I have to side with johnno.. (despite getting SIR wrong from the beginning, so don't trust this) just my 2c is the grade difference..
while this may be an economical mine one day, the SIR jump came because the grade and the seam thickness were insane, sometimes taller than a unit complex (23m tall is about 10 stories) which makes the strip ratio look very attractive.
This had 1.5m at SIR grade and 5 holes at 1-2% which could still be economical, don't get me wrong, but it makes the economics less jump off the page.
To be fair though, even now the market cap is only ~25mil so I dont know if it will retrace straight back down to 11mil where it started today. 25mil is not a huge market cap for an open in all directions 1-2% nickel deposit spanning an approx 200x300m.
RXL Price at posting:
5.1¢ Sentiment: ST Buy Disclosure: Not Held
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