Issue is a 200m deep open pit is not going to happen at this...

Issue is a 200m deep open pit is not going to happen at this stage with a heap leach so it's a waste of very limited cash chasing targets any deeper than say 80-100m at this point in time.

Their couple of hits deeper into the fresh rock haven't been that great so could tank the price even more and deeper into fresh rock you are probably chasing thin vein type high grade gold mineralisations in this rock which would be total fluke if they hit this on a couple of tries and would need some sort of comprehensive deep drill campaign with the funds on hand which they just don't have. (Reckon they still will need one more CR before production)

The strategy looks to me correct drill as much as you can shallow to mine this and with the cash generated. Issue is the market is not going to like the time it will take for the next rerate event which will be the real proof of the tonnage and heap leach proving a profitable working mine.

Seen all sorts of excuses with these Gold producers not making cash even at 2500USD, tonnage too low < 2g a tonne when mining on scale, processing wasn't working properly, and mining labour costs too high.

They look to me holding back on the North as its too close to the next tenement which they may want to pick up cheaper without proving to the world that it contains gold