This is shaping up to be one enormous deposit
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" To hold or not to hold ", that is the question. The answer? well it depends
upon where you started and what your gut is telling you. On Friday IWA traded
as high as $2.65 before closing at $2.45. It is obvious there are a lot of big
players stepping up to the plate in fear of losing out on what could be the find
of a lifetime. ( For those that did not participate in other finds of a lifetime
that is )
The latest assays are now out and at this time, much of the rampant rumor will
be laid to rest and then some serious calculations can be made. The ride so far
has been spectacular and we will soon have to find another story to follow, as
everyone and their dog will be following this one and our efforts will be lost
in a sea of hyperbole from all those who come out of the woodwork saying, 'We
told you so'.
But back to the 'to hold or not to hold'question. In the event this story is
full of air, any results that are less than spectacular, will cause the price
to drop. This is due to the 'buy on mystery sell on history' mentality and there
will be profit taking no doubt.
But what results are being expected and what more results are coming? that is
what has to be asked and this may save you some anxious moments. Let us review
the results from the last news release.
The holes 3, 4 and 8 were stopped in ore. Hole 8 was at 305ft and yet there were
only assays from sludge to 245ft and only some sections of core were assayed.
This was apparently because they were not really sure what they had found so
there are more assays coming from hole 8, as well as 3 and 4. We understand they
have been drilling long holes that are in mineralisation all the way, so it is
reasonable to assume these holes will also carry grades.
This makes a good case for assaying sludges to determine whether there is
mineralization
or not. So will the results for the new holes be better than the assays
released?
Will they more clearly indicate the extent of the mineralization? Will the
mineralization
be large low grade or large high grade, or possible a mixture of both.
Now the mystery is resolved
Hole BC2K-10 contained an intercept from 157.9-242.6 84.7ft 24.65gms/tn
0.719oz/tn
BC2K-11 contained an intercept from 181.9-197.6 15.7 4.650
0.135
BC2K-12 contained an intercept from 199.3-257 57.7 20.796
0.606
Now you must remember the last chart we provided and it clearly shows these
three
holes were bupkis or in english, very short and only just penetrating the new
zone. The next hole however, BC2K-13 intercepted over 400ft of mineralization,
if wit enters the same high grade zone starting at approx.199ft.
Next you have to look at the drill angles. The top holes, BC2k-10 and 12 were
at 45dg while BC2K-11 was at something greater than 70dg we understand so it
is realistic that it is possibly just penetrating the zone very close to the
BC vein while the other holes are clearly entering the zone at a further
distance.
This would indicate that any holes drilled over 65dg may have only very small
intercepts while the longer shallower holes are intercepting the bulk of the
zone.
All core has been sent in for assay as we understand and they are still
drilling.
This is shaping up to be one enormous deposit with what appears to be a high
grade zone on the BC vein side followed by a much larger zone of lower grade
material.
Hole BC2K-11 does not appear to have struck the zone as it only showed 15.7ft
of .135 but the other two holes of 84ft of .719 and 57ft of .606 are enormous
high grade intercepts in anyones language.
So stay tuned to this story as there will be much more in the way of news coming
out as they attempt to find out just how big this mineralized zone is.
So back to the 'to hold or not to hold'? our sense is it will be well worth
holding
for bigger gains on the information we have seen to date.
BJ
Speculative Stocks |
