Well, it was the drill hole results, and for some reason it is being looked upon as a bad thing… Let’s look at the results.
Based on these holes and looking at the previous holes, the strike length has been confirmed, approximately 600m and +50m on both the north and south where mineralization remains open. So, total strike length is 700 meters. The width of the higher-grade mineralization is less consistent than previously thought, so need to reduce that in our tonnage calculations. For simplicity purposes, we will use a true width of 300m, down from 430 meters width in the original estimate. Depth extent, confirmed, the system is well mineralized to 900m depth. That equates to 700 * 900 * 300 *2.7 = >500,000,000 tonnes of material that has an average grade of 0.35 percent copper, half gram of gold and silver. That equates to 1.7 million tonnes of copper, >8 million ounces of gold and the about the same for silver
What does this mean going forward? Well, it means they need to completely drill out this system once the rigs start running again. There is still significant room to add tonnage and based on the CEO’s comments, assays for drill hole TTD109 are eagerly awaited.
Unfortunately, it looks like the market was expecting more. I find it hard to fathom how an investor interprets this release in a negative light. BUT, that is the way the cookie crumbles. Expect a brutal day of downward swings, could be similar to watching a boxing match and not the swings of a stock chart…