We went from "Significant" pegmatite intersections (what a joke)...

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eshmun

11,185 Posts.

2609

07/02/17

15:01

Post #: 22430039
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Originally posted by FvoLvo ↑

The statement within the JORC table which said "The lithium baring minerals identified to date are spodumene and accessory lepidolite" first appeared in the 7/11/16 announcement and was mentioned in relation to the rock chip sampling programs. It was then carried to future announcements including the 18/11/16, when drill cores were presented.

A long bow was drawn (by many posters) that these core must also contain spodumene and accessory lepidolite. The hype and expectation surround the cores was created here on HC.
Whether or not the company could have identified that these core where not significant in Spodumene prior to assay is obviously being debated. It did spend about $100K and waited til after the MELP sales transaction approval before submitting them on 13/01/17. The un-assayed cores were used as a bait to entice ESR shareholders to vote for the transaction.

Unless I've missed an announcement, Apollo Phoenix Resources has yet to issue a ASX significant shareholder notice, especially as they are identified as a 5.8% major holder post transaction. Would have thought it would be much higher given the amount of new shares issued to them. Will be interested to also see an updated top 20 holders list.

Drilling may still reveal spodumene at those other prospects with high Li2O rock ship sampling results, Munga and Atomic 3 in particular.

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We went from "Significant" pegmatite intersections (what a joke) underpinning value to a hand full of rock chips. Odds have changed significantly for the worse in my book. I suspect this stock will be living in my bottom draw until the silverfish have finished with it. Esh

ESR Price at posting: 4.7¢ Sentiment: Hold Disclosure: Held
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