RE: Morning CoffeeThank you Runner5.
Since the grade is "overall modest" It may be that some investors are waiting for LVN to expand the resource tonnage and some confirmation that recoveries is acceptable. So phase4 will reassure them , i hope.
According to sedar as already published, 2 metallurgical testing recommendations for prefeasibility study design was planned ($850,000). And the 130000 meters (already funded) will (i hope) expand the resource and surprise us with higher grades.
I still believe we should be already in the 3-4$ zone, while waiting for the 130K meters phase4 program to end.
The
Corporation currently intends to use the net proceeds (after payment of the Underwriters’ Fee and estimated expenses
of the Offering and prior to the exercise of the Over-Allotment Option) from the Offering as set forth in the following table:
Principal Purpose Approximate Amount
Phase 4 Cordero Exploration
Geophysics (deep 3D, IP, TEM) $450,000
Geochemistry (soils, rock chips) $250,000
Geology (geological mapping and targeting) $325,000
Technical supervision $225,000
Drilling (delineation and exploration drilling) $22,650,000
Engineering (resource updates by IMC) $250,000
Engineering (M3 archaoelogy, water welling drilling to
characterize the acquifer, archaeology/environmental, Phase
2 metallurgical testing recommendations for prefeasibility
study design)
$850,000
Phase 4 Exploration Total: $25,000,000
Working capital $12,761,500
Total: $37,761,500
The net proceeds from the exercise of the Over-Allotment Option will be applied in such amounts as may be determined by
management of the Corporation including for general working capital and administrative expenses.