"Whaler, the market is telling you what it doesn’t like. The market is waiting for ISM to put out its financial feasibility study on the major part of the low grade L-2 deposit; the bulk of ISM Resources published to date. The market wants to see the Recovery % numbers of the very low grade resources defined in the Micon Resource Report.The Micon Resource Report was based on ISM building its own Mill. Those are the questions and concerns the market are waiting for ISM to answer. In my opinion, until these questions are answered, this stock will stay stagnant and Management and IR will continue to collect their stipends until the kitty is dry."
As for the market, we were at .31 in earlier trading. trading on low volume, and definitely much higher than our 52 wk low of .185.
So are you saying that ISM could prove to be a real buying opportunity at these levels? Someone using National Bank in the last three months seems to think so and I wonder why we traded over 1.5 million shares the other day. Maybe the market is simply a bunch of technical traders recognizing a technical bottom?.....Yeah what is the market saying Nickel? Our SP churning is due of course to the stagnancy and lack of tangible news relating to certain specifics. Like not having the "phase 2" portion of the Micon 43-101 delivered. .....Besides the OSC prompted clarification/re-statement on the "Feb 3 rd" NR, we haven't seen operational news in a while. Maybe the market is growing bored of that wait, or can't fathom a large tonnage lower grade open pittable deposit being worth anything with Nickel at near $13/lb.
Like Vanchester in his earlier "one hole" post, maybe he and others can't see the forest for the trees, the bigger picture. What kind of increases to tonnages are we looking at if it all starts fairly shallow and goes as far as they drill? As for economics we do have a couple inputs, that nickel is now near $13 a pound and that an open pittable sulphide type deposit/s are much cheaper to mine than underground mining methods. Follow those tangibles up with our proximity in the Shaw dome to mining related infrastructure and synergies. Without knowing the actual economics (scoping studies or what have you) on the ore, I would say its shaping up to be one heck of a speculative bet. This company has shown the common sense and judgement to walk away from a property when they deem it not worthy and we do not see that happening here.
I liked today's news and see it as more progress in doing what they said they would do. We know Randy Miller to be cash conservative and wrt to that fact, Micon had some further exploration suggestions last year that laid out a drilling budget/forecast. We have not seen that type of spending/exploration. A little slower than I expected, however I see this as follow through on that.
Any guesses on what an updated 43-101 might look like? Tonnage? Economics?
