Based on results to date from the fourdrill- rig campaign and more to come, there is a growing expectation that Dargues Reef is going to end up bigger and more longer-lived than Cortona's share price for a market capitalisation of $21 million might suggest. Previously, a scoping study into Dargues Reef found an initial $30 million underground development would pull in 188,000 ounces of gold over four years at a cash operating cost of $470 an ounce. That was based on the current stock exchange compliant resource at Dargues Reef of 1.44 million tonnes grading 6.2 grains of gold a tonne for 286,000 ounces of contained gold. Assuming the flow of restilts from deeper infill resource extension drilling continues, there are some in the market that reckon that Dargues Reef should be looked at as having the potential for a resource base more like 500,000-600,000 ounces of gold, with higher production to boot.
So capital raising at 15c resource about to double and some rough numbers are Cost to mine per oz $470 Number of oz 550,000 Sale per OZ $1,300 thats AUD$ Profit $456,500,000 Market cap at .15c 25 mill approx
This share is undervalued big time Now the numbers are rough and im sure cost to mine will increase at depth.
Why the selling at 15c madness but smart invetors will do these simple sums.
CRC Price at posting:
15.0¢ Sentiment: ST Buy Disclosure: Held
