The FE content is not the main cash component. I can't give you the exact number, but 50% FE at a smelter rate is nothing like the value of the copper gold content. I'm normally not a big fan of equivalents, but this is fine given a smelter would love a feedstock like this. The recovery rate for the copper is in the high 90% area from memory. A bunch of very low grade metals stacked together normally needs a concentrator , we dont . This could be a stand alone copper or gold mine on their own grades. The company announces all its hits as individual components of the metals, I'm basically just stacking them together as it's a DSO. Taylor's have mentioned that the entire global resource potential of the Mabilo project might well be 25-30 m tons at about 8g/t Au equivalent. These calculations are based on the magnetics and assuming some of these deeper holes comes in. SRM has extended the JV to do just that. SRM might have had the odd access issue early on. This related more to the fact that the initial exploration license only allowed a certain number of holes and roads did not give them straight access to some drill sites. Clearly, this has been sorted as the company is drilling on the larger south bodies. Im Sure the company can deal with the landowners just fine and the JV partner and the colonel are doing a great job. Having these local partners makes all the difference. Remember,Mabilo is a full exploration license and the company has already mentioned that it will speed up the mining licence process. That sort of tells you what they really think. Looking good. Dyor.
SRM Price at posting:
23.0¢ Sentiment: ST Buy Disclosure: Held
