RE:$0.50 financing…this explains recent price pull backThis financing is surprising as they just closed a $5.3 m financing in late October .
I suspect that it has to do with the The rising number of thick, high-grade drill intercepts in the C-9 and C-10 veins from this year's infill drill program which is bringing about a rethinking of the economic potential of the other parallel veins in the stacked C vein system.
The C-10 vein is the most developed interpretation so far, now extending over 150 metres along trend by more than 100 m down dip with downhole thicknesses up to 17.8 m.
The downhole intercept of 11.1 grams per tonne gold over 17.8 m is one of the widest mineralized intervals drilled at New Polaris to date.
The C-9 has slightly fewer drill intersections but also extends over 150 metres by 100 m with a drilled thickness of up to 9.9 metres.
So, these are very thick and very rich veins
In addition , The C-9 and C-10 mineralized horizons were observed in at least two more drill holes that have been logged and sampled and are now awaiting assays.
Further ,Seven additional drill holes are planned to infill the CWM vein in the coming months that should also intersect the C-9 and C-10 veins to expand as well as infill the area of the current drill intercepts.
So, it's my opinion that this $2 million will be spent on these new vein systems as recent drilling has shown that they offer signifucantly more new gold resources to the current 43-101 than was formerly envisaged.
As more assays have already be received and more by Jan 18 when this financing closes, I fully expect that these new assays will bring extra excitement to the share price.