I've been looking at this map and decided to check out Dakota Minerals (DKO) which is just as close as MPJ is to PLS, geographically and geologically with both claiming to be along strike.
DKO is on an identical trajectory to us, if not some two months earlier. So it's instructive to note their progress since acquiring the tenements as a rough guide on what to expect of MPJ in coming months.
It's also worth noting MPJ MD Joshua Wellisch is on the board of DKO. Who knew?
DKO announced on 18/12/15 a Lithium Project Transaction and $3.6M Capital Raising, subject to regulatory approvals and a general meeting:
Asgard and Slipstream have agreed to jointly sell their interests in their interests in the Pilgangoora Project to Dakota, in consideration for:
• a cash payment of A$300,000, to be split between Asgard and Slipstream
• the issue of 50,000,000 fully paid Dakota shares,
This ann resulted in their SP soaring overnight from 2.2c - 7.7c. Nice.
One month later (20/01) DKO was granted exploration license and immediately commenced ground based activities comprising of detailed mapping and rock-chip sampling.
Results from these activities were announced on 10/02/16, providing an estimate of the length, width and direction of their strike along with it's core elements. Lotsa juicy pegmatite, spodumene and crystals. Market was not immediately impressed but has risen 30% since ann.
Now DKO intends starting reconnaissance drilling in April, nearly three months after commencement of their ground-based exploration.
From MPJ's latest ann we know:
MPJ’s Managing Director, Mr Joshua Wellisch said, "The successful completion of due diligence marks an important milestone for us, (enabling the Company to move ahead with completion and settlement of the acquisition) clearing the way for the start of ground-based exploration activities at this highly prospective project.
Thus going by DKO's timeline to drilling, MPJ would be looking at reconnaissance drilling sometime in June, I reckon. Feel free to correct any flaw in this forecast.
Hope I'm wrong but it appears we are solely reliant upon stellar preliminary results from rock-chip sampling, due after completion and settlement of the acquisition, to get a languishing SP moving. Or good news on gold, or even nickel!
GLTA, especially oppy-heavy holders. Dat's me, eh.
