As I pointed out several weeks ago here on HC, it is currently very difficult to value CNJ.
Having said this, I have already done some very basic calculations, which I believe should give you a rough idea what CNJs Greenland tenements are currently worth, accordingly, what value I believe investors are currently placing on CNJs 50% share in Mt. Thirsty.
If this link doesnt work, just google Conico and partner Barra Resources produce positive PFS for Mt Thirsty Cobalt-Nickel JV Project. This article is from Proactive Investors Limited.
Moving onto my rough valuation calculations, as far as I can determine, on February 20th, 2020, CNJ had ca. 350 million shares on issue. Today they have ca. 900 million shares on issue. Nevertheless, today, CNJs MC is exactly the same as it was on on February 20th, 2020 i.e. A$37 million, with the shares trading at 3.7 cents. Of course what has also happened since February 20th, 2020, is that both the value of both Cobalt and Nickel have increased significantly, although both these increases have been offset somewhat by the increase in the value of the A$ versus the US$ over the same time period.
Bearing all of the above in mind, and considering that it was not until 29/07/20 that CNJ announced that they were taking over Longland Resources, see CNJs Conico To Acquire East Greenland Projects announcement, if on February 20th, 2020 CNJ had a MC of A$37 million, which was based entirely on the value of Mt. Thirsty, it would appear to me that investors are currently valuing CNJs Greenland tenements at zero.
If I am correct, investors are therefore currently seriously mispricing CNJ, which I see as an enormous opportunity i.e. if these first round of assays are highly encouraging, I see CNJ undergoing a very drastic and immediate upward revaluation.
Moving onto todays announcement, when I had my first close look at CNJ's various Greenland tenements (that they took over from Longland Resources), accordingly Thomas Abraham-James (TAJ) himself, I was very impressed by what I found.
IMHO, CNJ have placed enormous faith in the skills of TAJ (as have all CNJ shareholders). At this point in time i.e. before we receive the first batch of official assays (the proof of the pudding), it would appear that this enormous amount of faith has been justified i.e. the results of TAJ's initial field activities and the comprehensive research that he carried out with his company Longland Resources (before CNJ took over Longland), have now been confirmed by CNJ.
IMHO, the preliminary results that we have already received from CNJ's first round of drilling, clearly confirm TAJ's theory, i.e. that these tenements have the potential to contain huge mineral reserves (nickel, copper, gold, palladium etc.).
I was particularly impressed that TAJ used the Mineral Systems Approach (MSA) to demonstrate the prospectivity of the Ryberg Project area for mafic-hosted magmatic Ni-Cu-PGE sulphide mineral systems, which had already highlighted the immensely prospective nature of the Ryberg Project for Ni-Cu-PGE mineralisation i.e. before CNJ took over Longland and commenced their first round of drilling.
For more about MSA, please take a look at the following article "A Mineral Systems Approach to Exploration Discovery":
Moving along, of course the announcement that CNJ had also intersected massive sulphide lenses at the Cascata Prospect, was a huge and additional bonus.
You will notice on page 4 of CNJ's "MASSIVE SULPHIDE LENSES INTERSECTED AT CASCATA PROSPECT" September 24th announcement, that it was stated that:
"The presence of oxide minerals magnetite and ilmenite, together with trace sulphide, in the upper zone of a layered mafic intrusion (LMI) is commonly observed in fractionated magma. Well known LMIs include the chromium and platinum group metal complexes of Stillwater Complex in the USA, Bushveld Complex in South Africa, and the Great Dyke in Zimbabwe.
Here you might find the following article "A Short Geological Review of the Bushveld Complex" quite interesting. It contains not only information about the Bushveld Complex in South Africa, but also about the Stillwater Complex in the U.S.A., the Great Dyke in Zimbabwe, and the Noril’sk/Talnakh Complexes in Russia:
(20min delay)