Well I am not a geologis and don't have the full data, so please do your own research and this is not advise in any way. From a very rudimentary calculation and using the drill data on page 10 of the below presentation it seems up to 90m the average grades are about 3%, so will use that and forego the rest for now.
https://hotcopper.com.au/threads/ann-copper-projects-update-peru.7669825/?get_post=trueUsing an estimated size from page 9, and only from the purple, which seems like the higer grade areas, lets assume each of those purple areas are 200x200 (Widthx Length), am not including the 4th purple pocket at the top, so we get about 600x200. Again using a very rough estimate and did not use the triangular approach.
Have used a specific gravity of 2.5 for the ore.
So 600W x 200L x 90D x 2.5 = 27 million tonnes @ 3% CuEq, which is roughly 810k tonnes copper.
at assuming US$9,000/t, and not adjusting for recovery % (though usually 85%-90%) thats about US$7.3 billion equivalent.
Of course the resource may be larger as am only using a smaller area, this is just meant for an estimation not an exact, we have to wait for the full report by the comapny in a mineral resource estimate to know that.
do keep in mind there are other companies with much smaller resource size and lower copper equivalent grade, but much higher market cap.
Hillgrove for example has only 75,900 tonnes copper in the MRE and is trading at about $150 million Mcap, though they are already producing.
Hot chili on the other hand is trading at $135 million Mcap and their copper equivalent is around 3.4 million tonnes and very low grade at 0.47% CuEq.
So we should be trading much higher than these two once the assays from the drill come back and show the same grades, as that would indicate the data in the presentation is similar and hence the probability of the mineral resource may be this big if not larger.
you can use this to understand a bit more on how to calculate:
https://www.911metallurgist.com/blog/calculation-ore-tonnage-grade-drill-hole-samples
