Latest Market Action...and Update.. If you are falling for the latest Market Action...then...I have some most amazing "swamp" land to sell you that is right up your alley!
We will have a sharp move back upward!
At times like this we must rely on our understanding of the story and look past the short term actions of others that have taken place for whatever reason.
The misses pushing South were very much expected...further infill drilling will have to be done in close proximity to the "dykes" to establish continuity of resources in those areas...this process is taking place and will satisfy the market accordingly.
To some investors at first glance it was an awful news release...but...to those of us that have followed the story for the last two years it was a non event and our focus should be on what they have and what is coming!
The one highlight was Hole E11-116...165 metres @ 1.20 g/t the significance of this hole is that it confirmed the presence of Mineralization to depth in Section 89+00E.
The factual information that we have and is very significant is the following:
In the Discovery Section 93+00E...Hole E10-26...292 metres @ .88 g/t established mineralization to a verticl depth of 500 metres on headings 99+00N to 100+00N Grid North. On Section 88+00E which is 500 metres away from the Discovery Section on the same headings grid North, Hole E11-77...303 metres @ 1.27 g/t further established mineralization to a vertical depth of 500 metres...this is most significant and points to deposit that contains evenly distributed mineralization....Porphyry-Type Deposit.
The move North from the five Sections should establish further mineralization and add significantly to the ounce count. The Resource Estimate will be far from over even after we receive the Updated NI 43-101 Resource Estimate before the month is out. To those that have gave up on this play...too bad!
Future addition to Resources which will not be included in the next update is the Gap that will be filled during the 2012 Winter Program between Sections 93+00E & 89+00E which is located in the Wetlands and should add nicely to the confirmed resources in that area. The Wetlands were not included in the Initial NI 43-101 Resource Estimate, for example on Section 90+00E...E11-59..113 metres @ .83 g/t & on Section 91+00E...E11-65..337 metres @ .94 g.t ....just lovely! As they push South from these holes they will fill the Gap that I mentioned.
For those of you that are following the Updated NI 43-101 Resource Estimate will include any holes over Number 47 and will more than likely cover up to about Hole Number 130.
I really like their strategy...they are saving enough ammunition to impress the market in the near future. The push North will impress to be sure! I believe that the push North from Mega Hole E10-33...520 metres @ 1.44 gt will lead to a Mega, Mega Hole. Also the push North from E10-46...388 metres @ .90 gt...will also impress.
What we must remember is that hole E11-81...265 metres @ .73 gt on Section 92+50E which drifted onto Section 93+50E established mineralization a further 175 metres Grid North...in otherwords the push North will be very successful and establish significant additional resources!
My research & study have pointed to a surge from depth in close proximity to up to date findings that a source flow having a width of at least 100 metres is present between Sections 93+00E @ 94+00E and should be located to a vetical depth of a least 750 metres. I am sure that we will get confirmation in the not too distant future...they must of drilled this area! I am looking forward to an updated Diamond Drill Location Map!
Can they Mine up to a vertical depth of 750 metres...yes they can...in my opinion!
I will mention this again..I hope that you are getting it...Porphyry-Type Mineralization.
This means that the gold is evenly distributed through-out the entire Cote Lake Deposit which results in the ability to mine to further depths in a most economical manner...the Strip-Ratio is what will be the determining factor...right now it stands at about 2 to 1 which leaves plenty of room to seek further resources to depth even though there is a considerable amount of over-burden to remove to access them. Moving to a Strip Ratio of 4 to 1 will be well into the parimeters of a Robust Open Pit Operation.
I hope that you truly understand what we have here...something very special!
We must hold on!
Digger144
P.S. The Cote Lake Deposit is wide open to depth and to the North...we have pinched out to the South West...big deal...they all must come to an end. North East my friends...North East!