Alot was said and discussed but I'll cover what I recall.
South Australia has had heavy rains up north, which is true because I live in SA. As a result it has delayed Xstrata getting a rig in but plans are to have it in place by the end of the month. So the good news is it's all going ahead! Xstrata are IN!
Xstrata is still crunching the 3D modelling of the tenement as well as our neighbours which they are also JV'ing. Apparantly they didn't have the computer modelling ability they wanted so this has gone overseas to be done. This is more good news, because if they didn't believe they had something, they wouldn't spend the time or money to do this.
I think this demonstrates that they may believe the ore bodies run across both tenements.
Hugh is excited about Pantheon's prospects (Argo 7% shareholder) this year, so keep an eye on them ;) BHP are in the area sniffing around, so certainly in the right area. The move to buy into Pantheon was a financial move for Argo to draw upon when/if needed. He believes this investment will boost Argo's SP alone this year.
Onto finances, certainly no CR's on the cards, Hugh stated he aim is to maximise returns with minimum shares on issue (no surprise because he holds 7mill shares). He beleives (as do I) that the only CR's required will be to maintain % in the tenement from Xstrata, which he believes (as do I) by the time that occurs, Xstrata will be tapping him on the shoulder asking how much he wants. So potential take over no doubt, again, good news.
So we are not to far away from some nice movement. I will start talking a potential 20-40c move in a few months time imo. Hopefully sooner...
Argo are flying under the radar, I like it ;)
Hugh will release info as it comes to hand from Xstrata about their drilling schedule, so I'd expect news within the next 2 weeks, 3 max imo. Once this occurs, Argo will get some spot light it deserves being just 50km south of Olympic Dam.
Exciting few months ahead is something he certainly quoted!
Not ramping, but the prices now are delicious, I have topped up twice in the last week or so.... trading at 10c? With a $16mill JV with Xstrata? 3D modelling that costs a packet? 50km south of Olympic Dam? 7% holding in Pantheon? Market cap under $10 mill!! got to be kidding!!
AXT Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
