RE:RE:RE:RE:RE:It was managements job to release drill results, news, etc.Calgary,
I would not trust Owens with that huge 60,000m drill program. He could not even handle the shallow 45,000m drill program for Orenada an the Western part of the Cadillac Break. He should have produced the new RE for Orenada to be able to show at least "double" the 0.5Moz as shown by the vintage 2009 RE. Let's assume that we now have 1 Moz of Orenada. So, it took him only 9 years and not being able to show that in Technical Report.
BTW, if you have a chance to talk to him again ask him for the name of the independent consulting firm he was supposed to hire to crank out that NI-43-101 compliant Technical Report (is it now with the BoD?).
In fact, he should have his own technical team to keep track of the data and visualize the assays information to decide on where to sink the next drill hole. He does not need a big team, a couple of geologist with a software package, like CoreBox , to do that kind of stuff. His geo team can also do its own estimate. With 170 holes available EO should have an idea of what the RE number is.
But, he is required by law to produce an independent report produced by an acredited consulting firm. So, we want to know the name of the company.
The 60,000m program is a huge program for AZX and it would take EO, if we let him, many more years to complete, given that this is going to be deep drilling. If it's not for deep drilling then forget it, since Triangle next door is a deep deposit, ~1000m, not a few hundred m). It would cost roughly $200/m for deep drilling, hence 60,000m would cost ~$12M, perhaps $15M. Hence, $20M (~1/2 of the current Market Cap) would be just enough to carry out this kind of drilling plus lab costs and other costs.
This is dilution big time and I would not trust EO to be the one in charge of spending this large sum of money, given his performance record.Also, I don't mind spending the money, but I am not prepared to wait for another 9 years with the hope to hit something like Triangle. Beside, shareholders are not obligated to provide a sandbox for anyone to play with. We are here trying to make some money by investing our hard- earned money.
EO has not performed to create wealth for shareholders, and the firing was caused by his own actions. I have tried not to be harsh in this assessmen by considering the fact that he's the founder of the company, but it would be difficut to provide a good defence based on his record and recent actions. Too bad, but that's life in the business world.
It's my view that AZX, the company itself, is way undervalued by the market, given its potential resources. The SP should improve significantly under a better management team. Let's move forward.
GH
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Calgary63 wrote: I see EO comments are on other matters. If EO was all excited for the SC then he should of added it on his year-end remark..I know he was not excited...All good , enough...C63
In other matters, Eric Owens, President and CEO, in his annual year-end review, stated, “We have made tremendous progress this year finding gold, completing 45,000 metres of drilling and expanding our Orenada Zone 4 gold deposit. We expect even greater progress in 2018 as we complete our resource update and build on that with a larger planned 60,000 m drill program.”