We're all waiting for some drilling news. You must realise the weather conditions in the Victorian Alps were not particularly conducive to drilling a week or two ago .. particularly with snow/sleet and rain.
Whilst you have made allowances for various factors, it only takes the wrong weather conditions to throw a major spanner in the works. Sure, a drilling update is now due and we would expect to see one very soon, even to report a slow down in drilling due to weather... I would hope the drilling costs have not blown out due to weather delays and an appropriate insurance policy would cover that.
However, you cannot say "Also means no significant visible mineralisation yet which is disappointing",
because you don't really know. None of us know .. yet. The Sulphide hits are well known from historical data and there is not much reason to doubt that. These holes were meant to probe the sulphide mineralisation deeper and wider. I am happy to wait and see what the outcome is.
One of our drilling campaigns in QLD was recently held up for two months due to adverse weather conditions and then exacerbated by delays in obtaining the appropriate CCA landholders sign offs, we now hope to start drilling by the end of June ..very frustrating indeed .. at least the Carawine management managed to get the landholder clearances very quickly .. otherwise they would not be drilling today nor yesterday.
Bit of patience is required in any Maiden drill campaign .. drilling has started and whenever it finishes we will get an announcement. If drilling stopped completely, then you expect an immediate announcement to that effect.
That has not happened, so just be a tad more patient, as the hospital ward triage nurse once yelled out
" Patience Patients .. it's not the emergency ward !!.
After all .. it's only the Victorian Hill 800 gold drilling as a precursor to a lot of other action in Carawine's portfolio. We bought into this company for the Manganese/cobalt/nickel play in WA .. the other plays are a bonus for me. It takes a while to get clearance from all stakeholders to start a drilling campaign these days .. non ground disturbing geochem exploration, such as rock chip/stream sediment/soil sampling does not require anywhere near the compliance issues ..you only need 2 weeks prior notice for access to do those jobs in most jurisdictions.
Drilling is a different matter .. it's classified as substantial ground disturbance.
Remember, Carawine only got started recently with a large number of very prospective tenements around Australia and a relatively quick drilling start in Victoria is a major achievement .. before the winter really sets in.
Hope that helps all HC readers.
The SP is holding up very well considering the very recent malaise afflicting the resources sector .. the EOFY sell syndrome may be at play across the board . Seems to happen every year. Good news is that this a relatively tightly held stock.
Cheers
HR
Just my views as an experienced explorer.
CWX Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
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