In the Ellendale ann, JR mentioned that the Blina Project is "first cab off the rank". He's been trying to fund this for years. It's fully permitted and has processing equipment in place. In other presentations he's listed what needs to be done before bulk sampling begins.
This project has been mined before, but JR is using newer technology which supposedly can pinpoint the trap sites he is looking for.
Once this gets funded, there's quite a lot of potential. The target areas are less than 10m deep. Meaning low cost mining.
Now they have Ellendale. Blina project could be profitable at low cost, in a very short space of time, and fund Ellendale operations.
They also have a phosphate project. Over the years, they have sold the option to purchase this project for $2.5m (the exact amount required for Blina) three times. The option buyer spent over $300k on these options and never executed. Meaning there is at least one party who thinks the project is worth buying for $2.5m.
GIB Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
