Duffy stated 25,000m of drilling at El Palmar at RRS. My understanding is they are focused only on MRE for the T1 open pit opportunity where they have 14,000m of drilling, so enough metres there to get a reasonable MRE number.
T1 is decent as an open pit opportunity @ 800m long and the surface system goes to 500m. The recent trenching results don't hurt either. I think the play they are seeking to set up is a partner into El Palmar with the attraction of an open pit MRE that can be developed near term for cash flow. Hence capital can be staggered into the asset, and I would think they are seeking a partner who can push this through to operations rather than a big $ for drill holes earn in deal such as the US$120m that Hancock will spend on drill holes next door.
Personally, I would not care if STM got watered down to only a small % of El Palmar as a developed / operating asset. Would still be worth many, many multiples of the current share price in its own right.
STM Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)