The study found as i stated little correlation to the gold...

The study found as i stated little correlation to the gold price. In that 24 year period the gold price was both high & low.I suggest you google the latest purchase price of gold deposits sold in Australia & you will see that it is a very low price per oz that is achieved.

Secondly the market is unlikely to credit Peel with hardly any value at all for Saturn's gold in ground. Reason is because Peel ultimately has no control over the asset. If Saturn were to sell the deposit it can then do as it wishes with the money. It could spend it all on worthless exploration until it is all gone. Peel then has nothing. So that's the way the market values these part owned holdings. The only value that is credited to Peel is the value of the Saturn shares that Peel owns. If Saturn shares go up due to an increase in oz's in ground then the Peel price is likely to experience some uplift from that.