RE:RE:RE:Hmmmm! The last MD&A said $1.15 million remaining in treasury but "unable to meet commitments of next 12 months without further financing." Warrants and options are all well underwater I believe.
Seemingly lost in: 1. Loss of credibility from the speculators for Ed, and 2. Massive letdown from expectations of the coupling of the "Major Discovery" with immediate PP's at an elevated price ... today's NR suggests Ed intends to press on and:
- The Company tested approximately 200 m of the zone. Drilling was restricted to the presently logged areas and the Company has applied for disturbance permits for forested areas along strike to the Nobody Knows # 2 zone. For the purposes of conducting a 2024 drill program at the Copper River project, the details are currently being planned and finalized.
The Company is highly encouraged by the results to date which included the first drill program that was conducted on the Nobody Knows claim blocks.
Does he intend to press on with drilling here? Nobody knows # 2 is about 1.2 km East from the Zone 1 holes.
How fair or unfair market expectations were based on the PP pricing that the first set of drill holes limited to pads on the forestry road would hit big time ... I don't know. We all know many projects where it took more than a few dozen holes to prove up a discovery.
Is Ed just throwing that "highly encouraged" in now in January like "major discovery" last August? Somebody cleaned up 7 million plus shares at around a nickel today. What a crazy story this will be if it's continued share consolidation that is ultimately rewarded by a confirmation of a deposit in drilling at a future date? I'm assuming from the August NR there is a working theory these high grade intersections potentially relate to a larger economic structure, but these holes missed, obviously.
I didn't sell into the day's bloodbath, but am not exactly whistling a happy tune being underwater and wondering how much life is left in Ed's major discovery opinion. If he wants my shares for 22 cents I'm probably out, but down here? Very thin considering Del Norte and Red Cliff, and Treasure Mountain plus that $1 million cash as well.
Pretty brutal day.
cg