“Importantly we are fortunate to have over 300 historical holes from Western Mining, SML, Troy Resources, Yamana and Orinoco Gold (2015) to work from making our hole selection more efficient and cost effective. Their holes have allowed us to develop our new theory and think more deeply about each one we drill.”
This looks like it’s been picked over by some decent operators in the past. Nothing to see here I’d imagine. Even if they did get a decent JORC out of this their processing plant won’t be able to cope with it as it’s been built for gravity seperation alone. They’ve got to find enough gold at Sertao to build a stand alone mine. That would involve a lot of money in drilling, studies etc, ie more shareholder dilution.
You don’t just stumble across a new economic mine every day of the week, it takes time, money and work and $300,000 doesn’t buy it for you.
Cascavel is the main game for the moment because it has potential to bleed the company dry. They need to get it cash flow positive after the royalty payment and that’s not an easy task judging by past performance.
Eshmun
OGX Price at posting:
5.0¢ Sentiment: Sell Disclosure: Not Held
