Partially correct....It has sold off...MEI has found much worthwhile, in the form of a high grade Ni-Cu-PGM sulphide deposit with accompanying lesser grade cobalt at Midrim..
Tolga Kumova bought into MEI as a result of these high grade numbers for Ni/Cu/PGMs, not for the cobalt per say...Along with a pumper friend or two of his, their followers piled in with the expectation that it was cobalt that was the reason..The previous MD pushed Midrim to be the main play with the other three initial MEI properties of cobalt taking second stage...Midrim had already had a lot of previous drilling/geophysics/mapping/sampling done which the previous MD knew would save lots of $$ on exploration and would speed up the timetable for a possible mine...
But after new drilling showed cobalt percentages to not be that high, along with the MD continuing to concentrate on Midrim, most traders and many shareholders wanting only cobalt sold...
Midrim is still there for some time in the future...Ni-Cu-PGM prices will only continue to increase...If it does in fact become a mine in the future, MEI will also benefit from the lower grade cobalt that is also present...
But with the continuing SP drop, it was time for a new MD...And the one we now have is focused on cobalt, which we all want him to be focused on...We lost a few months of time and some $ in the process but MEI is now forging ahead at a decent clip...
First phase drilling will be completed at Mulligan by end of August and at Iron Mask by end of October with assays being returned 4-6 weeks after that..I remain optimistic both on results and on our new MD's game plan and timetable..
MEI Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
