RE:RE:RE:RE:RE:SVB: Questions about PBV and Cash During the three months period ended January 31, 2018, SVB completed 440 meters of underground drilling in the sulphide zones.
440 meters of above ground drilling averages around $200 per/meter, X's 440 meters = $88,000, that figure is easily cut in half with drilling being conducted underground plus owning your own drill = $44,000
Last quarter ending 1/31/2018 SVB spent $471,000 .... Drilling costs amounted to less than 10% of that figure, with G&A costs easily outpaceing exploration costs. I understand there's added costs in opening up those historical workings, and setting up drill stations, but needless to say, for shareholder value to increase, drilling needs to increase dramatically.
In January 2018, Silver Bull approved a calendar year 2018 budget of $0.7 million for the Sierra Mojada Property and a $1.0 million budget for general and administration expense = $1.7 million, as of March 16, 2018, Silver Bull had approximately $0.3 million in cash and cash equivalents.
If Moriarty is correct in stating that in 2018 Silver Bull intends to step-out and drill the Palomas Negros zone, a zone that's roughly 3km along strike, a budget of of only $0.7 million for the Siera Mojada Property will not get it, and will need to be increased $2.0-$2.5 million just for that one zone to be step-out and drilled. A 2018 budget of $5.0+ million with a strategic backer or partner would help wake-up the market.
With this next financing just around the corner, if a strategic backer, or partner is not brought in to help energizes the exploration program (of which I fully expect), and put it on track for management to wrap the economics around the sulphide zone within the next year, I will definitely re-evaluate my holdings. GLTA