It's a lot of ounces, it's true.
But I think there are a few different assumptions supporting the share price at the moment.
1. De Grey will find more ounces at Hemi and then start to uncover potentially similar deposits at some of the intrusions. Investors are going to assume that all the intrusion targets are fair game if DEG comes back with initial drilling results similar to Hemi's from one of the other intrusions
2. Is $60 an ounce for in-the-ground valuations large enough, given the higher gold price, and scope for a 'district-level' find.
3. If this is a super pit what does it mean for the economics of the mine? A significantly lower AISC?
4. Is a takeover battle coming? Most of the majors have been running down their resources. They need new projects and the gold price is bringing decent cashflows and higher share prices. Is DEG going to be the centre of a bidding battle?
Ann: HEMI - Broad high grade extensions at Aquila, page-107
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| Open | High | Low | Value | Volume |
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| Price($) | Vol. | No. |
|---|---|---|
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