“We were fortunate enough to secure our drill and crew for another 4 or 5 weeks allowing us to continue our inaugural drill testing at Henday” said Scott Frostad, VP Exploration at Purepoint. “The first few holes were difficult due to our targets being deeper than anticipated and the interception of numerous unconsolidated sand seams have resulted in a hole being restarted. None the less, we are excited that we now have enough time and budget to test more targets than originally planned”.
My interpretation of this news release: Basically, zero worthwhile core sample information from the numerous attempts to get to 450-500 metre targets, like it makes any sense to go after targets this deep with such a short program given all the other properties. Personally I'd be suggesting to get drilling back at Patterson Lk along the Patterson corridor where huge deposits have already been found. Extension of another 4 or 5 weeks could possible yield the same here. Would be good to know which drilling company has been contracted for this program.
I am a long PTU and have put a decent amount of money in over time. Personally I would be delighted to have some targets hit, but unfortunately, and for a while now have had doubts if this is the management for the task.
This monthly news release of what the "basin" is doing as far as other companies, the conferences, etc, I don't care what other companies are doing, as I can look that up myself. Put the time into solid drill targets. Core in the core boxes is all that matters. Not to mention the slow information and lack of social media updates from the field. Just gives me a feeling that we are well behind the 8 ball here.
Today we sit at $0.125 per share, when in reality given that PTU's peers are performing handsomely. We should be $0.25-$0.30 by now minimum.
I'm holding my position, but this is painful.
Note to management: Get the job done!
GLTA.