Ann: Quarterly Cashflow Report, page-5

I like the possibilities here.
Although the project area is a little hard to access, roads have been carved in successfully.
The area is 95% unexplored with modern techniques.
It has been one year since securing the project and drilling is underway.
The rock chips and target location will hopefully find some goods early in the search.


Nice colours and the grade, while not a guarantee, is very suggestive to highly possible success in exploration.

(The grade and nature of vein sample 26584, including outstanding results of 37.5% Cu, 0.27%m Co and 193g/t Ag shows strong similarities to the five wallrock samples collected at the Profunda sulphide breccia deposit, which enables the following conclusions to be drawn:
•The high- grade assay result from sample 26584 and oxide minerals assemblage compares very favourably with the results of alteration zone and rock- chip wallrock vein sampling carried out at La Profunda;
•The discovery of the mineralised non- outcropping vein at Target Area 8 highlights the exploration potential for the discovery of other mineralised veins, which may be present as “pointers” to other Profunda- type minerals deposits in the project area,
•Future exploration will focus on identifying other mineralised veins which might logically be expected to be associated with other non- outcropping Profunda- type Cu-Co-Ni deposits which likely exist elsewhere in the Cármenes Project area.)


Ground truthing of 2,000cps spot radiometric anomaly at Profunda East discovered highly mineralised dolomite under cover which assayed as above.
We have eleven targets defined and five holes to give us a starting point at low cost over a huge area and nice and close to the original workings. Over $2m in the bank atm.

Drilling is underway and my guess would be around 8 weeks till we see some results back.
First pass is 3 holes for a suggested 831m.
I hope they find the need to go deeper.
We have not had confirmation that drilling is complete and we may not get that as an ann.
Not long to wait for some and I will be looking for any further weakness to enter.
Let's have another look at those targets and relevant rock chips. While the cobalt price maybe taking a back step, where do you think the copper prices will be in the not so distant future with the current demand growth?
Drilling commenced around the 11/7 so it is not long now to wait.
Let's not forget those gold grades and if we see anything like that along with those high grade copper values, this will prove pittance in value.
All in the risk reward calcs for each but this could be exciting.
Wack.