Ann: Request for Trading Halt, page-35

G'day Shakin,

Not much to say on the predicative front, as there's not many clues. Obviously something significant has happened at the rig. I'll rule out problems like having to abandon the hole, as they would have closed that issue upfront. So assuming they got to target depth, in which case the drilling proceeded at optimal efficiency, then we can probably expect they have intercepted something to explain the conductor. This anomaly is discrete, unlike WIN's WM - and not visible with VTEM. As such, albeit conscious of the depth, I will suggest a stratigraphic conductor, i.e. graphitic metaseds + - pyrrhotite, like WM is unlikely.

So that leaves two options - something like the off-hole conductor at WIN's Tarcaud, i.e. a lens of massive to stringer pyrrhotite which has got someone on site excited, especially if they can pour over the core with an XRF gun and zap a bit of pentlandite (Ni) and chalcopyrite (Cu) here and there. Or, the real deal.

Obviously hoping for the latter, but not calling a form guide on this, as I don't have enough confidence to be right in the call. As I say, not enough clues. And we don't know what protocols the company has for communication between rig, management and market - which vary from company to company, and circumstance to circumstance.


P.S. WIN was going to drill WM regardless of any further pre-drill exploration works. Plenty of companies undertake raises during speculative mania. The companies won't kill the mania by being incompetent, dodgy or opportunistic. There's plenty of solid evidence to suggest they can't kill speculation by those methods. The mania is us, the punters, and that rides entirely on risk behaviours. The sector is in the worst bear phase for 15 years for obtaining capex, but the punters are still lining up to buy tickets. During the GFC there was no speculation at all. Easy pickings for those few looking at core and betting on assays that would shortly later attract the brokers. Try and do that these days, when a match-head of pyrrhotite and a laboured over XRF scan can generate 100+ posts on HC and $10m+ in MC to whoever took a photo of it and zapped it.