IMO not enough has been drilled to prove up the extent of the resource , even though some good grades and lengths so far that doesn't mean it extends at the same lengths and grades over a consistent width.
Why even give away 42% to GALEO if you thought you had something special just to drill 14000m , remove some waste material and offer some management services over that period. They could easily pay for contractors as RTG have some cash to do the same for much less than 42% of a potential project . Something doesnt seem right with that decision and the main reason im not investing yet.
They are already committed to giving Colonel SAM 5m shares over five years to deal with any disputes with the locals and officials. What happens after those five years , is the area the mine located in dispute with the locals.
Project MABILO value approaching $200m valuation. What it goes to i have no idea but more drilling needed to prove up a resource to see how many mine years you have. 14000m of drilling by GALEO isnt much imo especially if they want to do deeper holes. They have drilled into some native copper , sometimes that does complicate the processing of the resource.
SRM Price at posting:
38.0¢ Sentiment: None Disclosure: Not Held
