Look at the depths for some of this resource...
They are including drilling to 1000m+ in places...for a 0.5% CuEq envelope???
lol
This has a major impact on tonnage...much of which can never actually be mined this side of Cu US$5/lb!
Not meaning to knock these guys...and clearly they have decent results scatered throughout the drilling...but after some of the rhetoric emanating from the company, I for one would have expected something better.
To be honest, collectively they do have something worth looking at here...but with a market cap of some $600m, I would be thinking it was a little expensive today.
What else do they have?
To be perfectly honest, my biggest concern is previous activity within the resource zones. The previous group were not known for getting it right, which might be why they went bust, so my question might be...of the historic holes included in the IVA JORC resource, how did they determine which have previously been mined out...and which have not?
Impossible to see from underground given the backfilling that took place...and I really do hope IVA are not relying on the mining records of a failed venture in reporting their JORC compliant resource statements?
I have heard stories of a zone intended to me mined by the previous operators...who after determining size and grade, diligently bought millions of dollars worth of equipment which just so happened to be too big for the decline.
lol
Not to be deterred...they increased the size of the decline...at further cost...so the equipment would fit...only to discover the expected resource was mostly gone!
Yes...GONE!
It had previously been mined out!
Such a scenario would leave plenty of holes in today’s IVA resource statement...literally!
lol
Cheers!
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