Further to my previous post - the Rebank (RCP) initial drilling announcement has been released.
It is only the results for one hole - which has hit some reasonable grades of copper and extends known mineralisation and gives the indication of a likely resources/reserves upgrade at some stage and make next years production scenario more favourable. Results from 4 other drill holes to come out in the near future.
RCP is drilling in tenement ERL94 which is entirely surrounded by GLM's EL10335. RCP also have tenements bordering GLM's EL10335.
Not sure the impact this will have on GLM - probably nothing unless GLM release an announcement of RCP's drilling - which I don't think will happen for results from just one hole. They may make mention of it in their quarterly which will be out in the next few days.
I'm still thinking GLM with a mkt cap of about $5m v RCP of around $19m offers some value - given that ERL94 is about 20 sq km and GLM's EL10335 is 1524 sq km. GLM also have the iron oxide project at Nowa Nowa as seemingly their main focus.
GLM Price at posting:
6.9¢ Sentiment: LT Buy Disclosure: Held
