RE:RE:RE:Summer Drill ProgramNo offense, HighROI... but your post is almost unreadable... FIFY
HighROI wrote:
FOR WHATEVER REASON I DON'T HAVE THE EDITING ABILITIES TO QUOTE SO I WILL ANNOY EVERYONE WITH CAPS LOCK.
QUAKES: HighROI. LOL! It was Dev, not me, that announced during the Fission presentation that summer drilling would start July 1st. 60-holes... didn't say how many metres that was going to be. 20 holes at R600W, 4 to 10 at Forrest Lake, and the rest for R780E and further attempts to connect zones. As to the timing for the start of drilling, you'll have to ask Ross. I didn't. I know that setting up a major drill program involves a tremendous amount of work in restocking the drill camp, getting all the logistis (fuel, food, accommodation, a better cook), barges and drilling equipment trucked in and ready to go. Contracts with drillers also need to be in place around the drill company and crew schedules. Given they are going back to the barges, you really want the most experienced crew on site and they were all working 24/7 shifts for a few months already so beach time for them was needed too after long days in subzero conditions. It's quite a transition going from a winter program to a summer one (pack lots of Deep Woods Off!). Ross indicated to me that barges and shore drilling would be running at the same time. Best to get the weather and ground conditions in best possible state before firing the starting pistol... much better chances for success in such a critical drill program... perhaps THE most critical drill program since discovering R600W high grade zone.
I SAID YOU SAID THE DRILL PROGRAM STARTED JULY 1ST BECAUSE I AM NOT AT CANVEST SO CAN'T VOUCH FOR THE TRUTH. I HAVE NO REASON NOT TO TRUST YOU BUT IT WOULD BE UNREASONABLE OF ME TO STATE OTHERWISE. IT IS POSSIBLE THAT THESE ARE REASONS BUT I SUSPECT THEY WANT TO DELAY ANY PROOF OF R600 BEING CONNECTED TO RRR OR PROVING R600 TO BE CLOSER TO THE RELEASE OF THE PEA AS HAS BEING SAID TO YOU BY FCU MANAGEMENT TO CREATE A BIDDING ENVIRONMENT. A BID RIGHT NOW WOULD LIKELY NOT BE IN OUR INTERESTS.
On the PEA side... I can bet you a very large number of FCU shares that if the summer drill program has massive new hits at R600W and any new zone discovery whether in the connecting of zones or Forrest Lake... then the PEA schedule will change. In any event, the studies needed for the PEA are already underway and 99% can be written as per the schedule. Summer assays can be rushed (for a price... I did discuss that with Ross... expensive but can be done if necessary) so with everything on computers and spreadsheets it doesn't take long at all to recalculate the numbers and get the report out the door.
YOU ARE MISSING MY POINT. FOR A PEA YOU NEED A MINING STRATEGY. YOU DON'T JUST GO OPEN PIT TO UNDERGROUND ON A WHIM IT DOESN'T WORK THAT WAY. AS I SUGGESTED BEFORE I SUSPECT THEY MAY ALREADY BE AT A POINT WHERE THEY ARE CONFIDENT ENOUGH IN THE ECONOMICS OF OPEN PIT THAT THEY ARE WORKING ON THE PEA FROM AN OPEN PIT POINT OF VIEW. SO ADDING TO R600W OR CONNECTING ZONES WON'T CHANGE THE ECONOMICS OF RRR OTHER THAN ECONOMIES OF SCALE PROVIDED BY EXPANSION OR A REDUCTION IN NPV BECAUSE RRR IS MINED LAST. YES THE PEA SCHEDULE MAY CHANGE BUT IT MAY NOT. THEY MAY RELEASE AN INITIAL PEA FOR TRIPLE R AND THEN RELEASE AN AMENDMENT TO INCLUDE THE RESULTS OF THE SUMMER PROGRAM. THAT IS NOT OUT OF THE REALM OF POSSIBILITY.
In any event, the slower we go the better, in my mind anyway. We want the U market to start rebounding in a big way wall before the PEA comes out so that we can get leverage from both. If the PEA comes out before the U sector rallies then we may only get one lift instead of two, and be vulnerable to a lower takeover price. Better to delay the PEA into October or even later if Japan and the U rebound gets delayed further. With so much money potentially to be made, I'm very firmly on the side of strategic waiting in order to get the best possible takeout price. ;-) Cheers... and good luck with NXE, as I see you are pinning a lot of hopes on that play. Wishing success for both as we hit the summer drill season. ;-)
IT IS FAR FROM HOPE. THERE IS ENOUGH INFORMATION THAT WARRANTS THIS AS A MULTI-BAGGER FROM THESE PRICES. THANKS FOR WISHING ME SUCCESS IN A BACK-HANDED SORT OF WAY.