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mardo

225 Posts.

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30/12/15

11:09

Post #: 16700269
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Originally posted by dr spok ↑

Its kinda funny because I just got back from the middle of no-where in a very remote place where they are quite bulled up about an underground mine. There are some great intersections but the resource grade is 3.4g/t. It will go up, but I said "this is a bit skinny, you really need to make sure you are very certain on the costs and the recovery because there just isn't going to be much room to move".

So that is 3.4g/t and fairly narrow widths - maybe they can make money but it will be hard work, they really need to get it right from day one.

And Red has 7g/t and big widths. Double..the..grade. Good recovery too.

This is room to move.

This is room to deal with water and local issues.

This is why I like the company and the business.

Of course with mining there are risks, but the fundamentals are there because the ore body is a good one. Water is a problem but not an overwhelming one, just one that means management need to prepare.

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Also a little known fact is that Greenstone resources AKA(RED 5) own the production royalty of the Mt.Cattlin mine due to start up in about 4 months time.This mine shut down in about 2012 but should be worth about $1 mio to Red if it goes ahead.Royalty is $1.50 per tonne of ore.Refer to Galaxy GXY
website Canacord/Genuity report page 29.
Happy New Year lets hope 2016 is more profitable than 2015.

RED Price at posting: 4.9¢ Sentiment: Buy Disclosure: Held
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