Spoke with Keith todayI was lucky enough to get 20 mins of Keith’s time today. Actually he called me to apologize for not replying earlier. Some sort of mix up with my phone number but he had kept it in his notes. How often do you get CEOs that concerned about their investors?
I asked about the soil samples and he said there were far more to analyze after the sampling program leading up to Christmas. The results will be used to direct the next drilling program in which they will be looking for lithium, tantalum and nobidium. They may also drill some wildcat holes in areas that have higher soil assays of the three. Each drill costs (ballpark) between $50 and $75 k so he won’t be wasting any money on unnecessary holes. When they do start up again they will be drilling 24/7 with two crews working 12 hrs each. I asked if Far would be announcing the drill program soon to which he replied “When we have drilling planned and prepared we will announce it” and that he couldn’t say any more. My interpretation of that is that it should be announced soon but he was pretty coy which I respect a great deal. CEOs that have lose lips are an instant red flag for me.
Come spring, they will be stripping soil from the most promising areas (based on soil samples) and furthering their drilling efforts.
He spoke highly of Toby Mayo and the expertise and experience he holds. Sounds like Toby will be working on the lithium side of operations. He has the experience behind him to tell Keith and the team how much lithium an area holds.
I asked Keith if he is looking at growing beyond the Snow Lake area and the answer was a solid yes. They have already looked at Ontario and Quebec but nothing yet. I assume he’s not just looking for any lithium deposit, he wants the best. There are other areas that he is currently looking into but would say no more. My interpretation is that Fat will be growing and trying to accumulate as many good lithium deposits as possible to fetch the largest buyout price possible. He won’t be looking at brine for a number of reasons including the fact that brine deposits have a much higher failure rate. Hard rock only.
On more than one occasion he said that they were very happy with progress to date and again, I could almost see the grin on his face.
I think this company is going to take us places most of us hadn’t anticipated. As everyone else is, I’m hoping for news tomorrow. Cheers.