The grades are pretty good in fact. Not earth shattering, but ~2.7% CuEQ in the JORC if pretty good. Just need to prove up some more tonnes which to me looks fairly likely given the nature of VMS deposits and the geochem and geophys being reported by the company.
A very good link to some information on VMS deposits published by the USGS. You can see on page 6 that the initial JORC we have already comfortably sits above the 50th percentile of felsic VMS deposits in terms of both grade and tonnage.
"While VMS deposits can take on a variety of morphologies, they typically occur as lenses of polymetallic massive sulfide that form at or near the seafloor in submarine volcanic environments"
and
"VMS deposits tend to occur clustered in districts. It is not unheard of to identify up to two dozen deposits in an area of a several tens of square kilometers. This makes known VMS districts good hunting grounds for new discoveries. Though it has not always been easy to pin-point all the deposits in a given location, improvements in exploration techniques have made the process significantly easier. Deposits within a specific district tend to have similar metal ratios and a fairly narrow range in composition. In any given district, deposits will tend to range in size from less than one million tonnes to several tens of millions of tonnes, with most deposits at the small end of the range and only a few large deposits."
When not if on this one IMO.
CNO Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
