I feel that indicated resource status on Hengxian and Moijang is unlikely by late Spring. Hengxian has only been subject to exploration drilling so far, with a limited number of cores taken to test for sub-surface mineralisation, extent and structural controls. Moijang has only just started a similar programme.
The company's original targets have slipped substantially, and I would be surprised if they get much beyond inferred resource status before the end of this year on one - or maybe two - sites. To proceed to indicated status will take longer.
Having said that, the nature of Moijang is presently unknown, other than that it is low sulphidation epithermal with characteristics similar to, amongst others, Esquel in Argentina. It took Brancote about 18 months to produce their first resource statement at Esquel. Because of the nature of the vein clusters, they had drilled using very close spacing. This meant that a large proportion of the resource was indicated/measured very early on, due to increased confidence given by the close spaced drilling. If Moijang IS similar in structure to Esquel, then progress could be quite rapid.
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