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Over the past years, I have read 100s of exploration news releases. How to read them efficiently?

Over the past years, I have read 100s of exploration news releases (NRs).

How to read them efficiently?


Breaking down my technique 🧵👇


Tip #1: Headline - important or not?


I will only read NR if:

  • New discovery confirmed

  • Significant assay

  • New resource or bid

  • Company on my watchlist

General company updates, new stock research etc. can be picked up by watching company presentations and attending conferences. In daily NRs I focus only on significant results.

Example from Carnaby: significant length and high grade assay gets on my radar.

Tip #2: Scan through the highlights.

  • Does the result still look positive?

  • Look for thick, high grade intervals or large step outs. Large step outs with good grades add more tonnage.

  • Red flag: up to X% Cu. Cherry picking best results, instead of focusing on averages.

  • Red flag: grab/chip samples i.e. discovery not confirmed vertically. Again a lot of potential for cherry picking here. Average grade over significant interval is what matters.

Quick note: Read only the first page! Most important information should be here.


Example from Carnaby: We can quickly see from the first page that this is not a new discovery, but update of further drill results. Update is from three targets. Significant intervals were intersected with good grades.

Tip #3: Scroll to map and cross section.


You can quickly identify here:

  • New intersections vs drilling through known ore zone

  • Geometry

  • Tonnage potential from the map/section

  • How representative is the result

No reading needed! Maps/cross section missing? = red flag.


Example from Carnaby: Cross section shows us that the ore body is c. 50 m thick and near vertical. Intervals drilled can be quickly put into context e.g. MHRC029 101m @ 1.9% Cu does not represent true thickness. Cross sections and maps can help us to estimate tonnage potential. If you want to learn how to do it check out our Geology 101 for Investors course.


Tip #4: Check the tables with core log/assays.


How it works:

  • Check what goes into %Eq (equivalent). Many exotic elements = red flag.

  • Do we have thick high grade zones or just a lot of thin high grade zones. Significant discoveries tend to have thick, high grade zones.

  • Core log: check % of important sulphides e.g. chalcopyrite, pentlandite.

Data missing = red flag.


Tip #5: Read the press release


Does everything looks good so far? If yes, I will actually go ahead and read the press release. What I focus on:

  • Data and facts vs hyped up tone. It is suprising to many people, but I do not read the CEO commentary.

  • Next steps - how fast are they going to move with exploration.

  • Next impactful news-flow. Why? e.g. last assay for drilling seasone and 12 months till resource report? There may be lower entry opportunity.

To recap: use these 5 tips to read exploration press releases faster.


  • Headline - important or not?

  • Scan through the highlights.

  • Scroll to map and cross section.

  • Check the tables with core log/assays.

  • Read the press release.


Be ready to shelve it at any of the above steps. Save time and be more focused investor. Want to learn more how to interpret press release? As part of #Geology101 for Investors course we have monthly webinars where we go through 1-3 press releases. Check it out here!


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