RE: 11 possible new nickel depositsReading the MD&A, they are drilling up another deposit near Cumpie.
"La Leonora River Target
After completion of the Corozal Ridge drilling program the portable rig was mobilized to the
Leonora Target and drilling started in early April 2008. La Leonora is located to the east of the
Cumpié flat top and represents a flat zone in the lower foot hill area of the Cumpié massif. A ~
30 DDH program was laid out following the reconnaissance of lateritic mineralization by auger
drilling."
Plus we have 39 more DDH assays due from Loma Mala by month end.
For comparison's sake, Cumpie had 75 DDH for 5.5MM tonne resource. And Loma Mala had 30 DDH for 0.7MM tonnes.
Loma Mala should give a resource somewhere in between. Perhaps another 2-3MM tonnes.
La Leonora looks similar in size as Loma Mala - say ~1MM tonnes.
Due to all the targets, it appears very likely GMI ends up with substantially more than 10MM tonnes of ~1.5% Ni. They're drilling about 1 hole every ~2+ days, so say 75 holes in H2. Each hole seems to prove up about 60-100,000 tonnes of resource. Assuming 60K tonne per hole x 75 holes, that's another ~4.5MM tonnes in H2 alone. And from the number of remaining targets, they probably will be drilling all thru '09 as well.
I wouldn't be surprised to see 15-20MM tonnes when all is said and done. Not a shred of doubt in my mind that GMI is fishbait at these prices and extremely vulnerable to a woefully underpriced take out.