targeting upto 2 bill t @ 60+% fe - africa, page-69

clearly huge risk involved - all exploration is.
It is one of THE imperfect sciences.

Speak to any geologist worth his salt and they will say it is an educated guess at the best of time - even when an ore body is well defined.

it is very obvious that the holes were not what people had hoped - when are exploration results what small cap investors 'hope'??

the company DEFINITELY would've tried to target areas where they thought they would strike ~62% Fe. That said I think that it is also true that targets would DEFINITELY have been selected based on where they were able to drill because of the terrain

now to the results - clearly confirms the presence of itabrite in the area....tick. BUT the company has flagged a significant 62% fe target that it now has to live up to, hence all this expectation. The fact they DID hit a significant Fe intercept of 62% IS positive.

It is now the next batch that a really crucial. There is NO WAY they are going to walk up and stick 7 holes in the exact right spot. But it is a bit easier now. I can only assume that they will look at where Hole 7 was and re-assess.

My other comment is about depth. From my experience no exploration targets 7 holes at 30-40m and then stops. The announcement doesn't specifically state that the holes finished in mineralization however based on the mineralisation in the greater region I will not believe anyone who tries to tell me that mineralisation in this area stops at 30m.

I think that the company has tried to conserve money on these holes and drill a number of spots - remember that the capital raising occurred more or less after when these holes were done. Drilling is ridiculously expensive, we are talking perhaps 100-200k for a hole to a few hundred meters depth - especially in Africa.

With this in mind this disappoint me and is a bit negligent IMO. Geology, like I said, is a VERY imperfect science and knowing what is 0-30m is good when that is all we are worried about....go show me a mine which is NOT mining below 30m. In other words, they will have to re-drill this area.

So as my long winded ramblings draws to a close.

- I was hoping for better first results. I was hoping for more reliable and detailed results.
- The fact the holes were 30m deep tells us very little.
- The fact these holes were hitting mineralisation from <10m deep is absolutely critical. This is dirt cheap mining.
- I will feel edgy and I think the market will punish these guys if the next holes arent A) more successful in hitting high grade zones and B) don't show more information to depth

I still think there is real potential here. The areas is in a real hot spot for M&A as well. BHPB buying in is important.
The Chinese did not relinquish this - they lost it. Clearly out of their depth.
Sure, why would BHPB or anyone pay big bucks for the prospect? they have the biggest Fe assets in the world in the best location - already built!! BUT why would they pick it up when they also know they will just lose it if they don't? They are ready to commit big bucks here if it works out. This will benefit all - especially small co.s like WGO

this is your typical risk reward play.

These first holes are a start - they were not 'best case' but they are ridiculously far from the worse.

I am prepared to hold. But I doubt the market will do much from here until more is know.

Sorry for length, my 2c (too long to proof!!)