RE:Only 1.3M ounces?You know K, before I bought in a couple of months ago, I went back through all the news releases, PEAs and REs. It took 50 years to get the 9 million ounces out of Sigma and Lamaque. I don't know how old you are, but my life expectancy is now at 15 years.
I wouldn't dispute you that Triangle could contain 3 million mineable ounces down to 1100 meters just like the Lamaque main plug. How long is it going to take to get that 3 million ounces? Their projecting 1.3 million ounces mined by the year 2032. All for a net profit of $0.71 a share.
I wouldn't dispute you if you told me that the Lamaque deep contained another 3 million ounces. But how long do you think it is going to take to mine that much ore between 1100 and 2000 meters deep? It's going to take them over a year to get 10,000 meters of drill results. If they hit something that looks worthwhile, they will drill it further to justify the cost of sinking a shaft to that depth (at least $100 million). How long will it take to drill it to the point a decision can be made? 3 years? 4 years? It's taken them 3 years of heavy drilling down to 900 meters to get Triangle to where it is now. I suppose they'll skip the bulk sample at Lamaque Deep although supposedly the market won't assign value without one. Then how long to sink a shaft and get it running? 3 years? You're looking a at least 6 years before the first shovefull of ore from Lamaque Deep is delivered to the mill if it is economical to mine it (no sure thing). Same thing applies to any other deposits they might find.
These guys move at a snails pace, but I suppose I would too if I was trying to milk everything out of it I could before the buyout comes. You'll be glad to know that this is the last you'll hear from me as I'm out. The risk related to the upside is not good. Not much chance of me buying back in unless the share price drops to below $0.50. However, GLTA