…on drilling results and progress at its DeLamar project after digesting the information and data contained right here. The trick with these high-flying, arrogant, self-important president and CEO type people* is to keep your message short and on-point, so once I’d added the numbers to the XLS, made a stab at interpreting the drill map and had a very decent cup of coffee, here’s what I wrote:
“My major takeaway is that you guys have a shitload of drilling to do.
Those discrete areas of high grade aren’t easy to spot otherwise and you
run the risk of leaving grade average low.”
And here’s what Salamis replied (permission to re-print verbatim has been granted):
“We
do! Too many targets to test is a Hollywood problem, I guess. We are
trying to strike a balance between those who say ‘Drill, baby,
drill. Don’t waste time/money with economic studies, just make the
resource bigger” and others who proclaim “we wont invest until we see
metallurgy done and some sort of economic study tabled”. We are trying
to please both (for now). So far so good, the drill
bit keeps working for us. As for the discrete zones of high grade, I
guess we should have clarified why we are looking at these. We think
they are feeder structures that may have been the main pathways and
conduits to the main plumbing that formed the deposit
in the first place. Following these laterally or downwards sometimes
leads to great things in these epithermals.
The
drilling is adding value. The metallurgy is looking really good. The
resource estimate will likely convert a lot of ounces and add
more.The PEA will look really good.”
So there you go. He also confirmed that the PEA is targeted for the start of September rather than the end, which is a good thing for post-Labor Day marketing reasons.
*Luckily, Salamis is not one of them.