re: Ann: Sulphide Bearing Porphyry Drilled at... How much cash...

re: Ann: Sulphide Bearing Porphyry Drilled at... How much cash do these guys have on hand? From announcements is it 1.6mil? minus whatever they have spend on recent drilling?

Porphyry deposits can be mined deep if large enough and grade is good enough. Usually talking hundred million to billion tonne deposits containing ~0.5-1% Cu with Au-Ag-Mo credits
- Escondida 645m
- Chuqui 850m
- Bingham Canyon 1.2km
http://www.bukisa.com/articles/218700_worlds-largest-open-pit-mines

Usually the deposits have a supergene layer which can be important in early stages (this only occurs with porphyry deposits which reach surface and have a leached cap).

Basically they have a bunch of magmatic breccia pipes with low-moderate tonnages and low Au-Ag grades indicated. There are plenty more to drill and prove up so there is still plenty of exploration upside. The magmatic source for these breccia pipes they believe is the monzonite porphyry intrusion below. It contains porphyry style mineralization which would have to be high grade and large tonnage at these depths to be economical. Usually these systems grade into a Cu-Mo as get hotter in system and to Au-Ag further out in cooler parts of system as we are seeing in breccia pipes. So would be hoping for good Cu grades in this hole. This is not set in stone and the porphyry could easily be Au rich variant (or Au poor). The arsenopyrite and tourmaline may be indicating potential for Au? The hole is down to 500m and is ongoing with planned depth of 600m. Its difficult to have a stab at grades without breakdown of hole MZ but 1-2% dis py-apy-cpy-bor, maybe expect 0.2-0.3% Cu. But there are stockwork veined zones up to 30% where you could be looking at percentage Cu MZ but they didn't even say where those zones are or what percentage they are so not enough information. Just have to wait til the Au-Cu grades are released or more detailed information is given about the hole. Plenty of exploration upside though in general area. I have no idea what I'm going to do, but thought I may as well type this out while I look at company tonight.