Papaya, hit or miss?
posted on
Dec 11, 2007 07:17PM
The company whose shareholders were better than its management
Thanks for the welcoming words gents, very kind of you. Truth be known I had become sick of reading the crap being posted back at stockhouse so I figured my time was better spent "living life" than wasting it on message boards as the markets went through the turbulence that marked the last few months. Safe sent me a message letting me know about this place and after reading a days worth of posts I quickly realized that this is a forum I would like to be a part of. Thank you Safe- you're proving to be a worthy captain here.
To the business at hand. Have we got something at Papaya?
If you scroll back a few months on stockhouse you will see that I was warning people that El Tigre was a miss for which i took considerable criticism, as many pumped that El Tigre would be the next FDN etc. I knew El Tigre was a miss because when NR's come out I study them, and when you read them as many times as I have, you learn to read between the lines.
For example (I only include NR's that have assays in this example- hiring of people, AGM and reuters articles have no bearing on this exercise and have therefore been excluded).
May 7th, 2007 NR announces that drilling has begun at El Tigre.
June 6th, 2007 NR -no mention of El Tigre at all following one month of drilling-suspicious as two or more holes would have been completed at this point.
July 18th, 2007 NR El Tigre after 2 months of drilling was mentioned(already telling you that they are planning to move on)
"Mr. Anderson adds, “Drilling will continue at FDN as we build on the initial resource by targeting open areas of the deposit to the south, north and east. Meanwhile, a separate regional exploration team is continuing to drill at the El Tigre gold target and preparing other gold targets for drilling along strike from FDN.”
August 21st, 2007 NR -no mention of El Tigre and the following comment confirmed they had missed (3months in and 11holes drilled, they would be moving drills in if something showed promise, not directing your attention elsewhere to Papaya):
"A drill rig is currently being mobilized to the Papaya target, 700-m north of FDN. This rig will drill a fence of holes across an area with anomalous copper-gold and gold-bearing float and outcrop. The Papaya target is interpreted to occur within the continuation of the Las Peñas fault zone, the structure that hosts FDN."
September 26th, 2007 NR (it turns out of the 11 holes drilled, 5 were discarded due to lack of any mineralization, 6 were assayed and nothing of significance returned. As I said, I believe they saw this in the cores and therefore kept the markets attention away from these cores in the NR's leading up to this one.
"Preliminary exploratory drilling on the El Tigre gold prospect did not encounter economic mineralisation."
and further down
"Results have also been received for drilling at El Tigre, an area of anomalous gold values in stream sediment and soil samples, approximately 4km east of FDN. A total of eleven drill holes for 3730.05 m have been completed, and a map of the El Tigre collar locations is available at www.aurelian.ca. Results have now been received for five holes, with a further five holes not sampled due to the lack of significant visible mineralisation, and assays pending for one hole. The geology is dominated by a diorite intrusive, with rare stockwork veins returning assays up to 0.8m @ 4.43 g/t Au and 10.0 g/t Ag and 11.65 m @ 0.58 g/t Au and 0.9 g/t Ag."
The next release was the 43-101, followed by the filing of the detailed technical report on this 43-101.
Then we finally get the next assay NR here...Nov 29th, 2007 NR -more fdn results and this little tidbit, something we never got on the "pending" El Tigre results..."Drill holes CP-07-150, 155 and 160 were drilled at the Papaya prospect 700 m north of the northern end of FDN. The results will be released when all data has been received, validated and compiled."
What I note here is the line "The results will be released when all data has been received, validated and compiled." ...this line was never used on pending El Tigre assays BUT was always used right from day one when desrcribing pending holes from FDN. Meaning these holes show promise and were sent for assays.
The downside is that no visual guidance has been given for these holes. Given the amount of pressure on the share price in recent months, it is my opinion that if they had visual gold or copper in FDN style mineralization, they would have told us. My personal take is that they have mineralization but it probably lacks visual metals. 1 to 10grams per tonne gold will in most case not be visual, copper under 2% will also not likely be visual. Give me 5 grams of gold and .6% copper over some decent widths and we're away to the races imo.
Point of all this is that Papaya is live...don't discount the potential upside here.
Regards,
Buck