnes of contained ore, to 4,000 million tonnes or more, and have a grade of between 0.2% to 5% copper, with gold contents ranging from 0.1 to 3+ grams per tonne (parts per million). These ore bodies tend to express as cone-like, blanket-like breccia sheets within granitic margins, ore as long ribbon-like breccia or massive iron oxide deposits within faults or shears.

The tremendous size, relatively simple metallurgy and relatively high grade of IOCG deposits can produce extremely profitable mines.

Iron oxide copper-gold deposits are also often associated with other valuable trace elements such as uranium, bismuth and rare earth metals, although these accessories are typically subordinate to copper and gold in economic terms"

ok, going on our results,
1)all bar 1 hole, copper grades were 0.2% or higher, so call this a tick( grades of 0.2% to 5% standard IOCG deposit grades )

2)most holes had gold grades of 0.1 ppm or more, but certainly averaged that per hole( grades of 0.1 to 3+ ppm as per wikipedia for standard IOCG deposit) another tick.

3)uranium, silver, cobalt and molybdenum in every drill result ( per wikipedia uranium, bismuth and other rare earth elements are part of an IOCG deposit) another tick

4)mineralisation was associated with broad zones of brecciation ( per wikipedia ore bodies tend to express as conelike, blanket like breccia sheets ) another tick.

going on what has been reported to us there seems to be no doubt this is an IOCG style deposit.
going on the results, we currently have the bottom range of an IOCG style deposit, Peter made mention of possibly drilling in the halo of the deposit surrounding the core, if this is confirmed with other drills with higher results then all i can say is- YOU BEAUTY.
on the other hand if these grades are consistant everywhere we drill then we have an IOCG deposit on the lower grade of the scale.
Can this be profitably mined, i am the wrong person to answer that.

so your question was, am i still confident,
YES, with an IOCG deposit indication, i suppose the question is can these grades be improved on, but this is definitely a great start. ( noticed some people were unhappy with grades, others who didnt hold shares seemed relatively surprised on the upside)

i purchased 20000 or so shares at 6.3c today, cannot believe the price, wish i had more spare cash. if T1 or T3 provide similar or better results then this is currently a steal.

1 item from the announcement i am unsure of was the indication of abundant sulphides, frequently higher than 10% sulphur, dominantly pyrite( associated with gold ),
phyrrhotite ( associated with nickel and cobalt ) and chalcopyrite ( associated with massive sulphide deposits and the formation of copper in hydrothermal circulation)

any geologists care to have a stab at this, these levels seem nice and high, ripe for mineral deposits????

so i am still happy with these results, i never judge results like this until i do some research, but so far so good.

as far as why we didnt drill T2 first, cant answer that, suppose i can only theorise.
T1 and T3 had soil samples completed earlier but didnt appear to be as massive in size, is it a punt these sites were drilled before T2, we will have to wait for results in the next week or 2.

chopscity " we are dying a slow death ". every one who reads this site knows my theory on this, i may be right, could be off base, but if i am right the recent announcement certainly would not of deterred the POSSIBLE manipulation of GBZ.
the whole area is throwing up indications of huge deposits and if i am right and it is Extrata then i love there recent announcement of not proceeding with there mine development, 3000 jobs may be lost etc, i dont believe it for a second, they will be eagerly awaiting the JORC from CDU and if there are indications of IOCG deposits on neighbouring sites they wont hesitate now, could be a huge prize on the end, even with higher possible taxes.

we will see.

for the time being MY sentiment is definitely a long term buy but by no means use this as investing advise, it is only my opinion.