From my own interpretation of what is happening at Cancet and with what Chris said in the webinar.
The first drill program ran from
October to Mid December. It's is now mid April and no results reported. The
drill program was testing the 15-20 pegmatite outcrops in the area. From my understanding, they were going around putting a drill hole in each pegmatite to test the fertility. So they have a few of the results but they were either dusters, or had small intervals of lithium intersected which would do nothing to stop the SP declining so have decided to hang on to those.
A company is not required to disclose assays as they come to hand if deemed not material. Out of the staff, only one or two people would have access to that information and without extrapolating the data it sits on their desk as some assay results that have not yet been analyzed and put in context. See it all the time with poor results being included at the backend of company's quarterly reports. It is deemed immaterial and not significant therefore no need to report it to investors.
I'm not sure how big of a factor this is but Cancet has higher levels of Iron content. If you go back to the initial testwork from MTC it has levels of around 1.5 or higher, with a comment saying moderate iron levels will be reduced through magnetic separation.
Magnetic separation and flotation was done on cancet samples by WR1 yet the iron levels (Fe) are still quite high. Glass and ceramic producers like to have iron levels less than 0.4-0.5. Chemical converters of SC6 like it under 1 or 0.8%. The lower the better.
Here are some of the impacts
Low Fe means lower use of reagents. The higher the iron levels the more silica and alumina you have to add which is already available in low iron spod.
Here are some examples of comparisons
You can add Leo lithium and Patriots results to the list both having low iron content around 0.6%.
Will the high recovery rate, coarse grain, low amount of crushing, and DMS ammenable ore combat the higher than wanted Fe content? Probably. Someone with a mettalurgical background maybe able to assist in my thinking.
Moving on, I think we could be in for a suprise to the upside here as people like Bigly and other negative nancies fail to realize that we should be getting results soonish regarding testing the strike from the gravity survey.
To remind everyone. They would have started to test the strike near the main pegmatite body at Cancet which looks very promising. Too early to write off a deposit in the 10s of Mt at Cancet. Those that are have rocks in their head. Looks to be 2-3 times the previously delineated strike length.
Which brings me to the first post where MTC had conducted a basic magnetic survey. Now we have both and a good idea where to put the drill bit.
While there is 3 rigs at Adina and only one at Cancet, the rig used at Cancet is a ground rig not heli so should be getting through the drilling faster. Be interesting to see what they come up with and whether it will provide an area to really focus the drilling.
(20min delay)