Agree with Goldfinger here (great name). This would have to be...

Agree with Goldfinger here (great name). This would have to be one of the most undervalued exploration stocks on the ASX at the moment. I am primarily a dividend investor but I've had a punt on this mob due to the following:

There's some tremendous upside here and a couple of things I don't like, but the pro's far outweigh the cons and I can't believe its so cheap in comparison to others having a run on the ASX (purely on speculation) at the moment which haven't even drilled a single hole or produced any promising anomalous soil geochemical results.

• First and foremost -On Sturec: Current JORC (2012) Resource of 21.2Mt @ 1.50 g/t Au and 11.6 g/t Ag, containing 1.026Moz of gold and 7.94Moz of silver on an open cut scenario with a further 388kt @ 3.45 g/t Au and 21.6 g/t Ag containing 43koz of gold and 270koz of silver on an underground basis - they've already found a small resource.
• Secondly - Modest recovery: 90.5% gold recovery
• Thirdly - (and this is really the kicker) as Goldfinger pointed out they have virtually no drilling to the south (Cross Section 4) and mineralisation is unconstrained. I believe the next round of drilling results should firm this up if they drill here (or conversely prove there's nothing there) - so that small resource hasn't been defined yet and is still open to the south with growth potential.

My line of thinking here - could this be another Adriatic Metals (ADT) ten bagger but with gold this time in the making?.....

My reservations on this one:

• I don't like the market cap (24.92M) vs shares on issue (146.57M) - a bit diluted & not quite as tightly held as I would like.
• Cash in the bank is lower than I would like.

However, I believe the positives outweigh the negatives at the moment and given gold is likely to hold or go up in the medium term with elections, COVID and general volatility I think its a good one.

Shake and bake!