SMM 0.00% 0.4¢ somerset minerals limited

From the announcement:Information available from the first drill...

  1. 203 Posts.
    From the announcement:

    Information available from the first drill program and assay results indicate mineralisation in the order of 4 million tonnes grading 1.2% total copper in the sulphide zone, and a further 0.2 million tonnes of oxide / mixed material at a grade of 0.8% copper.

    These results are yet to be included in the Tamaya Group’s current JORC Resource /Reserve statement, and the Group anticipates the potential for a substantial improvement in
    the Copper inventory for Chile in the near future as a result of the discovery.



    I am not an expert on how to quantify this into $, but 4million with 1.2% copper is a lot of copper, like 40,000 tonnes of copper (if you just do the simple maths)
    That's 44000 tons @ 2,000 pounds per ton comes near 88 million pounds of copper. Current price at $3.17 per pound, you go figure....

    Please do your own research. And correct me if I am not right about above. It's a big addition to current market capitalisation to this company.
 
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