After speaking with the MD a week or so ago, he is waiting on...

After speaking with the MD a week or so ago, he is waiting on Xstrata to release the drilling program this month. Rig should be in place in the next two weeks.

So can't fully answer how many holes...

But the terms of the JV are;

?Xstrata Copper may earn 75% interest in EL4164 by sole funding $16M exploration expenditure in two tranches.
(1) $4M within 3.5 years to earn 51% interest; minimum annual expenditure of $600K; may withdraw after Year 1; forfeits any interest in EL if withdraws prior to earning 51%
(2) Additional $12M within a further 4 years to increase to 75% interest; expenditures may be brought forward
?Xstrata Copper to undertake all exploration carried out during the earn-in period and, upon achieving 51%, to manage the joint venture while it maintains a joint venture interest in excess of 50%.

So based on that, minimum $600,000 to be spent in this drilling campaign. I dare say they will test a few areas, so maybe 2-4 holes per site. From there, they can determine what is the highest priority for further drilling.

The only delays now is if Xstrata wait for there 3D modelling before drilling, that is about 70% complete, so must e close now.

Pantheon Resources should be drilling in the next few months, so that should boost AXT with their 7% holding.