On face value the deal looks cheap, very cheap. Basic juniors can trade for like $15-$30/oz for any JORC they hold. Obviously this increases rapidly for the premium big boys on the ASX. So maybe $7.5-$15m value add if it was a JORC, base numbers used here.
The deposit looks shallow, so drilling would be cheaper to firm up a JORC. I'm unsure if you can grab the old cores, re-assay etc. to get a JORC. Id say they need to drill... looks like a 0.5m-10m seam so could be stoped easy. Im unsure of the terrain, access etc.
All in all, not a bad buy IMO.
gold, page-15
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