Hard to gauge this resource and potential value IMO as it is...

Hard to gauge this resource and potential value IMO as it is still unknown how much can be mined by open pit versus underground.

IMO not much money to made here via underground methods as the mineralisation is highly faulted with poor local continuity. This will lead to a lot of extra development costs and impede stoping efficiency. The 8% average BM content is sort of mid range and probably gets over the line for room and pillar underground mining, but the development costs that will arise from the poor continuity will hurt.

I think market judgement on project value will come from the forthcoming optimisation studies which will show how much of the resource can be mined by open pit methods. Anything within 50m of surface should be able to generate good cash flow. The more the resource that can be mined by open cut, the better this project is.

Cheers
Gosouth