Happy to indulge. So looking at a shallow pit approach, let's compare overburden for each hole vs TREO grade, below. Yes, there are some holes with 5-10 m of overburden only, but the average grade in these shallow holes is still ~1400 ppm TREO. So you get your mining cost down from $8/t to $4/t with this approach but the average grade is still comparable to peer OD6, which also has a similar strip ratio and as I said, market cap of $5m. What makes VMS superior to OD6 in your opinion?
Do they have a huge area to explore? Yes, as does nearly every ASX listed explorer. But they have used geophysics to target the juciest areas to drill and drilling has confirmed geophysics works so the odds of finding something better now they have gone after the best geophysics targets would be low, no?
Happy to indulge. So looking at a shallow pit approach, let's...
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