Disappointed at not being rich in a very short period of time?
Maybe even at being a bit poorer?
Yes, I feel it.
But going over the past and looking at the present here is what I see:
Eagle one - intense excitement. Great find. 'We were lucky' says Mr. Nemis. A spectacular discovery with much anticipation that there will be many more and that this one will get bigger as it is explored.
Similar anomalies were identified and we were told that 4 drills would be in place by april (we now have 3 I believe) and these would be testing along a 7 kilometer area. Mr. Nemis says "not voisey bay but based on the number of anomalies, COULD BE larger then voisey bay."
Lots of excitement and anticipation
Eagle two and little eagles in between - Expected to be more Eagle ones. In fact Mr. Nemis said 'We hit on the second" eagle two. These were early holes at eagle tow. Holes 2, 3, and 8. Visual results were released on these in the February 25 "Eagle has landed" release.
More excitement and anticipation
Then quiet... One reason; problem with assays... another reason; yes, probably because they weren't hitting what we all wanted them to hit - nickle.
Then the recent release. Surprise to us - Mucho Chromite. Still digesting this and it looks good! But maybe even better...
The most recent holes, especially 32 & 40, started to hit some visual copper and nickel (pentlandite) - the best being 17 meters of the stuff. This MAY mean they have found what they were looking for, it just took them longer and they had to go deeper. So this is what they are continuing to do RIGHT NOW. That is trace this stuff to what they hope will be a big shiny pendlandite filled pool of nickel, just like Eagle 1.
More mystery...
Interestingly they are moving northwest in this 'follow the nickel" search, for which initially I concluded as John did that this may be bad news for Fancamp and great news for others but I also notice that they say the third drill has commenced on anomalies east and north or eagle one (AT5, 6, 7 and 12), so this is not so clear.
What this northwest movement of drilling, looking for the large conduit and/or pool of nickle, may represent is that they simply drilled a little too far to the south east to begin with! So this may not be a correction of the model but rather a simple correction to the drilling plan for Eagle 2.
In summary. We know rich pools of nickle are somewhere. We know we found one and that they have found a likekly indication of another one and are tracing it to hopefully confirm this as a fact. We know we now also have chromite, an A+ bonus. We know they are now drilling on addititional anomalies with a third drill even as I type this - so who knows, we could have another hit (and the odds are that we will) in very short order.
This thing continues to amaze and dazzle and yes the prospects are blue sky. Mr. Nemis does give the vision, but the reality takes more time to unfold (ah... windfall anyone?), that doesn't make it false.
Get ready. This baby could bust wide open again anytime.
Hang on!
BK
disclosure: I am BK, Permabull and Notaholic, and this IS investment advice.
