Post by StrikeGoldon Jun 06, 2024 11:40am
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Post# 36075392
Redhill
Redhill From the March 2024 MD&A on Sedar:
In December 2023, the Company submitted a Notice of Work (“NOW”) for a new 5-year Multi-Year Permit to start in the calendar year of 2024. The NOW outlines drilling on three targets for the 2024 Drill Program: a) ten (10) holes are planned to test for extensions to the VMS mineralization; b) five (5) holes are planned to test anomalous gold-in-till anomalies. These anomalies have never been drilled; c) two (2) holes are planned to test a 40 mho electromagnetic (“EM”) response and associated induced polarization anomaly on a 500 meter long EM conductor. The target is 200 meters south of borehole S83-4 (2.54% copper, 2.78% zinc, 77.0 g/t Ag, and 0.37 g/t Au over 7.75 meters; BC ARIS Report #28371).
That is fine, but is the company actually planning to drill soon at Redhill, or only submited a notice of work? Do they have funds now for 10 holes at Redhill or do they need to raise more?
Timelines are needed for shareholders.
These are very manageable payments for this year:
• $17,500 and 500,000 common shares of the Company on or before July 8, 2021 (paid and issued);
• $15,000 and 500,000 common shares of the Company on or before October 7, 2022 (paid and issued);
• $10,000 in accordance with the September 20, 2023 amendment (paid);
• $40,000 on or before July 8, 2024; and
• $295,000 on or before July 8, 2025.
But why aren't we getting updates on Redhill, and when the Easter Creek will close? Why would a deal take two months to complete when similar deals with most explorers take a week to two to close? If there a reason, let shareholders know and let them know how they intend to raise needed funds and not leave the company's plans hanging in the air.