I think 2024 would be ambitious. The FEED, construction and commissioning may be close to completion for initial start up around then if all of the approvals and decisions to mine were completed now. They are not.
The decision to mine hasn't actually been made yet, there simply aren't enough proven reserves to justify it. JORC reporting standards at a level that justify funding mining will require closer spaced drilling and more holes, more proven reserves, and completed metallurgical studies at a minimum. There is a lot of drilling to go, OREX has daylighting ore along the geological contact but I am yet to see any reporting of the other geology in OREX. Is there more daylighting lode? Can't do much until the US Forestry Service green-lights the access.
Maybe the ore can be crushed and trucked to a nearby operation for processing. This requires there being availability at these facilities, and usually doesn't attract premium prices. Could be a viable option for the initial phase of start up though.
We really need permits and approvals as soon as possible. The underground rigs will have a marked impact on core to surface, hopefully the crack team of geos can smash out the logging and sawing to get the results without being overwhelmed.
Bring on OREX permits. Bring on underground drilling. Hopefully by Xmas it'll be raining core.
EM2 Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
