Plenty of drilling and assays to come with ~$7mil in the bank. Can’t think of many other exploration companies that have had this cash position pre-discovery, while keeping costs low.
Admin + corp costs are 40% of expenditure, though I wonder if the on-site exploration manager is grouped into corporate or exploration costs.
When the new, slightly more powerful alibaba drill rig arrives we should see the potential for these shoots to plunge into the fresh rock, and free up the existing rigs to drill shallower infill and extensional holes.
Love the use of the alibaba rigs, at this stage getting as many assays as possible is all that’s needed, and even if these cheap rigs are not getting the best recovery or depth, they will be giving the geos more information than chip logging.
AUE Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
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