Suspect that will be seeing just the start of an emerging company with the eagerly awaited release of their maiden resource.
The Bukina Faso tenements have enormous upside and perhaps in 2 to 3 years time we could be seeing a company holding several assets with mutli-million gold ( 2 to 3 million ounces) ounce deposits.
With the market cap being around $70 to $80 million is based on people's expectation that the maiden resource with be substanial - well I don't think that it will.
Looking at the data in the ASX releases one could imagine that a resource of around 200k oz to 300k oz will be achieved - I think that will surprise a number of people.
These intercepts that I imagine will comprise the resource are open at depth, and along strike, which augers well for continuied resource growth. There is much to be done in terms of future drilling. However, there is much blue sky built into the current share price and only future drilling will validate the potential.
On a cost per resource ounce against the market cap you are paying a lot for 200k oz to 300k oz resource - perhaps $300 to $350/resource oz.
This could create the opportunity to buy on any potential share price weakness as people expecting a much bigger resource may be disppointed and could sell. I will be looking at buying into any weakness.
Let's wait and see what the resource figure will be - like I said there may be a few disappointed people.
MET Price at posting:
43.0¢ Sentiment: Buy Disclosure: Not Held
