I can see Hog Ranch coming up with a 5m plus Resource over next...

I can see Hog Ranch coming up with a 5m plus Resource over next 18 months similar to Corvus Gold which is currently at 3.5m ounces but growing with further drilling.Corvus Gold based in Nevada has a A$400m market cap. They maybe ahead of us in Resource definition but you can see how undervalued Rxm currently is.Corvus Gold current Gold Resource as of Sept 2020Project 1 NevadaMineral Resource•Gold:2.1Moz M&I, 0.41Moz InferredTotal M&I24.67M tonnes ,1.31g/t , 1,037,000 ounces167.47M tonnes , 0.20g/t, 1,070,000 ouncesProject 2 Nevada same location as project one 20 kms away.Mineral Resource•Gold:1.6Moz M&I, 0.17Moz Inferred20.98M tonnes, 1.49g/t, 1,002,000 ounces39.26 M tonnes 0.44g/t 550,000 ounces


I do not think that is possible. Rex started with about 30 million in today's dollars worth of drilling and assays when they acquired it according to their CEO. They've spent a few million smartly doing confirmation drilling, some geophysics and a Bells' scoping study. They have about 1.4 Million ounces in resource so the discovery cost is about US$21/oz. Assuming a similar discovery cost to get to 5Moz in 18 months or an additional 3.5Moz is going to require US$21/oz x 3.5Moz = US$75M. This is more than the capex stated in their scoping study to start production at Bells.