Re: Time to keep an eye on PEM
in response to
by
posted on
Feb 28, 2011 11:15PM
We may not make much money, but we sure have a lot of fun!
So you’ve got this huge regional structure along the contact with the Idaho Batholith, which was the heat source to get these mineralizing fluids moving around, and the Archean schists and gneisses adjacent the Batholith which are the primary host rock.
OK, that's what I was looking for. Translation: hard rock.
as a result, we have a number of deposits stretched out along that shear zone, instead of a small localized deposit. Therefore, instead of having just one property and one deposit we’re working on, we’ve got several properties along the Orogrande Shear Zone at various stages of development.
Which to me sounds like a lot of drilling and moving around of equipment to prove up the site, especially if returns are consistent with what's been found so far.
The intriguing aspect of Friday-Petsite, is that a high-grade zone has been identified within the disseminated deposit and only recently, we concluded that the high-grade zone is directly associated with the Shear Zone which cuts north-south through the disseminated deposit. This means that while the previous operators were successful in achieving their goals of defining open-pittable types of deposits along the Zone, the high-grade contribution and potential of Shear Zone was over looked.
Overlooked, or put aside because of high drill costs? Were any test holes drilled? I can't imagine Bema not doing that. Well, maybe I can. Stuff does get overlooked. Maybe they just didn't go deep enough? Nevertheless, you've got a series of small deposits at depth in hard rock, stretched along a sheer zone. Lots of work ahead, but at least you know where to drill to keep the news flow going.
What's the burn rate here anyway? How long before they do another financing?
ebear