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37,911 Posts.
828
10/12/10
23:22
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hi
time to poke around & press some buttons
136,906,250 shares fully diluted
81,756,250 shares
7,125,000 performance shares
48,025,000 options worth $12,596,250 in cash
targeting a near term inferred resource at Ondjou prospect
10km strike potential
Drilling extends strike length by 1,000m+ to 3,600m
Average down hole length of mineralisation 90m at 25% Fe
60% hematite is 3 tonnes per 1km x 1km x 1 metre
i know nothing about measuring magnetite but the JORCs i have just read (EMG & GIR) are using density factors of 2.7 to 3.4
width is 600 metres (say 500m wide). length is 3,600m. average depth 90 metres
my wild guess for the Ondjou JORC to be announced next week is 2.7 density factor x 3,600 x 500 x 90 = 437m tonnes
repeating using hematite method is 3.6 x 0.5 x 90 x 3 = 486m tonnes
magnetite resource worth 10 to 20 cents per JORC resource tonne
@ 15 cents per tonne, market cap is worth $68m or 49 cents per share for 450m tonnes at Ondjou
this post is not investment advice
please...DYOR
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