It is not an idea about the nickel...it is a fact that the Eagle's nest deposit value is made up of about 70% nickel. Copper is actually next and then Pt and Pd. What is interesting is that they are telling us that they have modeled Eagle's nest's deposit for both high grade areas and high Pt/Pd area and the latest drilling results confirm their theory.
Their theory involves a convergence zone and magma chamber. Their theory still has to be proven where it counts but the fact that their current model is supported by the latest evidence is very encouraging.
Wes called me back last week (after I left him a message) right before I left for holidays and he was very upbeat. He insisted that all 4 drills are now looking for new ore (confirming that we are now more focused on exploration than development as my sources indicated) and that it was not a question of if but a question of when we would find a new NI ore body. He seemed very confident in his statement about this. I do not know if he was basing this on their geological modelling of the area, Geophysical studies from down hole or if they have some visuals but the fact that he was open to discuss another Ni ore body in such terms combined with the deal with Probe makes me very hopeful that something is coming and possibly sooner than later.
From a SP perspective, we seem to have held a good portion of our gains after the rumors. I was disappointed in the lack of volume last Monday but the support thru out the week makes me hopeful that some of those rumors where based in facts. I know we have the new chromite hit but I think that is just the tip of the proverbial iceberg. I am sticking around to see what comes up in the next few weeks/months.
The other thing to consider is the AGM in October. Last year, Wes was proud to say that since he took over, our SP was up 200%. I am sure he would like to say something positive about our SP this year as well even if it is not as dramatic as last year and he will work hard to supply the market with info that will support a higher SP.
Glorieux
