Tuesday, November 23, 2010

Late Results are BAD results

Some core assays have been released today, November 23, 2010.

To the surprise of absolutely nobody, Fire River Gold has FINALLY released assays from the drill program announced June 9, 2010 and they are all bad. Fire River Gold has had over a year and encylopedic volumes of data to chase good results and these assays are certainly far from that.

The ridiculous promoter's practice of reporting the "best" while ignoring the rest has not worked well this time (only 9 of 16 holes are reported) and the latest batch of holes that surely cost mid six figures has returned nothing except confirmation of thin width, steeply sloping ore shoots with slim to zero mining potential.

Not only is there a clear paucity of ore in "new" areas, even the micro widths reported cannot possibly be the "true widths" and MUST be smaller. There is obviously no continuity and no possibility of meaningful continuity outside of the C3000 and C3300 zones.

Apparently these bumbuster results will not be included in the underground PEA expected in mid December. One MUST wonder what would happen if Snowden actually produced a brutaly independent assessment that included mineable ore only. The decision to fund a $ 6.6m CIL circuit that directly contradicts a PEA and represents a guaranteed losing investment decision would be an amazing example of extreme VSE mental retardation, even for the likes of career promoters who have seen and done it all to the public numerous times already.  I suspect Mr. Barr would not be returning Sprott's dopey money in this incarnation.