The market never not gets it. It is people that don't get the market. If you think you know something that will affect the market later then use it to your advantage. In this case, we are not talking rocket science or anything unprecedented. However, it's true that many things hide in the market awaiting exposure.
So the third hole makes that Locantro earlier piece about Pb/Zn transitional zoning into Cu/Au rich primary ore a little redundant (if I understand that cigar analogy right), as the metal ratios are carried from hole 1 to hole 3 at depth. It is apparent that all the sulphide mineralisation intercepted thus far in the 3 holes is primary and polymetallic. We don't yet know how hole 1 fits in with hole 2 - so it's a bit of a leap to suggest consistent vertical zonation at this stage. Pockets of high Zn/Pb, low Cu, may still exist down section.
My early guess that the most conductive part of the body might be pyrrhotite rich at the expense of base metals is somewhat validated by the recent results on hole 3. The reason being that if the metals are distributed in any way uniformly, then the richer portions will be carrying sphalerite (non-conductive) at the expense of pyrrhotite (conductive). However, as already inferred, it is early days so interp on zoning remains to come into play.
If I have the story right, at Eloise, BHP got sick of drilling pyrrhotite so they stepped out away from the conductors perpendicular to dip to test for sphalerite (Zn) mineralisation. Lo and behold they instead intercepted the lenticular and steeply dipping copper bodies being mined today. So in this patch of dirt you want be clued in to all possibilities when sampling around these highly conductive polymetallic sulphide occurrences.
IMO, this is definitely a priority watch or punt for players. The punters are already in and the watchers might want to see a little more juice with grade and perhaps more importantly clues on strike potential before becoming punters. Especially with Eloise having a number of bodies that hang together along strike, whereas Sandy Ck doesn't cut the mustard.
Seems good buying at these levels but I haven't pulled the trigger yet. Bought at this price on discovery day, but that was in the absence of much background knowledge. Right now I don't know exactly how badly BHP messed up or whether they did in fact drill through what would be strike extensions.
GLTA
MEP Price at posting:
19.5¢ Sentiment: None Disclosure: Not Held
