I may be wrong, but I suspect that the measure of success for this upcoming announcement should be weighed against the exploration target mentioned in the Ardea supplement (6th of January). These were ambitious targets. If the announcement confirms or exceeds these targets, we are away!! If it falls short, Lewis Ponds will remain a secondary consideration in the suite of resources.
BE
In consideration of the broad mineralised intercepts over a strike length of 1.15km between Section 350mN and Section 1500mN, the initial Lewis Ponds Exploration Target is estimated at 15-25Mt at 2.2 -3.7% ZnEq (1.2 -2.0g/t AuEq) 3(see Table 2 for values used in defining zinc and gold equivalents). The estimated breakeven mining grade is 1.6% ZnEq.
Funds raised under Ardea’s initial public offer will be used, amongst other things, to test the exploration target through diamond drilling on 100 metre spaced sections over the next 12 months.
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