Personally I still think it is a bit over heated. Compares to Redback unfavourably. RBK has reserves and is about to commence production yet RBK is capitalised slightly lower than ADU. ADU are still a long way from 1 - 2 million ounces. I reckon at least 2 years more drilling. I know the Aniwa Property resource is fairly low grade around 1.2-1.3g/t and is down to about 300 meters below surface. Good satellite mine but not a project maker in itself.
I do like the Salman project and it shows a lot of promise. However the sectional interp on their web site looks a bit hokey. I have never seen flat lying mineralisation on the Ashanti Shear Zone. I would be a lot more comfortable buying into ADU at arounnd $0.80-$0.90.
However, what you are paying for now is Blue Sky and the hope that they go over a million ounces of reserves say 1.2-1.5 resources. But then with these specs a couple of astounding drill intersections in a new zone would really propel them upwards
ADU Price at posting:
0.0¢ Sentiment: Sell Disclosure: Held
