I read the report. We already knew the bulk of the drill results in general, and this report doesn't change that. It does provide a foundation for a proper 43-101 resource estimate, so it's good solid work.
The most interesting part for me was the log plot of assay population at grams/t grade vs. length. If you throw out the teeny stuff, it looks like about 5g/t over 0.5m is the center of the population density plot. Going for the higher grades might average us to 10g/t over 1m or 2m, which is what we figured before. The difference is that this provides a good technical basis for that estimate, instead of a finger in the air. It also provides the basis for a bulk sample, which will be good news.
They are doing the right things - we just can't conjure up some magical intercept in the ground. Deep drilling a great find would be nice, but I've set that aside and figure on them being able to prove this as mineable pretty well as-is.
Our biggest problem is the state of the commodities stock markets - about as dismal as it gets. Only up from here.
Yes, it would have been nice to have gotten a short-term boost, a nice blip in the price, but it's the slow and steady for us. People might come to their senses from the stock drop today. The property is still good and the team is excellent. The markets will change their mood someday. In normal markets this stuff would ignite the stock right away. But these markets are not normal.
We can't very well complain about the fact that KXL is going about this in a professional way. This report isn't much about new drill results, it's about the technical basis for a 43-101 resource estimate that allows management to pitch its mineability. It's a good report and fine with me.
As a small aside, I didn't mind InnovExplo's comment: "Some of the results announced for the channels lack descriptions, as can be seen in Table 14.4. Channel AMX-01 was announced as 32.96 g/t Au over 11.60 m. InnovExplo is in the opinion that it should have been mentioned that this interval largely depends on one assay that returned 912.40 g/t Au over 0.30 m (refer to Table 14.4)." In regular times that would have made front page news and a big gap up.
