Hello. PTR have now drilled most of the deposit. Similar to my last post, the brokers will be running their ruler over this announcement. However, we also require the results of the "mineral assemblage" because the degrees of "titanium purity" are most essential.
Why would PTR need $10M? PTR must:
1. Drill out the deposits with many more drill holes to produce at least an Indicated JORC.
2. However, due to the relatively inexpensive nature of shallow drilling sand and due to the variability of the deposit, PTR may aim to drill out a Measured JORC, which requires even more drill holes.
3. PTR must also do lots of metallurgical testing; probably including in commercial pilot plants and even with companies like Iluka or Tronox; to determine how efficiently their ore can be processed. There are mixed ores here and importantly they must determine how easily the "rutile" can be separated.
4. Once PTR have at least an Indicated JORC, they can do a Scoping Study and then a costly Feasibility Study.
5. PTR is no longer an exploration hopeful. PTR is now a developer of a major project.
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