Well-stated Joe! -- The earlier comment that this is the 2nd page of a big book is probably more accurate than the wild-west reference. There is MUCH to learn about this whole discovery area, yet. But it is a chancey deal, nonetheless!
Re. the NR: Firstly, nothing very surprising in the newsR, esp. for those who have followed these threads. Montello's sugar coating of the lack of discovery is to be expected. The delay in reporting this to the public is not.
Re. the cash already expended by MEO, it is likely higher than Kaiser's $350,000 initial estimate, as suspected. In his last Tracker (tonight), he points out that if MEO only has $1.5mil left in their T, then $1.7 mil has been spent since last July. -- As I alluded to in an earlier post, some of those diamond-core holes can cost upward of $100,000-/hole (or more).
It is obvious, in hindsight, that MEO should have done Auger drilling first ($10,000-/hole or less), esp. given the reported overburden revelations. While it's a new approach in this type of exploration, it has been proving very effective for Marum (currently using it). The auger MMU is using even yields a 3" core along with the wrap around sample.
Anyway, that's talk after the fact. MEO will now need to spend more time researching and strategizing, so we probably won't see the drills turning for some time. As I said in a post here weeks ago, this isn't over, and MEO has several good properties in the province! It's good to see they have flown the ones jv'd with Grizzly Gold. Those may turn out to be some sweet blocks...
One last word-- as Joe discussed, the seismics are not going to be the singular saviours, imo. I have heard that the use of seismics has actually been auxillary, contrary to rumours.
Cheers,
-j
:>
PS-- education is the corollary here
pps -- maybe we'll hear of some new partner in the mix! |
