The PEA is always a guesstimate. But the value of the dirt (as much as it is technically frowned upon; the JORC discourages talking about in-ground values) doesn't change depending on the method used to extract it. And either way, the analysis no matter how cruddy showed that the PY3 horizon was consistently more mineralised than the PY2.
PY2 is 0.3%-0.5% Cu, 0.08-0.15% Co, Pb-Zn-Ag. PY3 is (prior to the last round of drilling, at least) at least 50% more.
Rule of thumb, I want to see Cu equivalence of 1.5% to 2% for an underground mine (equivalent, roughly to 3-4g/t Au). The PY3 is approaching that with the new hits, given that some of the older hits aren't all as good as the recent ones, so it will average out below 5% Cu equivalent.
And, to put this in perspective...that's DeGrussa levels of copper (equivalent) for >2km along strike. PEA or not, that's looking shmexy.
AML Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
