Voice of reason...?Guys, I agree that this is a great hole and am excited for the open tomorrow but let's not get TOO carried away here.
What they have done is tested a "strong, off-hole geophysical anomaly" which is only 25m from Hole 24 which they released on March 6th.
What did the first two holes contain? (apologies for the formatting)
March 6 July 27
Hole # 24 25
Cu (%) 7.5 8.2
Zn (%) 2.2 2.7
Ag (g/t) 138.0 140.0
Au (g/t) 9.2 1.0
Width (m) 4.0 4.4
Value ($/t) 875.37 777.99
(Value is in USD and is derived from Doug Casey's rock calculator)
Cu, Zn, Ag, and widths are marginally higher in the new hole, while Au is significantly lower in the new hole.
And the holes are only 25m apart.
While it is great that they have confirmed the deposit has SOME areal extent (and this is certainly important) they have not discovered anything NEW here.
We are only now returing to the SP highs seen from Hole 24. This comback suggests this thing MAY be itching to run but who knows. I expect a stepout hole of this value will take us somewhat higher but not necessarily into orbit. Consider ARU, they announced several new, spectacular holes recently (June 21 & July 6) to little fanfare in the market, they were basically drilling stepouts/trend wells too.
Mind you ARU did see nice bumps on releases of their 2nd (June 2) and 3rd (June 6) holes. And this is OUR 2nd hole...
So what will it be? I'd expect a convincing new 52 week high at the very least. How high? We'll see tomorrow.
Cheers, Opa.