While some might consider this a bit of a nothing announcement (and its somewhat muted by how long it took to get done) I think this is a good move.
Consolidates the whole vein field at Pinguino adding an extra 25km of vein strike and giving us a larger land package for placement of eventual infra.
Some nice previous hits and 18,000m of previous drilling done. We will likely have to do some relogging and maybe poke some holes in but it will add to MRE.
Now that our share price has finally moved IMO it should be considered like this. We are currently trading at ~$50m EV for 92Moz of AuEq. That is 54c an ounce. That means that rounding up and the fact we might have to drill a few holes 3-5Moz in this new land package makes this an accretive acquisition (based on $750k of scrip + maybe some drill expenses)
If you look at this long section, the red/pink areas are the obvious areas of interest.
The section in the Charla vein is about 200m long and 75m deep and lets call it at worst an average drill intersection of 1000 gm (we'll call it 200g/t x 5m thickness). That would give us 200 x 75 x 5 x 2.5 (specific gravity) = 187,500t and grade at c. 6/oz per tonne. That gives us 1.125Moz.
Using similar logic maybe 100-200koz at Chala and 1.5-2Moz at Achen + the wider spread low grade stuff. I think just off previous drilling there is probably enough to cover cost of acquisition and some future drilling.
The rest of the ground is all upside.
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