Yes Bluebottle - 50,000 m of shallow drilling by Bemax said this is not commercial. The old Monto board agreed and I did too.
$50,000 (non admin) budget for next quarter is more likely rent payment on the lease and paying someone to draft the same old in a different format for the next quarterly than anything meaningful. The extent of the assay work was a real joke - imagine going to the market with a spot report on 30cm depth, my kids went deeper with their last sand castle.
Where is the exact chemical composition of the minerals (a real assay)? That is what is important in the mineral sands game and dictates price and viability, not visual identification. You can't go to customers with anything else.
Admin cost currently outpacing the work by 2:1 in what must be the shortest director meetings on the ASX.
For spin kings they are not trying very hard. Plenty of opportunities out there to deliver value.
Sentiment - maybe they should have a category for "lol"
And I reckon you are spot on about the cap raising to do anythin meaningful. IMO a minimum of 30% discount and free carried options.
MOO Price at posting:
0.7¢ Sentiment: Sell Disclosure: Not Held
