Not to mention the deposit at M1 could extend for kilometers UG. The problem with the ASX rules is you can’t build this likelyhood into the value of the deposit. Based on the geometry and consistency of gold distribution at M1 there is a high probability that M1 will extend much much deepert but the FS can’t account for that long term value. We have to just pretend this potential doesn’t exist. The same can be said, possibly on a lower probability basis, for the UG potential of M5.
A proper valuation of the project needs a probability discounted estimate of the value of the undiscovered underground gold potential at M1 and M5.
This will be the cream that the acquirer will walk away with for nothing. Esh
Ann: WAF confirms Sanbrado as 200koz gold producer by 2020, page-14
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