Low Hanging Fruit not there.This was truely a greenfields exploration play in an area that was essentially untouched. The potential reward years ago was great as there was a higher probability, they would of found something near surface and at scale. My hope was for a elephant discovery (large and near surface).
On a greenfields projects like Maniitsoq they needed clearer measurable milestones and an exit plan. These greenfields projects are highly conceptual in that a great deal of emphasis is placed upon both a theoretical deposit model and an exploration model. There should have been enough smoke in the first year to indicate the presence of fire. I am not convinced that they will find the fire, a large enough deposit near enough to surface to be economic in a region without infrastructure.
Another attribute of greenfields projects like this is that often deposits of other commodities are found through serendipity. For example, Voisey’s Bay nickel deposit was found during a diamond exploration project. I do not believe NAN considered this, maybe they should.
Fortunately, they had some very loyal investors who stayed with them for years. I do not believe they will find the great nickel deposit they have been looking for on the Maniitsoq project. It is time to give it a break.
As for the comment that this company was a salary generator, I do not think so. The project was real and the money went into exploration on the ground.