RE: Calculating the value 43-101 GCUEpsom,
Your point is valid and I won't dispute it; however, when assessing the adequacy of an offer, one must crystallize the value in a moment in time with as many factors considered as possible that are known at that time. My point earlier was that if the 43-101 will be updated regularly (as per Scout's conversation with management), we can know at any given time what the project holds at that moment. The adequacy of an offer would then be considered in light of the known factors at that moment in time; i.e. the ounces in the ground that have been verified, and then applying a multiple to it, based on the prevailing POGIG value.
Remember, while you are absolutely correct in saying that we will not know what Springpole will be worth until a much higher percentage of the property is actually drilled (you referenced 40% - 60% of the lands, I believe), to do so will also take more funds, further dilution, etc. For that matter, we'll only truly know its value once 100% has been drilled and a feasibility study is complete and we know the price of gold, at that time.
Sometimes, a bird in the hand is worth 2 in the bush. By having the regularly updated 43-101s, we will be able to assess what Springpole is worth at the moment of the offer, all else being equal. Since the balance of the property that has not been drilled may or may not hold more gold that is worthy of extraction, it is pure speculation. You can discount it altogether, or assign a minimal value. Nobody likes to pay for "potential." They will pay for what is known, however, and may even offer a premium for it, because they can do their math based on reality, not speculation.
Anyways, like I said, I am not outright disagreeing with you; just merely clarifying where my thought process was coming from.