Thread by @DkOkenia

#KAV @KavangoRes is setting itself up to be a very attractive pure "discovery drilling" play, and its showing all the right signs. 1/

First, #KAV is first-hole-in-an-area, pure discovery drilling.

Not infill, step-out or other follow-on holes. Yes these are a necessary part of the journey of a junior, but market excitement comes at initial discovery. 2/

Second, potential for scale. The business model for what I view as a "proper" junior (IYSWIM) is to find an asset large enough to be of interest to pass on to a mid-tier or major.

The KSZ licence area is huge, the length of Wales. 3/

Third, potential for scale as shown by thickness of mineralisation / alteration. Area x thickness is what you want.

Again, #KAV are seeing intense alterations over hundreds of metres. 4/

As Rick Rule comments, what question are you seeking to address? Is there a plausible geological model and hypothesis being tested?

#KAV are very clear on this front as to what they think the KSZ might be, and how they are testing that. 5/

There are surprisingly few such pure discovery drilling juniors on AIM (especially those drilling in licences with potential for scale). Most seem to drilling holes in sub-scale licences to generate news and thus placings to keep the corporate band wagon on the road. 6/

#GGP is one of the few exemplars on AIM of this discovery drilling model. It had the massive licence area at Havieron, clear relationships with majors and a business plan to involve them, and went ballistic on the discovery holes showing thickness (point #4 above). 7/

Area, thickness, geo model, roadmap to link with majors ... tick tick tick. 8/

Yes, as @DDS_DocHoliday noted, there were certain spivvy aspects to #GGP but that is par for the course in the juniors. And nothing new (Mark Twain: hole in the ground with an AIM CEO at the top). You want a charity, donate to @amnesty 9/

#KAV is following the same, and I would argue quite rare on AIM, playbook. Yes, it may be a duster; by definition that's possible when doing discovery drilling. But the body language and progress to date is ticking all the boxes. 10/

Bottom line: if #KAV hit what they are hoping for, then you have #GGP 2.0.

ends/