The Poliquins have been releasing some juicy results from El Cobre over the last few weeks (link and link)
Again, all we see is that they are drilling and re-drilling the same zones, it is now starting to get silly.
To the surprise of no-one, they got similar results to the previous dozen or so holes drilled into the same area. We do see that holes 65 and 70 are exploring the eastern and western limits to mineralization, but there has been plenty of holes poked into those areas as well.
I like the way that they drilled a nice shallow hole to make sure that they reamed the high-grade core rather than drilling below it and potentially adding some tonnes of hypothetical resources.
If we go back to the Feb release, where they did go and drill some of the other targets, all we see is Azucar drilling the known mineralization from a different angle, and getting nothing that is really any good.
Generally, crap, narrow (for a porphyry) low grade mineralization. No-one in the porphyry world is going to get an erection over 0.2 g/t Au and 0.2% Cu (except for ValOro’s Tepal project where that would be high-grade).
Azucar, you’ve put ~40+ holes into El Cobre, a resource calculation is due, all you are doing now is dicking everyone around. All you are doing is demonstrating that you have a small moderate grade porphyry that isn’t going anywhere. The regional targets are generally crap, and that you re demonstrating you lack of imagination by drilling the same areas time and time and time again.
What a waste.
One thing I hate in exploration is waste. Either wasting time (just by sitting on projects and doing nothing with them) or wasting money.
Azucar are wasting money, they could have easily reduced the amount of drilling at El Cobre by at least 50% (and probably by 75%) and have no meaningful reducing in the quality of information, and will all that extra cash, could have easily put a few holes into some of the other targets that showing in every presentation and press release.
If those targets are any good, why don't you stick a fecking hole in them!
This is an important style of exploratory drilling called *Pickup Sticks(tm)*. Initially perfected by Dr. Quinton Hennigh at Rattlesnake Hills, Wyoming.ReplyDelete
Scientific Reference Model Here: https://www.dickropa.com/wp-content/uploads/2016/02/funhire_partygames_giantpickupsticks.jpg
First documented use in geology here (image toward bottom of page): https://www.geowyo.com/rattlesnake-hills.html
Love it, and to the surprise of no-one GFG didn't manage to come up with a resource for Rattlesnake Hills.Delete
To be fair sometimes this type of fan drilling on a porphyry is due to cost, site or permitting considerations. Still I'd rather have the company spend a bit more time and money NOT to come up with something so inscrutable.Delete
I can understand drilling holes in the opposite direction to check veinlet orientation to make sure that you aren't drilling down the axis of mineralization, but after a while it becomes redundant.Delete
Solgold is a good example of drilling multiple holes from a single platform, the time and cost to build multiple platforms would have been excessive and maybe prohibited in their permits if they were limited to a certain area that they could disturb in the permits.
This isn't one of those examples, especially as the new results that came out today showed that they were still doing essentially the same.
Yes I agree, doing the fan drilling only makes sense to a certain point. Reasonableness exceeded for these Pickup Sticks at Rattlesnake Hills and now El Cobre.Delete
Has anyone seen Prerium’s updated reserve report?ReplyDelete