I like to use an Analogy that is easy to understand... value per tonne
convert the Value per tonne
let's say copper is $7000 per tonne
10% = $700 per tonne of rock
1% = $70 per tonne of rock
0.1% = $7 per tonne of rock
same can be done with gold
approx $1800 per ounce (Oz)
3.2 grams is 10% of an Oz
3.2 grams is worth $180 per tonne
or $180 per Tonne of Rock
I don't get overly excited til the $ per tonne is more than the price per tonne of my garden mulch.
try doing the above with Iron Ore and you will see why they are doing ok right now.
under $100 per tonne is a tough gig but not impossible, under $75 per tonne is probably uneconomic for an open cut,
Underground is trickier again depending on CapEx costs.
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