Not a lot on it. But it seems they didnt test the keel and is still yet to be tested as you say. It showed copper minerilazation extends more than 700m away from the underground workings and 1km down plunge. However results from those particular holes, albeit not the high grade part, isn't of a spectactular grade.
Would need more drilling at some point but at this stage it will be wasted money as it would take a lot of time to drill and interpret, uodate mine plans etc.
Minerilazation is deep, if the grade an tonnage appear to be there later on, it could be an option to pursue an underground operation. But with such a lot of copper in reserves i dont see any activity on this front any time in the near future.
Location of holes
After all the results they concluded that the keel position of the Lower Carbonate Unit and Middle Carbonate Unit, has not yet been intersected.
The copper is basically limited, or atleast the high grade stuff, to the LCU and MCU. Id expect that if it was intersected you could see grades of up to 7% copper (previously found at Nifty) or more copper at an average grade of 2.5% as this was around the average grade for the forst 200,000t of copper produced at Nifty.
It is said that tge syncline of Nifty down plunge runs on angle between 6-12°.
MLX's latest drilling showed an uplift of 52,000 Cu for a 4.1m dollar spend.
52,000t x 2204.6 (lbs) x todays prices $4.45 = $510m
at an AISC of $2.50 this would equate to $223.5m of PROFIT for a 4 million dollar drill campaign.
Bear in mind it would be more, but they have taken away depletion. You could include another 9500t more copper tonnes which would bring it to just under $260m of profit at an aisc of $2.50.
All for 4.1m dollars. No doubt inflation, drilling costs etc have increased but i see this as very impressive considering the report was done after they suspended operations at Nifty.
Shows that it is definitely worth filling in the gaps and extending the resource as CYM has been doing recently.
Following the drilling campaign the grade also stayed the same. The cut off grades were the same, as shown below. So they havent changed any parameters. Average grade increased ever so slightly 0.01%.
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