YT, there are 2 holes drilled at elo, no more as far as I can tell. Here's my prospect analysis.
Elo release shows 2 holes - one drilled into blue rock (diorite) and a second drilled into blue and purple rock, this is diorite and basalt, this means they have tested the porphyry (diorite), the second hole has tested the porphyry contact (diorite interfingered with basalt). The release diagrams show that they have tested the two peak/coherent copper in soil anomalies, the probability of a significant copper porphyry at Elo will be diminished if the second hole has low grades.
If the second hole is a good result then the north-east trend in the copper in soil anomalism allows for a "mixed intrusive and basalt" dyke swarm type of deposit which would be less preferable to a big mineralised intrusive like the giant copper porphyry deposits, but ofcourse that depends on grade. The stated tonnage potential must be reduced by the fact that they have tested half the main anomaly unless they have very bad luck.
If the second hole comes up with a poor result, they are left with a patchy gold target to the south. Incidentally the gold component if porphyries is just that (a component), the normal deposit types generally are copper bearing, with low copper anomalism in the south other gold deposit styles could be possible. I don't believe Elo is a monster yet. The next hole would want to be better.
Apparently further drilling depends on assay results, which seems logical given the average result from the first hole. Note that molybdenum was elevated in the hole but so were the soils to the west (where the hole drilled), so the hole to the east is (hole 2) is likely to have less molybdenum (see soils diagrams from original release May 2nd). If there is low copper in hole 2 then a copper-porphyry deposit may only be present somewhere at depth and the prospect is downgraded.
Andewa is the new blue sky for FNT.