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My 2018 Prospecting - The Good, The Bad, And The Ugly


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Thank you for the detailed reply Chris.  It’s always interesting to hear about how other people are going about things.

 A 375m diamond hole with hassles that missed the target would generally kill a project here, and make it hard to get more holes drilled by investors.  They don’t mention any assay results? The majority of targets we drill have a significant halo so even when you miss you know your close, is that different there?

We are spoilt over here with loads of shallow areas to make exploration easier, when funding the drilling ourselves we purposely target shallower ground.  I actually dropped a 2000ha tenement a year or two back that had drill results of 38gpt Au at 120m deep purely because it was too costly to drill through the 80m of sediment to reach the fresh rock and prove the deposit.

Good luck with it and I hope it all turns out for you.

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A 375m diamond hole with hassles that missed the target would generally kill a project here

And likely the same here too.

However the problem is that the company decided to save money by going directly from Air VTEM survey to drilling. The normal procedure is to do a ground survey to accurately locate the targets before drilling. An air survey is inherently less accurate at target placement than a ground survey. We know this from normal nugget detecting. The farther you are from a nugget target, the broader the signal is and more difficult to pinpoint accurately. They assumed that the target was so big that exact accuracy would not be an issue. Well, they cut corners and it burned them. Intending to drill 3 holes, they drilled one and ran out of money.  They could not drill at the exact point they wanted to , and the inaccuracy of the VTEM location plus not being exactly where they wanted to be and not wanting to wait for better weather resulted in a very expensive dry hole.

Perhaps they will be able to raise more money and do more drilling. We shall see. Because of the very positive VTEM survey results, I still think I could interest other parties if this company decides to turn it back to us.

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Chris I'm guessing that your expertise and effort will make this all come out good for you and your partners one way or tuther.       .                                                       "Save money" " They assumed" "cut corners" "ran out of money" "not wanting to wait"

Just plug in different names and different mines and you have a sad story that covers about 80% of the small mine start ups.

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Tis the same in OZ, they come and go with nary an ounce found, but some did achieve a benefit to locals by their "influence"  they talked local authorities into some road, bridges etc upgrades but I suspect mining investors is their main activity. 

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