RE:Eric mentioned speculation position of third holeCost of drilling: Depeding on the rock/terrain the cost of diamond drilling would vary, but the $200/m would be the max according to this link (top line).
https://www.gov.nl.ca/nr/files/mines-exploration-mip-fees-maximum.pdf
So, 10,000m would cost approximately $2M (they alredy have $10M in treasury). The next $30M would give FVL a lot more drilling, e.g. $20M would give them some100,000m with the balance of $20M to do something else. In addition, when the wts are exercised (strike price: $1.65, wts already in the money) incoming another $45M . This has not ccounted for the potential PP increase by 15%, from overallotment. In summary, FVL will have a lot of cash in their hands (potential cash approaching $100M...please check my math, which is huge for a junior). They could afford more than 3 drills, perhaps 6 drills would look about right.
GH11
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Chester55 wrote: In his last commentary Mr. Sprott talked about a third hole 150 meters east of the second. He did confirm it was, just speculation. But it's safe to assume that is where the second rig started its drill. I believe the geologists can tell the way these veins are connected and they are very confident it's there.
My opinion
hole 2 is better than hole #1
hole 3 proves out the same and adds another 150 meter of strike length!
They found the 6 million ounces with 37,000 meters of drilling!
They are going to drill at least 10,000 meters with the first 10 million raised, and the next 30 million will give another 10,000 - 20,000 meters.
the numbers keep stacking!
With gold going to $2000 and higher who knows where we will end up.
long on FVl!!
cheers