According to the investor presentation there are only 36 Mil shares on issue plus 23 Mil restricted shares. Restricted until march 2013. What does this actually mean? Up until this time does this mean the market cap really is around 6.7 Mil with nearly 5 mill in the bank (cash)?
Exploration model is just that but as i was taught, porphry systems are one of the few that have a pretty defined basic model. What we do have is confirmed Cu Au Mo porphry mineralisation with drilling ending in mineralisation. There is surface alteration and a gravity anomaly that anyone can see so hopefully they can point the drill bit into the same system and see if the grade is any better. Im pretty confident there is potential here to hit more mineralisation, closer to the core of the system and the market cap increase to at least double what it is now.
Good to see they can drill two 400m holes with the money they spent last quarter. With remaining cash we should be able to drill a heap more. If you look at some of the grades obtained from systems like Intrepids you realise its the size of the deposit that is also very important in a porphry system. You can literally see the alteration now prooven to be associated with mineralisation from aerial photos and it looks a large enough area to produce a deposit to me if the grades proove economic.
Awaiting IP survey but looks pretty cheap to me now.
TRL Price at posting:
17.5¢ Sentiment: LT Buy Disclosure: Held
