i am not expert nor competent but personally, i cannot see much to get excited about
the pit at its longest seems (SW to NE across) per the cross section (2nd diagram) is 400m in length
per the cross section (2nd diagram) there are thickness ranging from 20m to 40m
say the pit area is 200m wide (per photo)
say average grade is 1.5% (very optimistic)
400m x 200m x 40m x 2.5 density factor x 1.5% = 120,000 tonnes of copper
but it seems the 3D does not show the green color is 200m wide. rather is seems about 50m wide
tonnage falls to 30,000 tonnes
revenue after smelter say at $3.25/lb is worth $200m
at operating cost of $1.75lb, profit after tax is on 500m shares is 13 cents per share
but then grades are not exactly flash in the cross section
drop the grade to 1% average and the tonnage becomes 20,000 tonnes, costs increase to $2/lb and the cash per share is 7 cents
400m x 50m x 40m x 2.5 density factor x 1% grade = 20,000 tonnes of copper
these are just wild guesses of course
shareholders need to wait for a JORC
but my guess, i could be completely wrong, is the comparison between QMN and SFR is zip
until the JORC!
DYOR
