So you're comparing rock chip sample results from WGO against...

So you're comparing rock chip sample results from WGO against JORC reserve compliant results from SDL? I understand that's all you have to go on at the minute, but you have to admit that rock chip samples really don't give anywhere near a fool-proof or certain measurement of bulk resource quality when compared to core samples from drilling? I'd be very surprised if the IO formation is not similar to SDL's, with the hematite cap and the itabirite underneath.

$6m in the bank is very little when a drilling program is about to commence. Did you say the company owns it's own rigs? Do you mind if I ask how many? That will keep costs down somewhat so that's a good thing. Remember that management won't allow the bank to run down to nil before entering into another CR though, they will probably do so when there is $2-$3m left in the bank. I would think that management's strategy will be to try and hit DSO early in the drilling program and send the share price upwards, then head back to equity markets to try and finance the rest of the drilling program.

Good luck with the investment, it's one of those high risk / high reward types and they are the ones I love! If my capital wasn't tied up elsewhere I'd probably have a go at WGO and have my position set before drilling. There is probably still time though, as drilling results won't be known for months.