Yes I have to admit the costing side of the drill is something I have little knowledge of, however they do not have much so little margin for error. Even if the per metre cost is low, there would be a high up front/fixed cost to get a rig mobilised with staff etc. I am hoping in their quarterly their reference to 400k for exploration in the upcoming quarter is referring to some drilling action.
It will be interesting to see how this pans out. There is certainly plenty of upside potential here if all the ducks line up.
Ann: Quarterly Activities Report and Appendix 5B-CAD.AX, page-34
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