The announcement with regards to the commencement of a drilling program by a mining firm is generally seen as positive by investors. Hence, it could be a good move to consider taking a closer look into the announcement by Asia Broadband Inc. (OTC:AABB) on Thursday. Yesterday, the company came into focus after it announced that it had started the Phase 1 drilling program at the high-potential Picachos IV Property, situated in the prolific Hostotipaquillo region of Jalisco, Mexico.
The property had been acquired recently by the company. The property spans across an area of 4081 hectares and is situated in a zone that is being developed quickly. Additionally, the property is adjacent to the Los Ricos South property operated by GoGold Resources Inc. In the news release, it was also noted that the property was another asset addition with high yield in the continued expansion of Asia Broadband through the acquisition of gold-producing assets. The ultimate aim of the company is to boost its holdings of gold.
In the news release, it was also announced that the initial stage of the drilling program would involve the identification of drilling depths and targets on the basis of the data that had been collected during the due diligence work accomplished before the acquisition. The company noted that it was also working on refining the scope of the drilling initiative so that it could be possible to decide on a budget in the upcoming weeks.
Asia Broadband stated that its management was excited about the potential for fast development, low operational costs, and higher production at the Picachos project. The President and Chief Executive Officer of Asia Broadband, Chris Torres, spoke about the matter as well. He noted that the area where the project was located was an exciting production area.
