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HOR 1.6¢

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  1. MMMJ

    47 Posts.

    Today announcement was disappointing , but not every hole dug is going to produce brilliant results - that's what exploration is about.

    Was happy they stated their future activities (but would have liked more confirmation on timings for each item stated) ie
    The Company intends undertaking the following additional work as soon as practicable in respect to drill hole RCD358:
    1. perform petrology and mineralogical assessment of additional pieces of core from RCD358 and historical diamond drilling at the Horseshoe Lights mine to establish commonality between the two locations;
    2. cut additional drill core for multi-element and gold analysis;
    3. case the hole and complete a Down Hole Electromagnetic (DHEM) survey to test for off-hole conductors which may indicate the presence of a more massive sulphide body nearby.

    The Company also advises that the next phase of Reverse Circulation (RC) drilling at the Horseshoe Lights Project is planned to commence in the near future. The programme of drilling (see Figure 2 for collar locations) will be conducted under a drilling-for-scrip agreement by Whitestone Minerals Pty Ltd (Whitestone). Under a Drilling Fund Contract Whitestone is obliged to provide drilling services to the value of approximately $235,000 (see ASX announcement 31 March 2014). The Company has been advised by Whitestone that the drill rig tasked with drilling at Horseshoe Lights will be available to mobilise to site at the completion of a two week drilling programme it is presently undertaking elsewhere. (does this mean in two weeks from today or could it mean two weeks after its finished which could be a longer period of time)

    On cash and any future capital raising - i am not an expert in this area - but at the end of Dec the company had $400k - i have no idea as to what the Q1 actual and projected cash burn rate is but is reasonable to assume a cap raising is not far away and cash must be running short ( have not factored in the whitestone drilling @ $235k)

    Company currently has 169m shares on issue - if they were to double shares on issue the cash raised would be

    Column 1 Column 2 Column 3
    0 Capital Raising What if
    1 Shares Price Total (1)
    2 169,000,000 $ 0.015 $ 2,535,000
    3 169,000,000 $ 0.025 $ 4,225,000
    4 169,000,000 $ 0.050 $ 8,450,000

    Appreciate any initial views on what any future capital raising might look like , any views on how much funds will be sought ? (and structure of offer and price )

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