But yes, it is. Starting from 2m, Ken talked about immediate source of mill feed in a past report. No doubt this one is much larger (results several hundred meters aparts with overall strike length extending for km over Troy tenements) and deeper (100m), but part of the ore is directly at surface without any overburden. At those grades it will be a low tonnage operation to get let's say 20k ounces to the plant. What is AISC in that case? Next to nothing. That operation alone would add 7.4 cents per share in value/after tax earnings without even touching the core of the deposit.
Lots of additional targets though, still Goldstar could be the better mine if higher tonnage and lower grade. But it makes sense to get cash in now by mining the Ohio Creek deposit without development costs and funding the other operations. Goldstar, Kaburi Hills, Gem Creek and Upepr Itaki drilling. Looks as if they won't need a CR now even to do all that, despite that I will support a CR because it gives Troy a tool to get a strategic investor onboard.
Think about it, a CR getting a stratgic investor onboard could be done in mid to late 2019. Lots and lots of new drill results until then, so the share price will be very different from today.
The market is doing a poor job, given Troy's situation that announcement is proof there is a lot more value added than the share price indicates. I think Troy shares with the announcement at 17.5 cents are cheaper than at 9.9 cents without the drill results. So in a sense the share price took a nosedive today relative to value. Well, Mr. Market is known to be off the mark sometimes, especially when it comes to small-cap stocks.
