Someone compared RAS to CNB in the way of their tailings and it was a great point.
The gold at Lonely Mine was extracted between 1914-1930. That is over 90 years ago. So you can imagine how limited their recovery rates would have been back then.
On further reading of the prospectus there is some tailings dumps.
CNB sold their 419,900t @ 1.35g/t Au for $6M.
RAS expects to have 1.3-1.6Mt in the range of 0.7-1.1g/t Au. Has to at least be worth the same as CNB's tailings. There is potentially $6M of quick cash.
Currently $10M market cap with $5M in cash. Drilling known gold fields that produced at 17g/t Au with up to $6M of tailing to be sold or processed. It is great value.
RAS Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
