"contraindicator - the maiden resource is 277Mt @ 26%. If we have 100% conversion to reserve and there are no mining losses (to keep the calc simple) and assuming 65% iron con, we have 26% / 65% x 277Mt = 110Mt of con at 65% iron. 110Mt / 10Mtpa = 11 years."
of course thank you for pointing out the obvious error. i think the point is that it has a mineable resource on what was announced yesterday alone.
as they say in BRR the 500-1000 mt target is still well and truly there with the resource only being the first 3kms of the 10km strike target. a cursory glance at the other presentations will show we have strong drill results from part of the the other 10kms so we know its bigger. however they needed the 250mt resource so they could tick the box, pass go, collect $10 mill dollars. as long as we dont land on Mineral resource rent tax 'pay $5 mill tax' we should be laughing all the way to the bank.
CI
MFE Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
