Compares very well to POZ, around 104 mill shares fully diluted cf. POZ at 118M. POZ is at 65c today. POZ has a non-JORC 82.6Mt @ 20% within a 6 sq km area.
The JORC phosphate deposit is the western half of the large 450Mt D-Tree deposit of Legend which proposes to mine their phosphate and convey by slurry pipeline. Actually it is only 120km NW of Mt Isa anyway. The phosphate is known to occur over 100 sq km and there is potential to upgrade the total resource with extension drilling.
Within the first year MET will spend just as much as POZ on the phosphate project, $500,000.
Because the deposit has had extensive work done on it by previous explorers, beneficiation test work has already been completed (by IMC pre-1975) which showed a 35% beneficiated product could be made satisfactorily from an average concentrate recovery grade of 21.7% of tonnes mined.
There is no reason why MET will not get to 60c or so on listing.
Compares very well to POZ, around 104 mill shares fully diluted...
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