fortescue 11, 000 accomdation units for sale, page-13

I agree CUB. 0.2gt case sounds good by adding 1moz to bottom line but is unrealistic. ABU are able report the low cutoff numbers on the assumption of a block cave/heap leach case otherwise would have JORC compliance issues. I don't think this case is likely. The 0.6gt cutoff gives a 1.1gt resource average, this will still be pushing it but not impossible based on current Australian mines. Open pit mining and very selective high grade underground mining, with not much margin is my expectation for buccaneer. Value is at OP due to high grades, though I don't like the 'all modeled veins' model as it looks like Leapfrog has ballooned out the high grade vein interpretation. With $25m+ in bank, ABU should have multiple rigs at OP, kroda and Hyperion. Forget buccaneer for now. Forget trenching for now. Focus on permit to clear OP, use a D10 to scape wide area down to hard, identify new veins.