I am assuming that although there is probably a lot more exploration potential in the areas outside the southern part, the valuers can only go on the estimate prepared by the company.
If they go above this, then they are putting their own view on the potential for exploration success, which I dont know many valuers who would do this.
Bit like a real estate agent saying that a vacant block worth $200k, is valued at $1m because there is a potential to build a big house on a day.
I looked at the valuations in the Mineral Resources take over of Polaris, and where there was no exploration or likely exploration target, the independent valuers put a $ value per hectare on the remaining group.
The value was something along the lines of a few $'k per square km.
So unless Legacy does a heap of exploration in the next 2-3 weeks on the other tenement area before the valuers finish, I cant see a lot more value being given to the other area.
Although, as pointed out in other posts, it is highly prospective to be a massive deposit.
Just my thoughts.
LCY Price at posting:
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