AAU (ASX) Ann: In-Fill Drilling Program for Nueva Sabana Copper Mine

Originally posted by Hateful8: ↑

It was Sigs, although I originally queried why an extra 2000m worth was req when the original 7000m was supposedly enough to convert the earlier 28000m worth..

The answer may well lie in the 30 rejected holes that were highlighted in the mre.. Suspicion being they are the ones now being redrilled to tighten up the spacing to the 20m centres of the other indicated resource.

31koz or 41% of the gold resource within the first 50m is currently inferred, so no wonder the company is drilling that out.. Plus who's going to hand over $25m to build a plant when near half your shallow resource (the cash generating bit) isn't yet bankable to jorc std?

2000m wont take long as most will prob just peg 0 to 50m & will cost $120us per metre which includes assays.. $240k us and we're done..

PFS can be progressing now, which will just be tightening up the variables and reducing the 25%+/- factor to a more stringent measure..

Not a huge plant so its no Gorgon in the making & if you can't estimate a $25m operation to within $5-6m then get outta the game son it aint your gig sorry.. I dont expect huge changes anywhere other than maybe an ounce or two here and there on the gold resource..

Local contractor, if we recall, had been put on notice to prepare the ground work whilst the last couple of balls are in the air & agreements are being signed pending PFS.

May not need a BFS or DFS if the offtake partner is stumping up the cash. It's more a tool for the Banks DD req if you are funding via those channels.. Otherwise a PFS is tight enough to value the resource as a reserve in order to keep the accounts dept happy you haven't just gone & blown $25m on some magic beans & a promise of untold riches..

So yes the timeline is under pressure.. But show me a project that ever slides forward? Doesn't happen, or at least it hasn't since they built the Hoover Dam, they always go right because someone or thing is always reliant on something else..

Easiest thing in the world is kicking off a project, but you try landing the bloody thing on time & budget! Goodluck..

The project is mineralised from surface, at near 3 g/t au, for 110k oz at a 0.3g/t cutoff in a oxide ore that is 83% recoverable using a simple turnkey plant design.

Inground value of the gold alone is circa $9m risk/cost weighted -95% or circa $47m at -75% risk/cost weighted with PFS pending on some redrilling to meet even spacing (20m) Jorc req.

Things could be worse & as for dilution, if you didn't top up when the big boys did at sub 1c then you missed a golden opportunity to counter dilution & cash in on the way back up IMO.

gltah h8tey

Expand

Can you please help me with 2 questions:

1) Why couldn't Brian approach the Cuban government for a bridging loan, just to complete the infill drilling necessary to achieve the offtake deal? He could use a representative amount of AAU's % holding in the venture, as collateral. After all, the Cuban govt has an incentive to see AAU succeed, no? Not possible?

2) Why won't Brian release more details about the prospective offtake partner, or provide evidence of the stage of negotiations, in order to demonstrate to holders we are as close as he says we are to clinching the deal? It would go a long way to help shore up this critical Cash Raise, no?

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