Years ago, Paladin rocketed from 5.8c to dollare on proving up,...

Years ago, Paladin rocketed from 5.8c to dollare on proving up, from memory, 41M lbs of U (@ piss-weak grade - from memory 200-300 ppm).

MLS announces :-

20km x 2.3km = 20,000m x 2,300m = 46,000,000 m2
For 1m depth of mineralization = 46,000,000 m3
@ ground SG of !.9g/cc = 87,400,000 tonnes ore
@ grade 1ppm U = 1g/tonne = 87,400,000 g U

Converting to the convention of expressing quantity of U in pounds, -:- 455 = 192,000 lbs U

Typical U mine minimum economic grade is 200-250 ppm U, & whilst some trench holes (forget about the disappointing drill program at this point), were very low, MLS appears to have appreciably better grade overall, with averages of the trench program @ (what?) 450 ppm U.

So, @ say, 450 ppm U, then 192,000 x 450 = 86,400,000 lbs U

Which is twice as much U, & much better grade, as got PDN to 'rocket', with a U price comparable to todays.

OK, for the current state of exploration, the overall tonnage calculation might not "stack up" as the 'real' area is probably less that the calculated area of 46 Km2, but there appears to be considerable potention for further ore to just 1m.

I know a bit about PDN - I quit my holding of 436,000 PDN @ 5.8c because I figured their grade was too low to be economic - U price was then US$8/lb. (now US$52/lb)

I don't plan to quit MLS so readily.

Col8