Pinned straw:
Strickland Metals drill results were a miss sending shares down 47.5%
But management did try and make an vain effort to highlight some positives.
Firstly the bad news.
Diamond drill results were a big miss being drilled too far east but with one minor hit (MWD002)
Results have not come back for MWRC001 which is the one that should have been done before any DD started.
I believe this is the only drill result that matters which will confirm the Marwari discovery from the initial AC drilling.
In summary a big mismanagement on the drilling and maybe a case of too much money and sqaundering and not enough checks.
Only good news is the RC results for below but was not enough to arrest the decline:
•HWRC003: 24m @ 7.4g/t Au from 19m, including 5m @ 28g/t Au from 29m; and
• HWRC007: 3m @ 8.9g/t Au from 71m
Not all is lost, there are still results waiting on Great Western and Rabbit Well targets.
So bad news overall and pretty frustrating but that is the exploration game. Share price has responded appropriately with a big fall despite management trying to dress up the news in a positive light. Nevertheless there are still other potential targets to look forward to.
[held]
STK announced AC results at another area in Horsewell called Warmblood
Still early days though and I'm no expert on exploration geology so not posting this as a straw. Looks more a relief rally.
Think I'll trust what is in the RC results due next year rather than any news on Aircore AC drilling. Still remember buying AZS on the RC results on Andover so maybe RC is the way to go?
Also the events from the first DD announcement on significant alteration to the underwhelming results has dropped my level of trust in management by a few points.
If it fills the gap around 5-8c it will be worth a buy.