Updated drill map speaks volumesTonnage, tonnage, tonnage.
This was Phase 1 Drill Map with 2,500 metres of drilling done.
https://goldbulliondevelopmentcorp.com/html-pages/downloads/DrillMap.pdf
We were trading at a market cap of roughly $50 million based on these 10 holes last summer and our decision to ramp up exploration and start drilling.
9 months later this is the updated drill map:
https://goldbulliondevelopmentcorp.com/html-pages/downloads/drillhole_map04April2011.pdf
Essentially after proving up an Eastern Extension, raising $15 million and putting another 58,000 metres of drilling in the ground we're being given an additional $20 million in market cap to compensate what's been discovered on the deposit.
I've done the math on several of our holes and backtracked them against Gold Canyon holes I calculated tonnage for and came up with GCU having a deposit of over 5 million ounces right now based on the majority of their drilling and GBB coming up with 2.5-3.0 Moz based on MORE drilling but less grades.
The fact that I've tested the two companies and their tonnages allowed me to see if the math was close to right in projecting estimates for the deposit as I estimated Gold Canyon's deposit at a minimum 1.8 X larger than ours based on their holes which are roughly the same intervals as ours but close to 70% higher grades.
GCU is also currently trading at a market cap of over $400 million which is fair based on their deposit and the potential it has to host 10 Moz.
But GBB trading at $70 million based on our deposit has me somewhat confused when we have half the gold.
I won't be letting go of shares until our market cap starts to remotely represent what is in the ground at Granada and you can quote me on that if you like come a couple months but I guarantee with holes still in the pipeline we come up with no less than 2.8 Moz on this deposit and I am being quite conservative as I've adjusted the true widths of all our intervals to almost 60% maximum and come up with over 1.5 million ounces best on our 12 best holes alone.