I have been having a good look at ABR. Looking in their prospectus at their independent geologists report makes for interest reading.
This was from ABR’s initial IPO presentation.
ABRs resource (mindful it is non-JORC) is certainly much stronger than GSC’s high grade portion as below. GSC 64.6m tonnes at 5.1% B2O3 and ABR 69m tonnes at 9.0% B2O3.
If you look at the assay results that are in the prospectus in the independent geologists report, the potential high grade zone looks pretty interesting!
Below is the table below from the report, from the assay results table in the prospectus.
There is 31.9 feet at 13.96% B2O3. That is huge, added to that there is higher lithium levels in this high grade zone at 427 PPM Li v 313 PPM across the broader area. I think this is where they are talking about their lithium wildcard that is in the mix. If any of this comes through then it would be off to the races IMO (DYOR)
Importantly, the resource is open to the North West and South East so we could be looking at a high grade zone that will have very big tonnage and support a long life mine.
It is not hard to see why the borate project could be much better than what it appears to be and might be at least double the grade of the high grade GSC borate resource.
Purely from a risk/reward proposition it is very attractive with ABR at 25c is market cap of $45m (with $15m in cash) and GSC at 19.5c is market cap of $242m ($7.4m in cash)
