Mappo,
It did not take that long for the Earth to form, but the Earth is approximately 4.6 Ga, give or take a few 100 million years. While a large part of our planet has been reformed, remolded, etc, there are large areas that have been relatively stable for billions of years (such as the Canadian Shield), which are known as cratons in geo-speak.
Newfoundland has a very interesting geologic history and records the opening and closing of an ocean basin (Wilson Cycle). And RR is close to one of these sutures between continental and ocean crust, which makes it interesting for mineral exploration. That is the first step in an exploration program, select a potential area that COULD play host to mineralization.
The RR program targeted two anomalies. Everyone that has been here for > 6 months knows that and there is great DD in the notes section. Any preliminary drilling program needs to find something to allow for any addition exploration work. KATX went with two holes. Something from those two holes needs to offer some evidence to make the case to put more money into it. The level of evidence will be different from the geologists, management, and financers, which is a function of risk.
The public information available does not give us, the common investors, the information necessary to make that decision. I have said it before and I will say it again; the upper portion of hole #2 was encouraging and the description of the remaining drill core was encouraging. Only those that have the remaining assay data can tell us if we have the data to continue. Obviously I am hoping for the best, but like many here I am a little troubled on the delay. Hopefully it is due to working deal with a major, but it is all speculation at this point.
So really, while I agree that 2 holes is not much to go off. KATX made the decision to drill only two holes, so any follow on work WILL be decided on these two holes. That is the reality for RR at this moment IMO.
I have no problem on how KATX designed their program. I think they got the most bang for the buck.
Everything of course is my own opinion; whether I am a geologist or not. Whether I am a cartoon character or not. Make your own decisions as I make no recommendations.
