My takeaway from this ANN is that sampling at Panga has shown grades upto 5.89% Cu and 6.35 g/t Au.
Whereas true toll treatment receipts from just down the road at Descubridora have produced grades much higher including an astonishing 31 tonnes at 11.60% Cu from toll treatment.
Historically toll treatment grades have shown results far above those achieved in sampling.
This is all extremely good news and I am very suprised it inspired someone to sell.
By the looks of things we can expect further news flow during February on a number of different issues all of them positive.
I am far more interested in the toll treatment results from the bulk sample.
As discussed here
"“We intend testing the surface mineralisation thoroughly at Panga by mining a bulk sample and getting it to the mill within the next few weeks. This will then give us good information on the overall grade of the bulk material and how that vein looks beneath the leached zone, as well as potentially providing the first ever revenues for the Company from the project”, added Mr Reeves."
Now if we come back from the mill with a truckload or two, say 30 tonnes, grading somewhere between 5% AND 10% Cu with decent Au credits then the entire business plan will be proven and the SP will have to start discounting future revenues. That is serious re-rating news imo.
This is planned for the next few weeks, given Zeff's current policy of underpromising and overdelivering on ANN timing, which I have alluded to before then we can definitely expect results from this in February and probably in the next couple of weeks. After all it doesn't take long to dig up a bulk sample, put it on a lorry and drive 70Km down the road to the mill. The only drawback is how quickly can the mill process it and my guess would be very quickly as the sample is small compared to daily throughput and they are assisting a new customer to get going.
Remember the mill is state owned and Chile has made itself the premier destination globally for Cu mining by being very friendly towards new Cu miners.
I would also like to say I am pretty impressed with the quality of the ANNs from MNE since we started on our Chilean adventure.
All good imo
EB
MNE Price at posting:
1.9¢ Sentiment: ST Buy Disclosure: Held