VIC (ASX) Ann: Quarterly Activities Report

Originally posted by Sentia717: ↑

I have just been having a closer look at the activities report and reading what it says and noticing what it doesn't say. Also what it implies and yet what seems unlikely.
For instance : " A drilling contractor was short listed as the preferential party to begin the inaugural exploration drilling campaign at the Malamute exploration area." Righto , sounds good. But what does that actually mean. To me it appears that they have found someone who does drilling in the area and they have just decided that firm would do. Nothing has been signed. No mention of any firm agreement. The drilling firm is simply the one they would prefer to use if they had the money to go ahead and the firm agreed to do the job.
Oh and we are supplied with a photo of the truck and gear "on site" ? Really ? Of course it doesn't define the site where the photo was taken. We are supposed to assume that it is taken "on site" somewhere at Malamute. Hmmmm. Now that was very kind of the "preferred" firm to turn up with their truck and equipment just for a "photo op" particularly when there is no formal, signed agreement that the firm has the contract to do the drilling. Or was the firm there to drill for water for the farmer and it just seemed convenient to take a photo of what might seem good publicity? Or was it some other situation? That is the trouble with the level of vagueness that announcements from VIC always seem to be peppered with IMHO.
Another for instance : The photo of the landholder at one of the key Malamute drill sites. Right, so we are supposed to get the impression that this gentleman has agreed to drilling to take place at this site. Can't say that he looks overjoyed about the situation. If I was unkind I could say that he may well have come across the "Geology team" on his property and is asking them what the hell are they up to......because once again in the announcement all it says is that they liaised with landholders. There is no mention of having signed definite agreements which would involve indications of time and dates and money. Considering the present parlous state that VIC is in at the moment, it is just a pipe dream to talk about having definite arrangements with drilling contractors or property owners. IMHO

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Oh and while I am at it I might as well comment on another gem or two.
First there is no apology offered for their less than candid announcement in early December that they would be starting the drilling campaign prior to the festive season. Least said about that promise the better seems to be the approach being taken.
Secondly there is no mention of any visit to the selected Husky site or to liaise with the relevant property owner for Husky in this latest announcement. Obviously that is just off the radar at the moment at least.
Thirdly there is this pie in the sky comment about "a staged progression to allow for expansion of the potential deposit and an end goal of reporting a JORC (2012) compliant resource." WOW that sounds good. Just what shareholders want to hear. Yea ! Okay but even if that was likely how long is that going to take ..... or more importantly how many millions of dollars are involved in a drilling campaign to prove a suitable resource to that level.
Again IMHO, it sounds nice but the reality is the kicker here. Sounds appealing to ordinary shareholders but where is the money coming from to achieve that even if Malamute or Husky or both have the goods.
What is the present drilling campaign ? 3 holes in Malamute and maybe 1 hole in Husky. The hurdles to getting anywhere with that is (a.) lack of funds....which impacts on (b.) signing agreements with landholders ......... which also limits getting (c.) signed up contracts with drilling contractor, preferential ones or not.
Fortunately no wool anywhere near my eyes

Oh and while I am at it I might as well comment on another gem...