Listen to Trevor's recent podcast with Barry Fitzgerald (link below)...
Golden Crown target (say) 50-60KOz, shallow depth, Au grades 10-15g/t, mills close by ... Even a net margin of $1000/oz on current Au prices will generate $50-60M, which will then provide a strong springboard to fund wider exploration at Emu Egg, Lake Johnston etc, and the big prize at depth at Calypso. Potentially no dilution on tightly held register... Company just has to be smart here to generate significant value.
Just to clarify, 30% of drilling expenses converted at 3.4c/share equity payment, not when actual SP reaches 3.4c... Clearly the drilling contractor is signalling confidence to be taking 30% of drilling invoices as equity..
