They hit potash at Captain Cook, but they didn't hit a great deal of it. They reported it as "up to" 20% K2O, but when I look at the actual data they only hit that much over .6 meters. Over the rest of the 5 meters or so they only hit 6-7%.
A good thing about it is that they weren't even looking for potash but they hit it anyway. Great things about it are that it's in a FANTASTIC location, only 4 miles from a deep sea port, and it was hit at ONLY 300 meters. Other mines have to transport over a thousand miles and the potash is down at least 800 meters.
So, these next two holes could have great consequence as to the property's viability. If they can hit wider intervals and or higher grades overall then this could be a very valuable property.
Also, I'm a bit perturbed by Pat Laracy saying we're going to drill this property even in this "tepid equity market". Vulcan is sitting on $4 million bucks and I can't think of a BETTER time to put that money to work. If Pat would say, "Since we have such a "tepid equity market" and I can't do much I'd be willing to cut my salary to $100k", I could agree with his position more easily.
Maybe everyone should e-mail him that...