It's worth noting that AMX's 3.1 million ounces of resources at Konkera is using a 1g/t cut off.
By contrast, on 12th. March AZM substantially increased its gold resources to 1.675 million ounces simply by dropping the cut off grade to just 0.5 g/t. Measured and indicated gold increased by 57% and inferred gold by 27%.
So there are gold resources and there are gold resources. Not all gold resources ounces are the same quality.
AMX's gold resources are being discovered at around just $10/ounce, unlike most juniors that have much higher costs per discovery ounce. (Many are very quiet about this and you have to work out how costly it is for them by checking their exploration spend against their gold resource increases.)
With 11 drill rigs now on site at Batie West - and a drilling programme of over 360,000 metres, new discoveries made by AMX there - and not included in AMX's current resources - are likely set to substantially increase AMX's gold resources over the coming year.
For example, on 21st November last year AMX reported great drilling results such as 12 metres @ 16.1 g/t at Batie West Doubema Prospect.
With a $25 million to $30 million exploration programme, should past results continue, my guesstimate is another 2.5 million to 3 million ounces of gold using a 1g/t cut off being added to AMX's resources.
Hopefully this will coincide with a nice rise in the price of gold and the market rediscovering its liking for gold equities. In which case the AMX share price could well be some multiples of today's price.
AMX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)