To my mind, I'm still a bit frustrated by the extremely short program, because we never actually hit the chargeability anomaly ... once again (we were going to sink some holes in 2011 right?). It hangs like a carrot that is always just out of reach - "we've hit low grade, or shot the edge, but don't worry, there's a big mineralized anomaly we'll get next time ... or the next time".
I agree that the low grade mineralization is a good thing and has some value to mine and process (far better than waste rock!). But what value will it bring for shareholders? My guess is not that much and I still wonder if an informal Teck offer number, or outside number was offered around late summer, thus stopping the drilling.
If we sold our interest in Liard/Paramount to Teck after they backed in, and then sold Mike, Discovery, ES, and GK separately to another player as its own unique deposit, how much would we likely get for these 4 basically untested zones? I don't think that much - probably lots more than what was paid, but nothing near what Paramount/Liard are valued at.
They had to release this news, but I'm not that excited by it personally (still hope a deal has been in the works, even at an informal level, and they just decided there wasn't any more value in drilling). Elmer's language seems cautious and inconclusive, but that's kind of what it has to be here. Correlation, valuable information, interpreted edge, considerable support ... still not proof in the pudding. I liked the "correlation" better in the Paramount Zone myself.
Disclaimer: have not had my coffee yet. Maybe this will look better later today.
Mr. Stewart, President of Copper Fox stated, "Over the past three years we have seen a strong correlation of copper mineralization with positive chargeability signatures at the Schaft Creek deposit. We are now seeing the same correlation between the positive chargeability signature and mineralization in the Discovery zone. The assays results for the last of the drill holes from the 2012 drilling program while low grade provide valuable information regarding the copper potential of the Discovery and Mike zones located north of the Schaft Creek deposit. These holes were terminated before reaching the interpreted edge of the chargeability targets due to drilling difficulties but show specific intervals of highly elevated copper-gold-silver concentrations. The combination of these drill results, the chargeability anomalies and mineralization in outcrop lend considerable support to the mineral potential of the Schaft Creek mineral trend."
