The latest PR is a dissapointment, and some deceptiveness was shown.
PR quote -"Aurelian Resources Inc. (TSX VENTURE:ARU - News) today announced results from two additional drill holes from the buried epithermal gold-silver discovery at Fruta Del Norte (FDN) on its wholly-owned Condor Project in south-eastern Ecuador."
Well...., not quite, they actually announced the results from three holes, and one sucked, but they didn't want you to know that. Dissapointing bs from a company that has been pretty upfront, as far as I can tell, to date.
some thoughts:
1) The two good holes announced are a mild plus, and will add some ounces to my resource model on 3600N. This also suggests that some ounces might be added higher up on line 3700 N. Good news, but only a small potential addition to the resource.
2) Hole 94 was mentioned but no forward guidance given. This is scissors hole above previously announce hole 90, section 2800 N, that had some lengthy intersections of near 1.5 g/t stuff. In the past, lack of forward guidance on visual indications of mineralisation have meant duds. Let's hope this time was just an oversight.
3) Guidance on hole 104, section 2700 N is mildly encouraging, with the potential indicated for some narrow higher-grade zones (visible gold reported).
4) Overall it looks to me like the FDN deposit, as it is currently known in the block defined by the E and W fault boundaries, is feathering out and dying quickly south of line 3000N. If this is correct, that would leave only possible depth extensions and the "connector" area between FDN and BLP as the only ways to add significant new mineralised areas to the FDN deposit. Even if it becomes clear that the boundaries of the FDN are defined, there remains great potential for other zones along strike, N and S, as well as the numerous other undrilled targets on the huge property. But it would mean we are back to raw exploration drilling versus stepouts, for adding significant new resource blocks. |
