Capital Raising. A Placement?? Seems very likely.
Why would they waste time and money relying for their fortunes on a bunch of penny-pinching little guys like us, who obviously have big padlocks on their wallets judging by the last time.
Straight placement at 7, I reckon, hopefully with no "listed" options attached this time. Trading Halt to stop any cat getting out of the bag and Suspension to finalise the write up and have Directors approve the draft. Shame about purge of orders though...
.............
Announcement from 12th August :
The completed first phase of drilling went for :
1. areas of historic (very shallow) drills showing anomalous Ni/Cu/PGE
2. discrete magnetic features
3. several conductors from recent MLEM
They did have a probe around two conductors.
1. RHC13... previously called C2 conductor. Sulphidic shales at the target conductor depth. Some mineralisation above but looks like a pass on that one.
2. RHC15.. this is not C1. (C1 is south of RHC13.) This is just to the north of RHC13 at Point Perchance. Again sulphidic shales at target depth....
... this may allow them to filter out other similarly positioned and signatured conductors, and get closer to the real deal.
ROE 2. I have always liked Roe 2 a lot. (ROE 1 shows up better, but seems very elusive unless Sarah can reinterpret the data.) 23m of high MgO ultramafic rock hosting disseminated nickel at Roe 2. A great first drill! Better than NSR!
The dividend on all these program-holes is the DHEM data. It can be very effective at finding proximal deposits. Your primary hole only has to get in the area and find the disseminated nickel, then you go shopping with DHEM.
"Talc Lake is located approximately 50km NW from the Sirius Nova discovery & ~90km ESE of Kambalda. "
It is still nice to have some nearology going for you.
RHDD0015 looks brilliant. It gets a major write-up.
Guess which hole gets the first DHEM?!
-15 was
..".. drilled to test historical near surface aircore Ni, Cu, PGE geochemical anomalism associated with a discrete magnetic high within what is now described as the "Central Ultramafic Belt" (Central Belt) at the Hooton Prospect. The Central Belt can be traced in aeromagnetic imagery beneath transported cover over a strike length of at least 5 kilometres at Hooton with hole RHDD0015 being the first effective test of the sequence."
So it is coincident with a magnetic high, surface drilling has picked up the Ni/Cu indicator.. AND there is a definite belt of 5km associated with it.
The high MgO rock now is also a vector to high Ni. Here we go again.. fasten seat belts.
So... what is it. !!?? If by some sheer miracle the postulated "target" shown on Fig 3, page 6 turns out to be REAL... and it all extends 5km consistent with the "aeromagmetic belt" then....
That is the sort of thing that one can use to line up an underwriter. Or someone to take a placement. Something BIG in the wind. "psst mate... this is a gem... will know very shortly... and then wow!... how about being in for a few million at 7 ?" (not 6!)
That mysterious 45m share trade is now explained!!
So... it was you, Mr Yu!
