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I couldn't agree more greaser with your comment below, well put.
"My greatest fear in this particular situation is the pressure put on Lori to deviate from her plan, as she has carefully laid out an agenda to safeguard the company."
Something else that has really taken a beating the last few days is my respect for some of the posters here of late, get a grip and stop your fear mongering and finger pointing.What has changed in the last two months, Lori made it clear at the AGM that they will be following managements’ strategy.
Based on the tape recording of the AGM, it seemed that most were in agreement.
I have only been invested of a few months, so I can only empathize with people who have been invested for several years and have experienced this rollercoaster ride of emotion, but as Lori pointed out, they also shouldn’t be hurting financially from this investment and should be able to weather a few more months of excitement, allowing Lori to do this right as she would say, over and over and over again.On the other hand I’m down a substantial amount, but I’m still very supportive of SLI and management based on my DD which unfortunately not everyone has done.
I don’t think people’s expectations of how information should be disseminated, should be based on what they have experienced in the past.I don’t believe this is like any investment you have been involved with previously.I think Lori is cognizant of the pitfalls that lead to companies not achieving their desired payouts and therefore will stick to her strategy to maximize shareholder value for us and herself.
My guess is that the inability to get the Bradley drill on site in October to complete the deep drilling, as well as the lack of geologists on site and the busy assay labs have put a kink in managements strategic plan.
The following is from the AGM
17:47 Audience: Do you have any idea when you are going to start the deep drilling?
17:50 Lori: The deep drillers are all … it's actually out of my control a little bit too.But because Bradley Drilling and we got Energold drilling on.. they have capacity to drill what we are doing right now with that shallow drill target, that one that was unexpected down to 500m. But ... Bradley is used by everybody in Peru, like all the majors and what not, and they're the only ones that can really do it properly.You do not want a hokey outfit where the drills are breaking down, when you're doing 1,500m drilling and then off shouting it as well, you don't want those drills breaking down, so you need Bradley. So we were working within their schedule and they originally said they could fit us in October and then we weren't quite ready and then they changed the date and we changed it and that's just behind the scenes stuff so I'm on their schedule right now, so I don't have a date when they are going to join us. But they are still there and we're waiting for that and they will join us.
18:51 Audience: Is their equipment on the scene?
18:53 Lori: There's lots of equipment on the scene, yep.
18:55 Audience: Bradleys'?
18:56 Lori: Not Bradleys', no. Energolds'.
18:58 Audience: Are we now prepared for Bradley?
19:00 Lori: We are, we've done all of the work ahead of time. And you know I'm a believer in, this has nothing to do with businness but everything happens for a reason. So when Bradley comes, now we'll have more information for them, so a delay might be bad in one sense, but something good comes from somthing bad a lot of the time.
22:51 Audience: Do you have a questimate as to what Bradleys timing is?
22:56 Lori: No not at this point and the whole thing is again whenever that timing word comes up I don't answer anything on a timing, I say we're here, we're going there and that's it, because in the past I've learned my lesson and it just does not work.And then all of a sudden there is a delay, maybe Barrick and big guys use them all the time and then they take them over from us and then I tell you guys this is the time it's going to come and it doesn't happen and then everyone in this room is going to be mad.
I can’t remember where I heard that Bradley had promised to have their drill on site by years end, but at this point there has not been any confirmation that it has arrived, so I assume that it hasn’t.I believe Lori will not start releasing news until she is comfortable that they will be able to drill to a schedule that will not compromise managements plan.
I was also found it interesting to hear that the deep drill targets were the original primary targets as per the following from the AGM.
05:06 Lori:
So when we started out to do this, and again I'm pointing out to when we changed and we had this run on our stock, it was Oct 2009 we are going to look for a source here. So wemade this decision to drill some deep drill holes, just to find the source of the gold, because no one has ever done that, its coming up, its coming up from below, so we wanted to do that. So we realized if we are going to look for a source of this, we are going to have to put some really deep holes in there, so we realized that was going to be very expensive to do, so wanted to get the best targets possible. So in order to get the best targets possible, we conducted a Titan 24 geophysical survey, with that main objective of and only objective at this point, of getting deep drill targets, a source for this.
05:51 Lori: So we really lucked out, because we got the results back from that and not only did we get are deep drill targets, it was hugely successful! But we got a couple of bonuses, those two bonuses that we got, were one a shallow drill target which I'm going to leak into the depth of the drilling I have. So wegot the two bonuses from a kind of shallow drill target in a optimum location, it's sitting underneath the A4 vein, or the zona central we'll call it. And it's on surface and its down to 500m so its not a deep target right where we were drilling, we got that as well, but now we have a shallow drill target sitting in this great location underneath a known high grade pod system, and where all faults are colliding! That's exactly what you want, it's the best target possible, because the gold comes up from down below and the path of least resistance and then you've got this! We weren't even looking for a shallow drill target, and like I said we were looking for a source and I said that last year lets look for a source of all this and do some deep drill holes that's why we did the Quantecs. We just really lucked out or are very fortunate to find a shallow drill target.
07:00 Lori:
And the second thing that we found was somewide spread open pittable disseminated gold zones on surface, so we are quite pleased with that. So to answer your question, our first target actually ended up to be not our original objective which was our deep target, ah probably because of logistics because we couldn't get the one drilling company in Peru to get on our property in time so we decided lets drill this shallow drill target which we didn't even expect. So that's what they've been drilling, it's Energold drilling it, it's down to 500m and it's underneath like I said that known high grade pod system, it's 3-4% sulfides it's got ah the veins and all the faults all coming together. It's a great drill target. That's what we're drilling right now. Bradley who does the deep drill and is the only one capable in Peru to do it are joining us shortly.
It’s clear Lori is excited by the shallow wide spread open pittable disseminated gold zones (which Primed was trying to convince us don’t exist) and the zona central ovoid, near surface, high grade pods, 3-4% sulfides etc.But she was also very excited about the Titan 24 results, that provided us with deep targets that she described as “hugely successful”. IMO If she has doubt about being able to drill those targets in a reasonable time frame it will limit her ability to release results while still sticking to her plan.
A certain individual was trying to get us to focus on individual drill results.On one hand he was trying to discredit members on the board by dissecting their postings and saying they were not professionals and that we should only rely on what is reported. Then he wanted the average guy to interpret drill results using his half baked approach and discount the value of the Titan 24 survey.
Each drill hole result will provide significantly greater information when correlated with the Titan 24 survey and together collectively, which needs to be done by a professional.This additional analysis is going to take some time to in order to be 43-101 compliant.
If you look at the primary targets most of the first holes do not test the zona central ovoid and need to be assessed as to their intended purpose, i.e. disseminated gold for example.Unlike some who don’t care if this deposit can be open pit mined (because we aren’t the ones mining it, dumbest thing I’ve ever heard), I for one like management and any prospective buyer are going to be very happy to have that answered.And I believe the answer will be yes, a very big yes.
Back to the original topic, I don’t expect any results until the Bradley drill is well into its first hole, which will take several weeks once it arrives. It will also be dependent on receiving enough shallow drill results from the Lima lab and have had sufficient time to provide an analysis.
And if that means doing it right or not at all, it may be a while.
Get used to it, this isn’t your average play.
BubaBob
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