Maybe so. But Garimpeiro's present interest in Cape Lambert's empire is Corvette Resources, owned 32.3 per cent by Cape Lambert and the group that merged with Tianshan Goldfields in February.
Corvette's shares have been on the skids since the merger was bedded down, closing on Friday at 7 a share for a market capitalisation of $35 million. Sage blames the selling on former Tianshan shareholders who were owners because of the now-gone Chinese gold exposure.
And he reckons that selling is about done. It would be a good time to get beyond that too because Corvette has just started a new drilling program at its wholly owned Plumridge gold project in Western Australia.
It is 60 kilometres south of the 5 million-plus ounce Tropicana-Havana gold deposit that AngloGold and Independence Group are planning to bring into production as Australia's next big gold mine.
The drilling program is targeting primary gold mineralisation in two priority zones with a view to establishing a maiden resource estimate. Development options for the remote region will be enhanced by the infrastructure upgrade that will come with the Tropicana-Havana development.
An earlier drilling program defined a new 2000 metre by 500 metre gold anomaly that remains to be tested along the strike and at depth. A bunch of holes will also be punched into the Stingray Zone where previous drilling returned good results, including seven metres at 3.38 grams of gold a tonne and three metres at 5.68 grams a tonne.
So there is going to be flow of results that could be worth watching in the months ahead.
The other point to make about Corvette is that has to be the best funded explorer on the boards. It has $26 million in the bank, meaning the current market is valuing its Plumridge project at just $9 million.
That cash holding is too big, so watch out for an acquisition.
