I last saw Warrego in 2014 post Giants Reef. Everything there but leach circuit rotten. $10-15M would probably be enough to get going including working capital & first fill as long as you had a fairly full schedule going forward (cashflow from a working plant, month in and month out). Talk of refurbishing crush, grind, gravity & gold room only, makes some sense but recoveries will slump to 50%.
Under any plant scenario, it's all moot without the ore trucks showing up everyday. They need a Chariot to achieve this and their $15M facility won't get it.
Black Snake. Approvals in the NT are not like WA & Qld where you get you license & away you go. The approved MMP for BS is exploration focussed, not production mining. Three 25m winzes (say 2*2m) might yield 1000t of ore in total before they have to go back with a new plan and the next stage of approval. A sleight of hand from ERM management but net result is a long lead.
Territory made a presentation in Darwin last year at NT Resources week. My notes were that they had 2000Oz Au slated for Black Snake.
ERM Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
