Ann: $10M raising for multi-rig drilling and to extinguish debt, page-235

Here you go. Good interview.
https://www.pscp.tv/soarfinancial/1lPKqLovpwlxb

Key points to note and while its nothing new, summarised below :-

• 3 week drill time and 3 weeks for results previously. Now with 3 drill rigs commencing soon, newsflow will be constant. Average depth is 300mts.
• While drill costs are unknown till they dont start, however expecting 50% reduction in costs. Main reason behind using own drill rig is that management wants to follow TIE strategy - (Ausino - Dr Fu backed as well), where they are drilling 8-9 times the area with their own rig atin the same budget compared to using external vendors.
• After recent drill results, the company is on the radar of mining investors and mid tier institutions with bulk of the funds raised in Australia from exisiting investors given priority followed by some interest from HK and North America. One of the directors topped up in this raise as we know already.
• Tesorito - near surface porphyry 384 and 253 @1 g/tonne. both hits perpendicular to each other. essentially tells us that it is a broad, large volume potential . other part of story is presence of Bornite - potential for copper . big copper deposits $50km owned by Anglogold and same georlogical formation.
• drill hole 10 will be under drill 8 (not directly vertical as skewed towards the East but will be used to test depth of hole 8.
• Hole 9 drilling done. shipped for results .
• 2500mts planned but due to raised funds now it will increase
• 2nd rig going to Chuscal. 3rd havent been assigned. can be either of the three.
• Mangement ranking of the projects - miraflores (most advanced and resource known. 500,000 tonnes @3.3g/t. NPV . LOM 10years. NPV $1400 per ounce = $120 mil and repayment time 3.3 years. IRR =28%. $1900 per ounce much more compelling. management would like to see higher grade in the intial stages. need higher grades to pay plant off in the intial years post capex. as a result, management want to find bigger resource to ensure that asset can become profitable immediately). tesorito -exciting because of near surface prophry. Chuscal - greenfield and potential for large scale . 350 and 320 mts @0.5 g/t without even knowing the porphyry source. exciting asset as pathfinders suggest that there is a prophry.
• FARC issues subsided as a result mining majors moving into columbia. gov is supportive of mine. In Quinchoa district, strong relationship with the local communities with 30 employees residing in the local village.