Cores to come "early next week"Seems to me that the timing of this release is designed to also coincide with another news release about the remaining cores prior to Market Open on Monday ("Drill hole maps and complete results will be posted on the Company web-site following release of the core hole results early next week.").
Otherwise, if the remaining cores are to be released "early next week", then why not release all as one big news release? You would not want to release today's informative but average news late on a Friday (dumped), and then leave Monday/Tuesday trading up to chance while waiting to release the probable high-grade core news. They obviously already have the core news because if they did not, they would not be comfortable stating "early next week". (Keep in mind that this release did take 9 weeks, whereas in the June 9th press release they state "2 to 6 weeks".
Furthermore, From June 9th news release: "ICN has completed 15 core holes for a total of 5,225 feet and 29 RC holes for a total of 15,120 feet. Assays are pending for the remaining holes, and will be released when finalized in the different areas being tested." Therefore, we now now about 4 core holes and all 29 RC holes, so it stands to reason that there are 11 cores remaining. (The map on the presentation on the website only shows about 28 holes I believe).
In any event, there is a 99% chance that at least a handful of the core holes (3 or 4?) are a) high-grade due to lengthy delay and also several folks reporting talking to IR that check assays are underway and b) they must be higher than 10 g/t, as the cut-off to do a check assay per the blurb at the bottom of news releases states this.
Also keep in mind that IMZ is literally next door to this property (market cap 40+ times the size of ICN), and they are working towards 1,000,000 ozs. themselves. Also the Rockland-Pine Grove property in the presentation has a lot of promise (over 17 g/t historically from 50,000 tons), not to mention the other elephant properties in Northern Nevada. Lastly, the Bonanza presentation states the target is 300,000 to 3,000,000 ounces for this property alone. With gold over $1700/oz, shallow, high-grade in mining-friendly Nevada USA should conservatively command $300/oz. If this is true, then at a $20,000,000 market cap, ICN is currently being valued below 70,000 oz. Even using the low figure of 300,000 oz for just Bonanza, this should be a $2 stock.
For perspective, Lode Star's first tranche is in at
.44 CAD, a smidge below the today's closing price. If anyone knows the most about this property it is Lode Star as they drilled this property for the better part of the last ten years.
Conclusion: High-grade core assays released Monday pre-market. Stock either opens or settles above prior high reach on the May 17th spike of 92 cents.
Disclosure: Own over 150,000 shares of ICN.
~7