I doubted the extra holes would provide much more than what was already discovered. Is the project a dud? Absolutely not, the size and prospect of Electra and down hole EM targets at Iris are well worth chasing (Sandfires first couple of hits at DeGrussa weren't that flash either, then we all know what happened next).
Unfortunately for MEP they can't keep the rig momentum going because of the wet season, the market's is losing interest and moving on. For those lucky enough to have bought the last low and seen this coming, have offloaded above 10c for a near 100% profit. This is how high risk big banger type exploration plays work - nothing new for those that have been around the traps long enough.
What's the plan now? wait for lower prices and reload for the marching in March when the rig returns to the hunt. Still doesn't mean there's a deposit at Iris/Electra, but I'll bet anyone that the punters, volume and SP will return with the drill bit - the night and day of junior resources.
Sleep well MEP and I'll be seeing you next year.
MEP Price at posting:
7.7¢ Sentiment: None Disclosure: Held
