Personally AQD MC $11M, drilling in Peru for copper, in virtually in the middle of long intersections (100m) but lower grade floating my boat at the moment, "if" a higher grade Copper core exists, huge "potential", 100% owned area AQD will make a fab investment.
Morrisey, Magnetite, coarse grained, and easily benefactored in volume. Waterfall is a start...
Rivemore, I would come down on the volume estimate for the Waterfall prospect from what is known so far , my numbers by eye are about 600m long, 150m wide and 75m thick, ignoring thinner halo. SG is higher because of magnetite at 40%, about 4g/cm3 or ~4 tons/m^3 . Lowered the $ per tonne to a longer term average premium for magnetite at 70%.
So for fun, just Waterfall easier to retrieve ore = 600x150x75x4 tonnesx 80% recoveryx 40%/70% shipped pre-benefaction = 13MT Magnetite shippable at 70%. Say mine at 1.5Mt/year, lifetime about 8 years. Opex/royalties/Capex amortized costs ~ $150-200M/year. Yields profit per year of order ~$100M. S32 would want more (?) 3+ of these finds in close proximity for scale increased profit, reduced risk, longer life project for their management along haulage roads.
All rubbishy numbers... other opportunities close by, tiny amount of the area explored. A string or "potential" targets.
Coarse grained magnetite at the right depth does make life interesting for future exploration.
"Potential" for other metals to pop-up into assays on the edge of intrusions. Especially northern most drills in current round completed, lower magnetic profile with high gravity features. S32 is interested in Watrefall results, if another drill target is chosen in the area that may show S32 intentions clearer.
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