How much do you think needs to be spent on Cancet to progress it to production?
Looking at FCC in Idaho, as Jarama has brought it up, after 62 holes they only have an inferred resource and have allocated another 9 million to prove it up further.
Personally I think that's what Quinton is here to analyse. That's probably what he's doing right now as its our only proven asset which needs significant funding to bring it to production. There has been some work on Cancet lately but no drilling, just analysis etc.
It probably needs tens of millions spent on it. Where's that going to come from? We don't have a full time manager, that's correct, so that project may well be managed by another entity soon. I'm expecting a sale, with funds coming in to MTC in the exchange, and hoping that we retain a 50% interest or ownership of Cancet without having to spend any further funds on its development, leaving us to explore all of our other projects concurrently and aggresively.
This hypothetical scenario should raise our share price considerably before we need to raise any further capital.
MTC Price at posting:
7.4¢ Sentiment: Buy Disclosure: Held
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