$30m is a lot imho, also the grade on the initial holes is lower than MEI's high grade core(although could improve with depth no guarantee)- i think MEI has the better ground. MEI's main thesis is the high grade core 4000-5000ppm+ thats where it gets economic and nearly all the valuation for MEI is in the higher grade core 4000-5000ppm+ hits it is getting. unless this gets a bit higher grade hits, it'll struggle imho.
Ann: Acquisition Potential Tier One Ionic Clay Rare Earth Project, page-33
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