Estate,the published results suggest the mineralisation is...

Estate,

the published results suggest the mineralisation is comparatively narrow and the grades are not compelling for the potential tonnages involved.

If you go back to the cross sections you will note that the open pit potential is negligable. Way too much waste in ratio to mineralised dirt!

As an underground proposition, the grades are missing a per cent or two. Decent underground traditional copper mines working comaparatively narrow seams such as these have been based on 3% copper grades,(eg Mt Isa). Where you have potential for block caving,(wider ore bodies such as porphyry copper bodies and the like-North Parkes, Rim of FIre producers), then you can generate substantial economies of scale and a grade closer to 1.5% can make consistent money.RXM does not have the widths!

Management has underground experiencxe, but only in the goldfields of BALLARAT and NORSEMAN. And gold, unfortunately, is not the same as copper.

The brokers pushing this one have very little base metals experience in my opinion.

Cheers, TAS