Yes John, absolutely brilliant posts and yet another reason why HotCopper is such a valuable resource. Sure there is a lot of ramping on HC (both ways) but you have superceded this in a very professional, independent manner and just looked at the reality of the matter. I like that.
A couple of observations and a few questions if I may:
Like you, I bought in for the Au/Ag potential and I was so-so about the VMS. But I can see that there is more potential here than first meets the eye...and you are right, the geology might well still hold a few elephants. Certainly poor old Aberfoyle must be a candidate for the most unlucky miner in a long time and your Indian teepee photos really do kick home the analogy of what actually occurred.
On this basis BSM simply has to keep the exploration budget well funded so that the elephants can be found. Reading between the lines, I take it that there is a great degree of optimism within the exploration team, yes?
Next point: The Hellyer tailings dam looks HUGE and just below the surface is the resource. No underground mining...just scoop it up in the drdge (hopefully one in a bit better condition that the "African Queen" in the photo though!). Did you happen to ascertain a site for the mine? I'd imagine it would be very close to the dam itself.
Also are there any environmental issues to be concerned about here?
And finally, the very recent decision to ensure all Au discovered Venuzuela reverts to the government will send shivers down the spine of international investors. Can't see the Taswegians pulling a similiar stunt which makes BSM better value given its in our country. Just need to ensure Julia doesn't stuff things up with a mining tax.
So, we need to find $8m to get the ship righted and to have our shot at the Au/Ag prize. I'm going to stump up my share one way or another.
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