For such a small company CRJ have a large tenement position in one of the most prospective areas on the planet where massive deposits exist. The trouble with CRJ is that they are explorers and have only managed to drill about 2 deep and half a dozen shallow holes all year.
Paying management to do deals and manage drill programs to find out what is on the ground that they hold is the business they are in...... the problem is we are not seeing too much of it. Obtaining more ground is good but of no use unless they actually do something on what they have. It's been over six months since they suspended the OD drilling, they have plenty of cash to get started and I don't want to see millions wasted on management sitting on their arses and talking up big things whilst delivering sfa.
Comparing to something like Copperco which went from zero to producer in less than 4 years CRJ is hardly keeping pace but it's in it's first year. If they could get a similar deal to ARE with a $7 mil freecarried jv then I'll eat humble pie and say Blackman & co are legends behind the scenes but I'm getting tired of the carrot approach (drilling, CSI's and JV's around the corner....shut up and just do it) and the interest in the stock is a testament to the progress made to date.
That said it is good buying at these levels as it should double when they start drilling again. Progress is required and soon.
CRJ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
