so, what is the potential of chanape?

T4P

I agree with your "traders" comment in the other thread ... large amount of shares in "short-term" hands make for this sort of volatility .... So the short term traders are moving their cash out ... they were hoping assays would be through in the next few days ... they will be back. In the meantime, I find it hugely funny! If the company doesnt report anything, they are slam-dunked for not communicating with shareholders. When they do report announcements like today, they are slammed for hyping the market.
Fact is, you just cant please everyone! So who cares what the arguests say! I dont!

My take on ICG .... They have shown integrity, and protected shareholder interests by:
1] Denying the previous chairman dirt cheap shares that would have feathered her nest, but SMASHED the SP, and destroyed market confidence
2] They are respecting their shareholders and the market by providing regular communication. So they should! ICG is one of the most traded, & most spoken about stocks on the boarse ATM.
3] By releasing the rest of the photos, they are providing "full-disclosure", and providing clear time-lines to assay results. If they didn’t, then many investors would be asking (as some have already) ... “Why not?” .... “What are they hiding?”

As for the photos themselves. IMO there is not that much you can tell from them, other than they are clearly altered & brecciated, and show the quartz/monzonite. Even if the photos were CLOSE-UPS, the average punter here wouldnt even know what they were looking at!!

What is more important IMO, is the "geology statement" provided with them:
The geology is described as being a brecciated/stock-worked sulphide-bearing monzonite porphyry, with geologists recognising pyrite, chalcopyrite [a copper sulphide mineral] and arsenopyrite.

The chalcopyrite is a copper carrier
The arsenopyrite is a gold carrier

So we have visible evidences of mineralization right through the core to end of hole. The important thing now is to keep expectations in check! The grades will be porphyry grades which are historically LOW, but have large quantities to make it economical.

As an "apples for apples" guide, let’s take a look at Toromocho, the large porphyry deposit 30km down the road, being developed by Chinalco. TOROMOCHO has proven and probable reserves of 1,375 million tonnes grading 0.51% copper, 0.018% molybdenum and 7.06 g/t silver.

Despite this VERY LOW GRADE, Chinalco are spending over 2 billion$$ developing this project. It is also a very complex project, and is VERY HIGH, adding significantly to the capex & opex. Note this independent report:
"The deposit (at Toromocho) is very high with elevations over the deposit ranging from 4,700 metres to 4,900 metres. Neither humans nor diesel powered machinery work very well at that altitude as anyone who travels up from Lima on the main road over the 4,818 metre (15,800 feet) El Ticlio pass realises as the engine starts to struggle towards the top. Also there is anecdotal evidence of geologists being quite unable to understand their notes made on top of the mountain due to the befuddling of their minds by the lack of oxygen. Hence, the early years of the development of the mine may not easily be progressed.
Operating costs are likely to be relatively high per pound of copper due to the low grade coupled with the adverse working conditions. Metallurgically the concentrate is likely to be relatively complex, with the presence of variable quantities of talc which come out with the copper/molybdenum concentrate and tend to depress the copper grade of the concentrate. Using sodium carboxymethylcellulose (CMC) to suppress the talc in the flotation process has the unfortunate side effect of reducing molybdenum recovery. It gives a higher grade copper concentrate but also lower recovery."

Now, despite:
1] Very low grades
2] Very difficult high altitude
3] Highly complex metallurgy
TOROMOCHO is still viewed an economical mine to develop by a major company. Then consider this ... back in June 2011, Canadian listed Peru Copper, were the owners of the deposit. Then in walked Chinalco with a “friendly” takeover bid of C$6.60 per share cash offer, as well as a concurrent C$70 mln private placement at C$5.30 per share This valuing the Peru Copper at approximately C$840 million.

So where does this place Chanape?
I am confident from what I have seen and read, that this porphyry will yield equivalent grades to TOROMOCHO. While Toromocho is a copper-molybdenum-silver deposit, Chanape looks to be a gold-copper-silver deposit. Either way we want the final grades to be around 0.60% Cu, 1g/t Au, and 4g/t Ag, and we will have a very economical deposit if this is consistent with the entire porphyry, which looks to be huge!.

As a second example, consider the Constancia copper project, also in Peru. It has a measured, indicated & proven reserves as of February 2011 were estimated at 443 million tons graded at 0.39% CU, 0.0105% molybdenum, 3.57gt silver and 0.05g/t gold. These sorts of grades would have the armchair Hotcopper “experts” screaming ... “Grades are too low!” .... “Uneconomical!”.
Yet Constancia, which was owned by Norsemont, was acquired by Hudbay in 2011 for approximately C$520million ... “uneconomical” you say?

Then a Third example, take the Haquira deposit in Peru. It has 670 million tons graded at 0.58% CU, 0.01% molybdenum, 1.69gt silver and 0.03g/t gold. Very low grades ... “uneconomical” you say? Interesting it too was involved in a takeover when First Quantum Minerals acquired the project after their purchase of Antares Minerals for C$460 million.

All three of these deposits are "neighbors" to Chanape
All Three are low grade porphyry deposits of Chanape's ilk
All three are clearly economical
All three were subject to recent takeover bids
All three were valued between C$460 to C$840 Million

At a mean average of $650 million, that gives you an ICG share price of $2.15.

If the grades are an equivalent of these companies, which at this stage the indications are they will, then it all rest on the SIZE and volume of the porphyry.

Time will tell!