Gexi you are definitely conservative on the grade. There is still potential for grade to improve with further drilling but with current drilling assays - Boorara is no where near Mt Charlotte's grades which are up in the 3+ g/t. And Mt Charlotte width was wider at 50m with increased depth.
You will also notice that MRP is started to drill the Northern Stockwork.. there are trying to connect the dots and validate the geological model with a strike length 1,500m. If this is achieved and we get the same depths and width, Boonara might have a resource between 1.5m-3m oz depending on the grade.
And there is potential to drill deeper and improve the depth, but my guess is that will validate the geological model along length first.
The announcement is definitely good news, but not enough to rally the sp to the high 20s.
MRP Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
