Block cave is an option but the published resource grades and new intercepts over decent lengths of say plus 300 m are not enough yet I’m speculating. Mgt could elaborate on this more. I like them looking for the surface expression of the discoveries at depth if grades at depth are marginal at say $3/lb copper. The three existing resource areas have high grade resource close to surface (or top of bedrock ) so repeats are a good chance. I’d prefer they drop the promotional language of when a new resource is due or that reportable scoping has started. More discovery is probably needed first; of shallow mineralisation or better deeper grades - feel the SP will be much higher off discovery before these activities are fully justified with the cash available. 5Bs show about $3.5 to 4 m per year on fixed costs, the rest for drilling, so use this for real value add drilling before infill. Reckon this is what they’ll do.
XAM Price at posting:
16.5¢ Sentiment: Hold Disclosure: Held
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