Just come back to this thread. Been on the phone to another MD for last half hour.
No, I don't have any info on companies "next door" drilling etc. Not for the want of trying either.
One of the CFR guys did confirm that, as I understood him, the leases neighboring CFR's area are CURRENTLY MINING. I at first took the report to indicate it was historic mining.
Those leases are mining 64%fe if I recall right. I think the expectation is that CFR's lease areas will be similar.
I also understand that (as I think I posted before someplace) a company like CFR would NOT bother with a project that did NOT have potential for AT LEAST 10 million tons.
That does not sound much, but from my discussions, in a context where you can fast track to production, and the ore is "sale ready" (no processing or magnetic separation needed etc), 10 mt would be a great money spinner. To the tune of about 1.5 billion dollars worth!
So, my expectation is that the project will be at least 10mt, and the grades very likely above 60%fe.
I am seriously looking forward to DD info!
I did ask for coordinates for the area. None yet.
Cheers
CFR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
