RE:MORE MEETINGS IN TORONTO?
A few observations on GWT's post:
1. I think it would be early for CD to be approaching another major about TPW. That is why he put Plan B into effect immediately after Teck returned the property. He wants more drill results and more data to bring to Goldcorp, Tahoe, Osisko, etc. Therefore, the EXS drills are currently turning and going deeper. Otherwise, the first thing any major is going to say is, "Well if Teck dropped the project, why should we be interested?" CD is now attempting to strengthen his bargaining position. Good drill results at depth will do that.
2. I believe sometime last summer CD took a Toronto trip to tie up some legal loose ends regarding new claims. Those claims had to do with the Ogden property adjacent to TPW. The northeastern section of Ogden where claims were added would be somewhat to the east of TPW's known mineralized structure, and also close to Goldcorp. I am going to hazard a guess and say that CD is in Toronto trying to further strengthen EXS's land position adjacent to TPW. The Ogden property sits just to the south, southeast, and east of TPW . . . also close to Goldcorp . . . and that is what CD is likely finalizing, all of the claims he's been able to snap up and add to Ogden. Sure, he could be talking to someone about one of EXS's other properties, but probably not TPW, at least not yet IMO.
3. The reason for CD drilling on the eastern end of the known mineralized structure at TPW could be twofold. Yes, this end is closer to Goldcorp, which has recently made a huge commitment to Timmins West, but if I remember correctly, the TPW syncline is also bigger, broader, and deeper at the eastern end. So geology also likely has figured into the strategy.
4. CD has a few ways to go here. Towards the west and Tahoe, towards the east and Goldcorp, deeper, or infill drilling between existing holes. For now, CD has apparently chosen to move towards the east and to go deeper. His main objective in the near future is to confirm the HMC model by deepening existing holes to show that the gold grades at TPW increase a depth. If successful, then he would then have something to bring to potential suitors and/or JV partners.
5. Would CD like to do more stepouts and also more infill drilling? Sure, but the money to drill is not unlimited, and right now CD needs to get the biggest bang for EXS's buck. So, he's going deeper to confirm the model. Stepouts to define the ultimate size of the deposit, and infill drilling to connect some of the now isolated dots will have to wait for later. For now, everything is riding on the deepr holes to confirm the model. If that happens, the rest will fall into place.
PJ