I just relistened to the AGM presentation again and noted the CEO stated the ET is based on the upper zone which he stated was based on an average thickness of 5m to 6m. The results to date, including the CAR holes from 1991, suggest the thickness is at least 10m and maybe up to over 20m (most holes were about 20m) - maybe an average of say 10m-15m.
If the mineralisation across the full 8km*2km is much thicker than 5-6m say 10-15 m on average could we end up seeing 2-3 times the resource than the ET? In addition the mineralisation extends beyond the area used for the ET but the grade may be lower outside the ET area but lets ignore that for the moment.
Australia has the second highest TiO2 resource globally being just behind China - the Aussie resource is 160mt of Ilmenite and 31mt of rutile - Ilmenite contains 40% to 65% TiO2 while rutile is 95% (according to Dr google not AI) thus the Australian resources equate to between 93.5mt and 135.5mt of TiO2.
The ET range is about 12.5mt to 30mt of TiO2. At the low ET end that represents between about 9.3% to 13.5% of existing Aussie resources and at the higher ET end between 22% and 32% of Aussie resources.
Double at low end is 18.5% to 26.5% and high end is 44.5% to 64% TiO2 of current Aussie TiO2 resources and triple the ET target is 28% to 40% and high end is 67% to 96% TiO2 of existing Aussie resources.
A resource of double or triple the ET (even at the low end) is a massive titanium deposit and will be world class and even the upper end of the ET is likely to be world class. What would the SP go to if the resource ends up being close to double the ET and one could only guess what it would be for triple the ET?
The upcoming assays results in 3 weeks are key to the potential size of this deposit and if they are consistent with results to date they may be a huge game changer for PTR!
More informed posters can correct any mistakes I have made above and I am happy to be corrected if I have made errors.
PTR Price at posting:
45.0¢ Sentiment: Buy 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)