Before a company has run EM tests etc. as well as collecting surface samples, i.e. before they actually commence drilling, the odds are about 800/1 that a company will actually find and mine a major tier 1 resource.
Using this as a starting point for CNJ, and given what we already know, the odds for CNJ have already significantly improved.
In my opinion, once we have seen all of the assay results from Ryberg, these odds will reduce dramatically at at least one of the prospects within Ryberg.
Indeed, given the major amount of drilling that was carried out in 2021, CNJ may already be well on the way to establishing a JORC „inferred“ mineral resource estimate at at least one of their prospects.
Given that each of these prospects is very large, their shallow nature, and their high grades, the chances that CNJ already have at least one major tier 1 prospect on their hands are fairly good. In my opinion, going forward, it will now be all about establishing that there are the necessary tonnages at each prospect in order to guarantee the economic viability of each mine.
I therefore believe that CNJ‘s focus this year will be to undertake a lengthy and extensive drilling program in order to have enough data by the end of the season, so that they can then establish a JORC „probable“, or possibly even a JORC „proven“ mineral resource.
If they can achieve this, this would mean that around the beginning of 2023 CNJ can then commence putting together a PFS for at least one of their prospects.
I would suggest that when the first PFS has been completed, CNJ will then enter into a JV with a major miner to construct a mine.
(20min delay)