RE:RE:RE:first dilution Bob Archer did mention they might buy another property at a mining conference in London in November. Personally not mad about this deal mainly because the $200,000 could be better used at Pamlico and would go a long way to doing the 1000 ton bulk mining test which was postponed because they couldn't afford it. Very poor decision in my opinion as the company are very aware of the 4.6mts of 7oz/t gold close to the Merritt Decline. Money would have been better spent doing the bulk sample at the same time as the IP survey and upcoming drill program. Also the fact that they purchased the equipment to do the bulk mining during the summer seems to indicate that they are dithering on their direction and are losing focus.
The apointment to the board of Colin Jones from Ormico and the raising of $1ml is mainly positive because a project as vast as Pamlico is going to need some serious dollars to explore properly. The downside is the 10 cent per share sale price especially when the SP is starting to rise again. The average price in 2019 is around 14 cent and that is also my average having bought over 500,000 shares throughout the year to average my cost. They should have got at least 12 cent per share. The absence of warrants isn't necessarily a good thing and warrants to be exercised at 20 cent would have shown some ambition and would also have raised more cash later on. Dilution is necessary but it doesn't have to mean you give them away.
I am still very positive on Pamlico. Don't know much about the Red Lake land and to be honest don't really care. They need to move Pamlico hard in 2020 and drill into those high grade targets. It seems as if the price of gold is about to head towards $1700 in the first quarter so it is imperative they execute really well next year.
Happy Christmas to everyone at NRG