Hi Nectar, just on a side note, just because the cut off of gold price used has tripled wont mean that the JORC resource will also tripple in size, as you explained last time, the higher the gold price used (the lower the cut off can be in grams/tonne) meaning that more lower grade dirt can be used to estimate JORC.
Considering the above, means that even though the cut off price of gold is higher, the grade of the gold at that cut off isn't as high as the rest of the dirt, so an increase in gold price cut off (eg. @ $300/oz = 1g/t cut off | @$900/oz = 0.6g/t cut off) This scenario would only add 0.4g/t to the resource, not tripping the old valuation with all gold grades in excess of 1.0g/t.
But yes we can expect a higher JORC result, and I'm sure the other exploration targets could push the figure up into the multi million oz category in the future.
At this point in time, i think the target is to define a resource to be able to use in the feasibility study, and start development of the project asap.
A JORC of 2million ounces and planned production of 150,000-200,000oz p/a in a couple of years sees both GRY and AMX sitting with MCs of $350-$400m and this is with the current volatile markets. I'd expect IDC to reach and sit up there with them soon enough.
But Nectar i can tell that you can't wait for these announcements, lets hope we get them soon.
IDC Price at posting:
14.8¢ Sentiment: LT Buy Disclosure: Held
