OTCQX:BALMF - Post by User
Comment by
Streicheron Mar 28, 2018 3:22pm
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Post# 27797295
RE:PI Financial: Buy rating and $0.50 target price for Balmoral
RE:PI Financial: Buy rating and $0.50 target price for BalmoralWith resources of only 644,000oz, Martiniere has a long way to go to become an attractive gold project to advance. With a 1Moz threshold, at depth resource inclusion will be required to reach a critical mass and we look forward to deeper drilling results.
This doesn't make any sense. Either there is an open pit or an underground mine. An open pit mine of 500k oz might be viable if the weathering is deep but adding another 500k oz for an underground mine is not viable. Probably in excess of a further 1M oz of reserves will be required to justify the capital involved to go underground. And those oz have to have good geological controls and good strike length. Something which has not been demonstrated yet.