I have no doubt SRM will nail Bunawan very soon. I actually bought SRM for Mabilo. I was seeing excellent high grade hits and that was a company making asset day one. Bunawan is icing on the cake, but its not my main focus. If Taylor's are correct in their global resource estimate upside of some 25-30m tons of 8g/t Au Eq, then that will exceed SIR by a decent margin. They have approx 15m t. X 2.2% Ni , .09% Cu and some cobalt. I also think they would need about $400m in capex. I think that is around 10g/t Eq. I guess it won't take long for SRM to have a similar resource under the belt next year and then we can leave this stupid price range for dead. That recent hit is a higher grade than SIR. There are several copper gold companies getting financed with much lower grades. Avanco is an example. They have managed to raise some$55m of debt plus $18m placement and their grade is approx 1.4% Cu Eq. SRM's copper grade would have to be approx 4.5-5% Eq. thats nearly 3 x the grade and we need zippo capex. The funds will turn up here once they have some resource numbers to play with imo. Not that long to wait really. Dyor.
SRM Price at posting:
23.0¢ Sentiment: ST Buy Disclosure: Held
