Management are pretty excited about the geophys and the tie back...

Management are pretty excited about the geophys and the tie back to the alluvial areas. It makes good sense that the Ararat alluvials have shed from the reefs that run Sth / Sth East through our gnd. The funds required to drill are pretty much small change in the scheme of things and having half the program funded by the Govt grant and other money coming in for the R&D refund means that we are only around $700k short.
I expect they will do a cap raising in the next two months but it may even just be a placement to Newmarket or some other gold player. The exploration samples run up to 20 g/t (which is a very nice figure when gold is where its at) so any hit at all in the drill phase will result in a serious multibagger result for NML (IMO). Notwithstanding the placement overhang, I wouldn't be surprised to see NML push up materially from here as the story is looking great and I think they have a good chance of success. As far as the Newmarket side of things go, they may have a crack but I for one won't be selling. Theres just way too much upside in NML if things work out and even at double the current SP, they would only be capped at $7M. Crazy stuff really but we live in somewhat strange times. GLTA.