I spent a good bit of time at the Hughes booth, and although they have a few very good prospects, and the funds in place to do something with a couple of them, the hottest one they have is definately this KLA. It was, until very recently, a very fractured property, with them holding various percentages of different pieces of it. They did drill off some of it a few years ago, but since have been unable to put anything together as two of the partners were actually in bankruptcy. They simply could not proceed to drill as they were since if they hit anything the shareholders of these bankrupt companies would be sure to come with open hands.
It was finally resolved this fall, and they had to hurry up a drill program, as they were getting close to the deadline and could lose some of it for failure to spend any cash on it.
They are just completing hole 8, and there are a few intercepts which bear more looking into, but the main purpose of the drilling to date is to cover needed expenditures on certain portions of the property. The most intriguing target they have is what they call the triangle zone, down on the southeast corner. All indications are that there is something good there, and it will be targetted on the 10th hole.
Going forward they plan to drill thru to Spring, and depending on what they find at the triangle zone, they will continue there, or proceed to the proven areas and continue to expand the showings there.
As you can see, I really like this one. The good news may be a little delayed from what we were hoping but we should start to see action by first week in Feb, and continuing from there.

Best regards

K