I would be betting it's a farm in deal with a big name. I...

I would be betting it's a farm in deal with a big name.

I wouldn't be surprised if it is Newcrest. Newcrest have a lot of IP in epithermal exploration and are one of only a few companies that spend big dollars exploring for epithermals.

Newcrest last year acquired Pretium for the epithermal Brucejack mine paying $2.8 billion. They also partially bought into Fruta Del Norte, a high grade epithermal mine in Equador for big bucks. Both mines are very high grade. They have probably sat around and decided it's dumb to invest later when the price tag is high. It's heaps cheaper for Newcrest to farm in early considering they have the expertise to pick them early.

Newcrest are farming into Spring Peak project in Nevada and into Mt Coolon in the drummond basin. The common thread with these projects is that sinter or sub-sinter level epithermal quartz is verified at surface, suggesting that the highest grades are preserved at depth. Baulora has sinter at surface and all the hallmarks of a high grade system concealed at depth, exactly what Newcrest look for.

Anyway, I could be wrong, let's see.