Will need more then $4mil to complete the DFS. $4mil will barely cover the amount of drilling required.
At least another 30,000m of drilling would be required. Going rate in WA is $180/m. $5.4mil just for drilling
Remember folks that mineralization isn't shallow as what mangy leads you to believe, it starts 150-200m from surface and will need to be drilled at least 200m. So 350-400m long holes.
that buys approximately 79 Drill Holes. That is not alot of drilling. RXL would want double that.
There is also the risk that in this environment when the plant design and mining works is tendered out that the contractors prices will increase and blow cost out of the water. This will end youanmi.
No one is touching underground spec plays in the current macro.
It's only Open Pit Miners & Excellent Open Pit Projects.
RXL Price at posting:
18.5¢ Sentiment: Sell Disclosure: Not Held
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