that is a very high level gauge moreso to analyze single target...

that is a very high level gauge moreso to analyze single target open pit assets not multple targets. But for GBZ it is somewhat relevant and applicable.

Think they've spend in excess of $20mil already on the assets & market cap is well below that.

From a company strategy perspective, it appears the vision is to define the resource large enough (2-3Moz) across the multiple targets to then develop a central processing mining hub.

There is no double plenty of drilling required as they not only have to grow the resource to say 2.5Moz, but they'd also need at least 70% of the resource in Measured & Indicated.

The problem with GBZ & the same which almost every other small cap gold explorer has at the moment is the depressed valuations and the inability to raise any significant capital to actually to anything. Leaves GBZ and all others stranded.

I'd say GBZ as of now would need to spend another $25mil to get to FID...

Exploration is an opportunistic game, it a bull market, with the right support and valuations, a company can raise decent capital to realize the full value potential of the asset. e.g. DEG & the market pushing it to $1bil valuation off a handful of holes & raising $100mil + to produce their MRE. If more explorers had $100mil to spend on exploration, there would be alot more 5-10moz deposits discovered. As stated, there is a cost to making discoveries & if the target is there, the more you spend the more the resource will grow.

I don't see a gold bull market returning anytime soon. Not to the 2020 level anyways. & it's not prudent for a company to base their strategy in hopes for one to return. The best thing for GBZ to do IMO is seek an exit instead of continuing to dillute shareholders into the stratosphere. Do a deal with one of the mid tiers/junior miners.