Its surely great work that AMG is having a real go. Drilling with the 5 rigs non stop and super organised with there plan. As i touched on in previous posts I think most companies would be still looking for offices & accom to rent at this stage. Nice to see they hit the ground running.
Had my broker talk to the analyst on the Geophysics image. "talk about hitting the jackpot on the first go" Very impressive and definitely looks like a big structure and being so highly conductive has to be carrying all the right minerals.
He also mentioned something really interesting. He said the analyst looked at the previous owners JORC which was prior to the current JORC code of 2012. He said that companies can not use JORC code resources before 2012. QMN put out a JORC Compliant code resource with over 1,000,000 lbs of Cobalt. One Million pounds in JORC. So i guess that AMG have to drill it again but at least we now know there is a heap of Cobalt there. Shame they cant tell us.
Todays price is $US60,000 per tonne or $US28lb. So just based on the 1m lbs would be $US28m in Cobalt. The Gold was around 100,000 ounces. With the extension of Mt Freda to the west, AMG say 950m but looks like over 1100m to the analyst and appears to continue outside the area of the SAM and according to the scale is much bigger. So Maybe playing conservitive who knows.
Drilling 5 tenements. Imo got to be a 10 bagger or more. This is the type of mining company i like. All this news on a day when the X-Ray was discovered in 1895. The irony!
AMG Price at posting:
9.4¢ Sentiment: Buy Disclosure: Held
