The grade rating is relative to the mining cost. i.e. it's rated low, average, or high, directly because of the value of the mineral vs the cost of mining it.
So around 6 years ago, when silver was ~US$15/oz, high grade silver in an open pit mine was considered to be over 150gm/tonne. Note also that the oil price then was about the same as now, so the costs in terms of diesel for mining are also similar.
But now that the silver price has doubled, high grade is half that. Or less. I've seen 50g/t open pit referred to as high grade recently.
So as I said before, the idea that this is 'very very low' is simply wrong. I think that person has in mind individual drill assays for an underground mine, which is quite different to the average for the entire resource of an open pit. Further, it is far from being a 'small deposit' with about $2.6 billion worth in there.
With a current valuation of <$30 million, you could say IVR is just a leeetle undervalued, lol.
Just for an exercise, let's be conservative and say that IVR potentially mines and sells all that for only 10% profit. That's around $260 million. Or about 10X the current company valuation.
This is why I just bought back in.
IVR Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
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