From today's DRILL TESTING OF 7 KM OF MINERALISED VEINS TO COMMENCE AT THE HIGH-GRADE SANTA BARBARA GOLD PROJECT announcement we can read...
"Given the extent of the mapped veins at the Santa Barbara project, the Company has an Exploration Target tonnage range of 2 to 4 million tonnes at a grade range of between 20g/t and 30g/t Au"
I just did some "back of the envelope" calculations on what that might be worth when extracted - and it nearly blew my socks off!
Using the low tonnage range (2,000,000 tonnes) and grade (20 g/t) I come up with an "extracted" value estimate of A$5.25 BILLION, and using the high tonnage range (4,000,000 tonnes) and grade (30 g/t) I come up with an "extracted" value estimate of A$15.8 BILLION.
Do you own numbers but I reckon this is cause to be pretty excited.
DYOR
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