Based on the $5 per tonne royalty per tonne of ore processed in excess of one million tonnes agreement with Kagara maybe a surprise money earner in the future if Kagara are able to take advantage of the rising copper price.
Based on estimates of Maitland there is 1.5 million tonnes at 1.5% cu so an indicative 2.5 million dollars plus.
Purely optimistic but not to be forgotten.
From Kagara
"Included within Kagaras diverse portfolio of development projects in North Queensland is the Maitland copper deposit and associated tenements in Queensland, which were acquired in 2008 from Glengarry Resources Ltd.
The Maitland deposit is located approximately 50 kilometres from Kagaras Balcooma mining operations and includes an Indicated and Inferred copper-molybdenum resource of 1.49 million tonnes.
The deposit has excellent depth potential and is expected to support a significant underground operation which will supplement production from the Balcooma copper mine.
The area has only been lightly drilled with intersections of up to 30 metres at 3.9% copper and 38 metres at 2.1% copper including 12 metres at 6.7% copper, demonstrating the potential of the deposit to host a significant underground operation. It also contains high grade molybdenum mineralisation which is associated with the copper mineralisation and is open down plunge and appears to increase in thickness with depth."
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