Hole #1 was mineralized to the bottom of the hole however "The last 91 metres of the hole intersected altered volcanics which weakened away from the intrusive contact but still returned 0.20 % Cu and 0.19 g/t Au." This is taken directly from CXO's press release. I would say that the last 91 meters are in fact unimpressive. So really only the first 242 meters were good. Anything under 0.30% copper is not market moving. So if hole #3 was a "twin hole" and was drilled deeper I wouldnt expect anything any more significant than hole #1. Notice in today's press release that it doesnt describe the mineralogy of hole #3. I believe that this is because it is likely the same as hole #1. Hole #1 was no good after 242m, that is the point at which they were in the volcanics ie where the grades dropped off considerably. So to speculate that they were hitting at depth would be incorrect.
If hole #4 isnt hitting mineralization from surface I would argue this earns another strike against the property. Again a Copper porphyry should be consistent grade from top to bottom. A miss 100 meters away from hole #1 would greatly diminish the POTENTIAL size this project COULD be.
Couple of corrections. At no point did I comment that hole #1 was not significant . It IS for the FIRST 242 meters. The market should be excited about the POTENTIAL of this project. However what I am arguing for is that the market valuation at THIS POINT IN TIME is too rich. The market is expecting that they hit on every hole moving forward. Will they? Maybe. But the market is not assessing appropriate odds/risks.
Best example is going to the casino. If you know your odds of hitting any particular number in roullette is 1/38 wouldnt you expect the house/casino to pay you appx 38 to 1 on a bet? Of course. Why accept odds of 4 to 1, 8 to 1 or even 24 to 1 if the reward does not justify the risk?? It would be CRAZY. And im arguing that the market is paying too much TODAY for what CXO has done THUS far.
I couldnt agree with you more that maybe one day CXO will be a multiple dollar stock. However thats going to take alot of time and very successful drilling. We have all seen it time and time again. Retail investors getting over exuberant over a hot stock thats been over hyped/promoted to only buy at/near the top and get burnt.
Please do your own due dilligence and assess the risks.