I am sceptical when announcements combine two announcements in...

I am sceptical when announcements combine two announcements in one. Makes me think that they are announcing good information (acquiring HMX tenements) and hiding bad information (Fishhook assay results).

The Orca assay results are nothing more than short intersections of copper anomalism (ppm not g/t) at this stage. However we still have 85m of assays pending.

We also have the Moby Dick assay results pending. These results are probably more significant for the company given the Moby Dick strike length is 2.2 km (compared with 800m in Orca). The photos say the results are going to be good (See photo 3/4 in announcement, chalcopyrite mineralisation / strong ‘red-rock’ altered sediments)



HMX acquisition provides significant acreage over the Vines Fault. I suspect the VTEM showed some interesting drill targets which they will follow up in 2015.

The SP appears cheap at the moment (@16 cents the MC is AUD$21 million). If Antofagasta is spending USD$20 million to gain a 51% stake in the bottom two tenements then ENR's 49% stake should be worth something similar (which equals more the MC of the company - 49/51x20USD/0.85AUD/USD=AUD$22.6 million). Hence, upside potential if they find anything meaningful north of this acreage (Fishhook or Millennium)