Been looking at Stallion Uranium (STUD) and wondering how people judge where a small explorer should spend its money.
They are drilling Coyote again with about 2,165 metres left in the current program. They have already completed roughly 4,585 metres so there is some drilling behind the next round of targets.
Meanwhile survey work at Stone Island has given them three more areas to investigate. The main one has overlapping gravity and electromagnetic responses. That gives them somewhere to look but it is still early, no discovery there yet.
Having another target sounds useful. You probably do not want the whole company depending on one area working out.
But there is only so much cash to go around.
Personally I would want more answers from Coyote before putting much into drilling somewhere else. Especially if the earlier holes are helping them figure out where to go next. Moving on too quickly could mean leaving something unfinished.
The other side is that you can keep spending on the same target because you have already put money into it. At some point “we understand the geology better” needs to lead to results that justify more drilling.
I guess the cost of the next step matters too. More modelling or survey work at Stone Island is a different decision from starting another full drill program.
For anyone who follows explorers how do you decide when enough is enough at one target?
Would a few weak holes make you want them to try somewhere else or would you give them longer if the geology still looked promising?
And when you look at a company like STUD do you actually value the extra targets before they are drilled or mostly ignore them until there are assays?
Coyote update
[https://stallionuranium.com/stallion-uranium-recommences-phase-ii-drilling-at-moonlite-project/](https://stallionuranium.com/stallion-uranium-recommences-phase-ii-drilling-at-moonlite-project/)
Stone Island update
[https://stallionuranium.com/stallion-completes-ground-gravity-identifies-three-new-priority-target-areas-at](https://stallionuranium.com/stallion-completes-ground-gravity-identifies-three-new-priority-target-areas-at)
