RE: Drill Assays Hi guys. Something to keep in mind with regards to waiting for drill results. It takes two months to drill some of the deeper holes (see information below taken from the GMP research article on RMC) and you have time to wait (usually 4 to 6 weeks) for the assay results depending on how busy the lab is and you can add another couple of weeks for Freeport and Reservoir to review and sign off on the news release. So you are talking possibly 3 months or even longer on some of these deep holes before the companies receive the assay results. Just some food for thought. The last set of drill results were released in early September, so it wouldn't surprise me if the next set of drill results isn't released until December or perhaps even the new year.
I own shares in another one called Empire Mining EPC and they are presently drilling in Turkey on a big copper target and they are averaging about 30 meters a day with one drill. So eventhough RMC/Freeport have 4 drills turning it will still take a couple of months on the deeper holes. If all 4 drills are drilling deep holes than it could be a long wait. These guys are not just scratching the surface, this mineralization is down fairly deep. Just something to keep in mind if anybody is wondering why it is taking so long for the next set of drill results. Well worth the wait though, IMHO. GLTA!!!
Information below was taken from the GMP Research Report
Strong early signs: Recent drilling has discovered a potential 600m thick high sulphidation zone, returning highlights of 266m @ 1.23% Cu eq from 598m and 160m @ 10.16% Cu from 461m. Given the presence of this high copper grading sulphidation zone, it is plausible that this may be a precursor of a major system with an underlying porphyry intrusion.
• Sizing up the opportunity: with assays pending for the deeper sections drilled beyond 1,200m depth, and 200m step out drilling well underway, the company should be closer to defining the vertical and lateral extents of this discovery. As such, upcoming drill assays are likely to provide better clarity of the potential insitu value. The deep holes average two months each, although with four rigs drilling, steady news flow is expected in the coming year.
October 26, 2012