RE:15,000M drill progam in January....
Max, I have had a rethink about your suggestion of a drill program in January. The only possibility I see of further drilling would be on the new area 500m to the southwest of the main zone. So far they have done 18 holes consisting of around 8,000 metres. SRK may not give much credit in the way of a resource as there are insufficient results. When the last 43-101 came out, the main zone consisted of a size of 600 metres wide by 650m long. Hundreds of holes had been drilled in order to arrive at the 1.3mil ounces resource estimate. EAG are keen to get a 43-101 out by the end of Feb, so any further drilling in the main zone would delay the report. However, SRK could go ahead and use the 28,000m drill results and produce a report by the end of Feb, then a couple of months later update with the results from the Southwest area. If the results in the SW area replicate what is in the main zone, then we could be looking at a deposit in the order of 1mil ounces in that 500m extension. From a PR point of view they will grab the news with the first 43-101 and then follow it up with an improved 43-101 very soon after. They could then refinance at a higher share price. The rigs are probably still on site, as the drilling industry is very quiet in Canada and there is no demand to move them. I’m not convinced at all by my suggestion, but you might be correct Max. However I don’t see a sell out in the near future.