Further great results in the quarterly. 28m @ 16.2 g/t Au Eqv and 21m @ 40.9 g/t Au Eqv across the same hole.
Step out drilling has been very incremental and it looks like they have defined a high grade zone of probably 500,000 tonnes to date with this latest drilling (not including historical drilling). However average grade in this zone could be around 15 g/t Au equivalent.
Step out drilling will tell us how big the resource is.
Looking at some of the past modelling the gold-cu bearing ironstone body appears to be 350m (vertical) by 80m (width) by 700(length) giving a maximum limit of the ironstone host of approximately 60mt. This looks very similar to Warrego. Economic zone within that would be much less, max would be around 10-15mt depending on cut-off used.
Still thats sufficient blue sky for me given the probably high grade of around 7-10g/t Au equivalent (some regional deposits are up to 56g/t Au equiv!).
My guesstimate at the moment is for 7-10mt at Au equivalent grade of 7-10 g/t for 2-4m oz eq or approx $2b -$4b IGV. Probably won't get a resource statement until early next year, but lots of good announcements until then with ongoing drilling to end of year to support news flow.
See Adelaide Resources presentation below - great presentation on the region.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)