It'd be nice if they snuck the JORC out before Indaba so it could be included in the presentation there! Good to hear early February though either way.
It was also mentioned that the maiden JORC would include figures for all ore types on the tenement, not just DSO. With nearly 50,000m drilled that's good to hear. Having a bigger resource delineated would help boost any T/O price offered if one was forthcoming. My mind goes back to AKI being snapped up for $300m+ with 121mt 44%Fe (I think) delineated.
Although it'll be some way off, delineating a resource at Badondo can only add value to the company too. I wonder what we should read into the scout drilling program being cut short (5,000m planned but only just over 1,000m drilled), and a larger drilling operation now being planned. The drilling results will be interesting.
The drilling being done at the other targets on the Mayoko tenement didn't seem to be hitting DSO of any great depth, but if it's the same geology as the main target, hopefully when mixed with bDSO present a premium product is still achievable. This follows what the company has been saying for some time now, that the Mayoko tenement isn't a huge, pure, low cost DSO operation, it'll be about achieving the best possible product using simple benefication. Badondo may be that low cost, pure DSO play though.
From what I read, it sounded like the detailed feasibility studies on the rail and port were complete and had been presented to ROC officials. Great to see this work being done in the background. I'm expecting the Scoping Study 1-2 months after the Maiden JORC.
The fact that EQX, Exxaro & Xstrata all co-operated in a joint presentation regarding the new port plan was great to see, and also bodes well for co-operation between EQX & Exxaro for any works needing to be done on the rail/port solution to Port Noire.
$62m cash at bank and an anticipated ~$8m burn this quarter will leave the company with $54m cash as at 31 March, meaning still a very long way off needing to raise any more equity which is a good thing considering the current SP. I'm sure that the idea will be to get as much good news out as possible to boost the SP before needing to raise again, whether for working capital or project funding.
EQX Price at posting:
$1.45 Sentiment: Buy Disclosure: Held
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