for sure iig need some capital raising, page-2

Why do you say that Lionel appears to be a failure. So as not to simply re-word what someone has said in a previous post, I have extracted below a post from "bottomup". This is, IMO, a better justification for Lionel being an excellent prospect, as opposed to simply saying it is a failure. It would be interesting to know why you think it appears to be a failure?

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I will do some more calculation but see prior post which seems to be confirmed by today's announcement eg rich veining at surface runs to depth- DYOR

"The way to conservatively interpret today’s announcement is as follows, in my view, the vein at depth is 2 meters wide along a 700 meter strike length (previous announcements). At 103 meters depth the grade is 4.36 grams per ton. At 63 meters depth the grade is 11.2 grams per ton. Calculations of potential tonnage and ounces is as follows-

2 meters (vein width) by 700 meters (strike length) by 63 meters (deep) equals 88,200 cubic meters of 11.2 grams grade tonnage

1 meters by 700 meters by 40 meters (103 less 63 above) equals 28,000 cubic meters of 4.36 grams tonnage

Now as we all know quarts silica has a specific gravity of 2.65 so to work out ore tonnage-

-for the 11.2 grams cubic above the weight is 233,730 tons
-for the 4.36 grams cubic above the weight is 74,200 tons

Now as we all know there are 31 grams of gold per ounce so-

For the 11.2 grams tonnage the ounces could be 84,500 oz and for the 4.36 grams tonnage the ounces could be 10,500 oz eg 95,000 ounces potential from this vein alone. This does not include adjoining extraction zones around the vein eg in open pittable they will get more gold from rock adjoining veins.

At $900 an ounce that’s $85.5 million less extraction costs of say $450 per ton or $43 million, netting $42.5 million from this one vein alone . There are more veins as announced and adjoining extraction zones as well which on the surface yielded high gold values as well. Given that it is open cut pittable, gold extraction likely to be more than indicated from veins alone.

Bottom line is high grade gold values at surface would appear to run down to depth eg 100 meters down. You decide DYOR but looks excellent to me…"