The Latest...Seeking Alpha: ‘Risk Aversion Grips the Markets’…Music to my ears. All sorts of things going on this week, any one of which could trigger a huge move in GOLD & in other commodities. Gold has jumped to the $1,284 level at last look. I guess we’ll see how it plays out on the day, and the week, as the COMEX bandits do their little schtick.
At Kidd, I’m hearing the first drill is moving very slowly, primarily because of very poor conditions. They are at the 340meter level, and still pounding through the Graphitic Argillite. The second drill was placed about one kilometer away, and achieved a total depth of 640meters. Why they quit at that depth has not been made entirely clear to me. I don’t know if they broke through the Graphitic Argillite or not, and if they did, exactly what they found. The work at the initial drill site continues 24/7. My understanding is the drilling is charged out on a ‘per meter’ basis, and the rate is around $120/meter. That would suggest a total cost of $76,800 for Hole #2.
It’s true significant drilling has taken place all around the Kidd Mine. The same was true about the TPW, with Teck having done some of that previous drilling. Dupont swears by the ‘cluster effect of VMS Deposits’, and took as much historical record into account as he could get his hands on, both at TPW, and more recently, at Kidd. Both drill locations at Kidd took months to determine. Plus, of course, we all knew that Glencore had found ‘something’, with horizontal drilling done last year. So, with any luck, we’ll get some good news on the first drill location in the coming days.
I’ve also heard that Chris may be moving the second drill to another promising target, but no confirmation on that as yet…
