Yes it does involve a large investment of money for drilling in the field, which is precisely what exploration companies like GGG do. Hence why they can't really talk their way out of it as they progress closer to applying for a mining licence.
Taking a step back, a mineral resource, like you'll see spouted on about in company announcements and dissected to death here on HotCopper, are just estimates of the average grade in ppm or g/t of whatever it is they're chasing, like gold or copper or REEs. Companies have to calculate a mineral resource so that they can say how big their deposit is and get their shareholders excited.
A "resource" simply put refers to the whole extent of the orebody (or as much as they've drilled so far). A "reserve" is a more refined resource, and it is the bit of the resource that can be economically extracted. Sometimes deep or disseminated or low grade ore isn't economic to mine so they cut that out of their pit or underground designs. You really need to have a reserve ready before you can apply for a mining licence.
Now if GGG have gone to all of the trouble of drilling and assaying for the good stuff to create their resource and reserve, then the Greenland government will have pretty good grounds to expect that they should've also been assaying for uranium while they were at it so that they can prove the bit that they intend to mine, their Reserve, contains less than 100ppm uranium.
GGG Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held
