Well, that wasn't the surprise I was hoping for... not at all.  They announced results from 27 holes... a massive hole count for a single news release, the biggest for any NXE release... and out of all those holes ONLY 5 warranted being called "Highlights".. just 18.5% hitting the kind of high-grade mineralization we've come to expect.  And those 5 are at depths ranging from 502m to 941m... nearly half a kilometer variation in depth.

Instead of converting Arrow's already discovered 100% Inferred to Indicated through intense infill drilling, this summer program has burned through a huge amount of cash unsuccessfully hunting for other regional Rook 1 deposits, with the exception of Harpoon, though it was not further expanded from the original 4 hits. 

This spring/summer of continuous drilling was supposed to add a large number of high-grade infill holes to allow for an economic analysis to be done on Arrow.  Remember that under NI 43-101 CIM guidelines NXE cannot commission a PEA or PFS on a 100% Inferred deposit.  Only Indicated resource can generate economic value.    These results, in my opinion, show that achieving a PFS in the next 14 months is going to be very difficult, as so much cash has been wasted trying to make new discoveries rather than proving up what has already been found.  A huge number of Infill holes are still required to get to the PFS stage, and they will have to bring in even more rigs to meet that objective.  Assays need to be in hand a few months before a PFS can be done, so really only have the next 8 months or so to get all that Infill done in time to meet the December 2017 PFS goal.  

I said I didn't think there would be a lot of duds.
Boy, was I wrong!
At least I can claim a tax loss.

Good luck!