This announcement was mainly to upgrade to resource status, which they have. More drilling/closer holes will be required to upgrade other parts of the resource. I wasn't expecting much of an overall upgrade but was quite surprised and happy to see it go above 140mt.
Positives that I see is new targets for a further upgrade and that more drilling is coming soon to upgrade overall resource. With likelihood of someone coming in and takeover for this project, this may place pressure on them to either a. advance quickly or b. pay a premium with a further upgrade coming.
Short term market activity could go anywhere, attraction of large buyers will move this up quickly. See what unfolds
GWR Price at posting:
36.3¢ Sentiment: LT Buy Disclosure: Held
