Purchased outright from Vale for $500K up front then 4c per pound of copper proved up within the existing 1.5 kilometre of strike. Anything found beyond that initial 1.5 kilometre of strike (and there will be) has no fee attached, ie no further cost.
There are 18 holes drilled by Vale, 17 in pairs at 200 metre intervals for the 1.5 Km strike plus an outlier hole that extends strike to potentially 4 kilometres. Open in every direction. The grade is higher than PB, whose strike is only 700 metres. It’s grade appears to be higher than PB. It is already likely to have twice the ore of PB and could easily grow to double that or more.
AVB has to drill 5,000 metres of core within months and no doubt we will see upgrades toi the resource coming through in a short period of time.
Sulphides only 20 metres down.
Looks like the grade is superior to PB and the ore body twice as large.
Open pit initially then going underground.
In comparison, PB started life as 192,000 tonnes of contained copper and 389 Oz of Gold. PB is currently 427,000 tonnes of contained copper and 389,000 oz of Gold though still growing (700m of strike). So
Pantera already looks like approximately 1,000,000 tonnes contained copper. Next 6 months will tell I suspect.
PB cost the company 15% of its then equity, on todays numbers approximately A$37.5 million.
Pantera will likely cost vaguely the same but appears to be initially twice the size with opportunity to grow (currently 1500M of strike and arguably better grade ( up to 8% and plenty of ore at 3.5% to 5%). We have also bought Pantera on time payment plan so real cost of capital will be further reduced. The opportunity is there to pay even less if we do it up front.
Summary, I like it and we should see an increased news flow over the next 6 months as drilling proceeds. This is a
LOT OF COPPER for a modest up front payment. Another worry wasted for the CR brigade
