Company update- recap Freewest said calling the company was usless! I guess he doesn't want people to do their DD in hopes that they sell or don't buy!
As you are aware, they send in on select sections of the core to have tested to help plan where to drill next. The rest of the core gets analyzed at a later date which I think is at the W. African lab. There may be gold throughout the core but we only see the section they had analyzed. Here is what happens when they take a section that didn't have much and then it was matched up with a poriton of the core that wasn't initially analyzed. The comany said when they get the rest of the cores they will update the previously announced results
"DD-013 is re-stated as 43.25 grams per tonne ("gpt") gold ("Au") over 3.0m (2.55m estimated true width) versus previously reported 0.66 gpt Au over 3 meters"
This is why I always say to not forget the results that are sent to Canada are only a small section and doesn’t represent the whole core! Now just think.....what if they chose the wrong sections to get analyzed? The company said that only 20% of the sections are chosen based on viible gold. Wouldn't you be mad if you sold too soon?
Other items-
The company that they expect to do their 43-101 will be on site next week and they will let them know what they need to do to get it done.
This morning they had a board meeting to discuss the lab issues which is really affecting their drilling plan. It is hard to properly plan where to drill next when the results are delayed. They are looking at having their own prep lab and then shipping them anywhere in the world where they can get them done the fastest. This is a very high priority for them right now! As you can see they are taking action and want to accelerate things as fast as possible!
$34 million in cash and burn rate is now $2 million per month right now but it will go down once they move over to Bissa West after this phase of drilling.
One of the biggest well known mining companies was at their property this week and next week they will have another one of the biggest gold companies in the world visiting their site. I left the names out so if you want them call the company!
They have identified 15 other targets on the property other than the zone 55 and have drilled about 8000-10000m so far to test some of these targets. Still waiting for the results.
1000m rig- now at 900m and they expect that it should give us a good idea of the mineralization at depth. He said that he knew hole 69 would not be good idea and regrets drilling it. The deep holes (250m, 350m, 550m & 700m) were all in the same profile. All veins have a plunge and finding it is sometimes difficult and getting the right angle, etc is crucial. They thought they knew where the plunge was and drilled it accordingly (again the slow labs are not helping!) but now think its S/SW and are testing it with the deep drill rig which is better since it can drill straight through it unlike the small rigs and doing the 250m, 350m, 550m & 700m holes that they just did in the same profile.
This is my recollection of what I got so please do your own DD and call the company for 1st hand info!
Overall, I remain extremely confident in the deposit and in management to get it done! Ignore people like Freewest that are not shareholders and are trying to get people to sell. Do your own DD.