$11.67M cash at end of the quarter to be exact.
Also the 1.59 quarters is based off last quarter's spending where they were drilling non-stop for the resource drill-outs + the carbonatites drill-out - will be a bit less drilling this quarter plus moving rigs around, etc. - so less spend. Quarter before last, spending was $4.1M for the quarter.
Anyway, in relation to today's announcement, we already knew Mangaroon's gold potential - they acquired the project for its gold (and nickel) in the first place.
In one of the recent presentations, Dean said that at Mangaroon's gold they could have 3-4 Spectrums or a Bellevue.
Spectrum got taken over for $208M (by one of DRE's biggest shareholders - RMS.ax), and Bellevue (BGL.ax) is currently valued at $1.86B.
We'll take even a fraction of those I guess!
See what the drill bit says next month.
Cheers,
GB.
Ann: Outstanding Gold Potential Along 10km Mangaroon Shear Zone, page-42
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