They have a about 0.5 km to refurb in the Central Decline and then about a kilometer to drive to the CO3 orebody according to their released technical reports from memory. The driving alone will cost about $6 million which they don't have. This orebody is quite small and at best with limited drilling would be in the inferred category. In fact, I expect an announcement shortly about their financial position. They are screaming for a take over at say 3c a share. Someone could run the whole company for around $50 million. This is paying about $20 million for the in situ gold under CT which is totally inferred. A new company could get to the " high grade gold" deep under the old workings of the Day Dawn, Brilliant and Queen reefs. Again, this is inferred as no systematic drilling has been done. This mining will be expensive as the reefs at these deep levels are probably narrow. They have an operational mill and CIL (carbon in leach using cyanide) plant but it is in need of major repairs and may not be theirs for much longer. My thoughts only. DYOR.
CTO Price at posting:
1.7¢ Sentiment: Sell Disclosure: Not Held
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