market cap.

There's been a bit of talk about share price targets due to the recent drill result. However it's a bit hard to tell if these have any merit unless you look at the resultant market capitalisation from the said share price.

For those that are interested in market capitalisation, you may find this comparison useful.

Blackthorn's (BTR) market capitalisation is currently $78 million and has the following current resource inventory

- Kitumba project in Zambia stands at 87.6Mt at 1.17% Cu, 0.03% Au and 0.86% Ag. The recent spectacular hole was infill drilling on the existing resource estimation.
- A 27.3% interest in the Perkoa project in Burkina Faso which has a resource of 6.3Mt at 13.9% Zn. This will be exporting late this year and has the option of multi-element recovery.

BTR will need to raise capital during the definitive feasibility stage and reserve drill out of Kitumba, and likely will again during the construction phase if it goes into production.


Discovery Metals (DML) operates out of Botswana and produced 5034 tonnes of copper and 213,482 ounces of silver for the June quarter. It's current inventory of resources/reserves stands as follows:

- Kalahari Copper Belt Mineral Resources of 177 Mt @ 1.3% Cu and 15 g/t Ag
- Boseto Copper Project Mineral Resources of 101 Mt @ 1.4% Cu and 14 g/t Ag
- Boseto Copper Project Ore Reserves of 15.0 Mt @ 1.3% Cu and 18 g/t Ag
- An 80% interest in 182 Mt @ 0.8% Ni & 0.88% Cu

DML is currently on the market and the last bid for it in February when copper was around $3.70/lb was at $840 million, but fell over due to finance issues. It's current market capitalisation is $68 million.

I'll let you all crunch the market capitalisation per Mt of resource/reserves and make up your own minds on value.

I've done it and ones things for sure, I don't agree with the talk of $5 per share or 'best value on the market' for BTR.

I also don't agree with the sentiment BTR is a take over target, the big players are looking for income producing assets and are falling over themselves to offload ones that aren't.

Cheers

I have not vested, or indirect interest in either company.