I have gone back over the release and still arrive at the same conclusion. There is not enough info in that release for anyone to base a reasonable decision on. At first glance, the market would most likely say its a bad release and sell. But, for me, I am not. Even though very limited info, I get 2 things from it. It added depth of at least another 100m to the Canchette area with good grades that extends that, again the only problem is that we don,t know where they drilled to find out if these are new veins. There is an area of diseminated gold in that area, we don,t know if it was tested?
Lori says that this is a partial assay release. That could mean that there is more assays from these holes, that is unclear at this point. If you look at some of the holes what are supposedly around the anomaly, you will see results for holes 5 and 6, only go down as deep as 156m, yet the holes were drilled to ~300m. I don,t know if there is more results for the bottom of these holes or not, because of the word partial. I will make calls tomorrow or the next when the meetings are over to try and get answers to many I have about this release.
The problem of not having the drill plan is that we have no idea where they drilled. And we have no idea if these are new veins/structures that would add to what we know we have in that area. For ex; if these holes are all on new untested areas, this is good. There is no geology description in the NR, an important component of mining releases. I don,t know if they drilled veins/dykes or targeted structure. I don,t have the azimuth of the holes, they could have drilled parallel to some veins and only hit off shoots.
We don,t know if other elements were tested for, there may have been some copper grades at depth worth while looking at. There is so much missing here that I am suspicious there could be better things not put out yet. We wanted news, we got it,but it is pretty clear that this was done in haste to appease us/me. I don,t blame Lori for that, because she wasn,t ready, and gave to us what she could. I expect more to this release at a later date that may give a better picture. Why would she hire 3 new geos and put a second drill there, if we only had what appears in that release? Why would Quantec have a conference call with her to say it looks like you got something big there? The sulphides were setting that Quantec off and those anomaly holes should have had many more veins showing up in them.
In the release, it looks like only very small parts of the core was tested, for ex; hole #1 had 2 sections of core tested 57 and 27 cm out of 241 m. They had a grade of over 4 g/t. If these were random sections and not select, and thats all that was sampled of that core, its possible that entire hole could average 4 g/t, which would be huge coming from the anomaly.
You should also keep in mind where it looked like only small samples of the core was taken, any sample that graded less than 1 g/t was not entered in that table. Say for example; hole #6, if the rest of that core sampled .99 g/t, and was in the anomaly, thats huge! It would be more than BOWS numbers.
IMO
This is a very tricky NR until more information is provided. If anyone decides to sell, I suggest you think about this hard. Don,t take my word for it, you do what makes you comfortable, and remember, there are many maybe,s,mights,possibly,s in this post, its speculation on my part.
