I made the trek down to the gold coast for the RIU conference -...

I made the trek down to the gold coast for the RIU conference - mainly the free food. Chatted to Rob briefly and I was taken aback at how cheap the drilling is at Sybella. He said it was around $350k (not including assays) for the entire 8000m AC program at Sybella, whilst their hail mary holes in the greenfields targets are coming to $500k a hit. On top of that, if they use the drill samples for met testing, they get 45% back from R&D rebates, it is just stupidly cheap and quick to drill out Sybella.

Conversely, speaking to the MMA guys (side note, I am sold on the value of the Maronan deposit now) a big challenge they are facing short term is the cost to do deep diamond driling to the spacing needed to get to indicated resource. And indicated is needed before they can publish any studies and show definitively what a monster Maronan is at current silver pricing.

So a strength for Sybella is they should be able to take this well down the development path for very little $ investment, or low dilution for holders. I've been burned badly by explorers spending $2-3m on a diamond drill program with nothing to show for it, so it is comforting that the gamble by RDM on Sybella is relatively small change compared to their cash position.

Rob did mention we need a JORC resource before government bodies will accept applications for funding support, so once they get the maiden MRE out they will be pushing hard for state and federal funding which will make the cost to progress Sybella insanely low!