“it will have to prove it has sustainable volumes of high qual rubies to go beyond that and have a PE of 5+.”
I believe they have already done that. I suggest you have a read of P11, 29/8 Ann. Some extracts below:
Exploration test pitting has defined open-ended ruby mineralisation over a 2.2km extent
Processing of 4.5 tonnes of gravel from test pits (NT01 to NT23) through mobile jigs has yielded 10.7 cts of rubies. (= 2.37 crts/t)
The accompanying map shows the test sites as 13 green dots along a creek bed (which I imagine is dry for most of the year) over a distance of 2.2km. Recent discussions with CJ reveal that this strike length has now grown to 3.3km and the rubies being recovered here are close to 100% high quality. He also informed me that in many places the top cover is only about one meter or less making extraction costs extremely low.
MUS Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
