Can't see much room for SP deappreciation nowIt's clear that the overhang of 2 million warrants at $1.5 per share have contributed to the sliding price. Luckily down side is very limited at these levels.
The fact that MSQ doesn't even have corporate presentation or block model does not help either. People need assurance that the economics are there and MSQ does not need high moly price to be build.
During this misery I have tried to locate started pit from cumo drill results. Nice high grade near surface mineralization would allow Cumo to come online below cash costs of average primary moly project. That is, pushing some middle size projects off the cost curve.
Cu-Mo zone of Hole 32 shows above average grades:
201.17 meters (660 feet) grading 0.13% Cu, 0.108% Mos2, 3.27 gms Ag/T
(1.59% Cu Eq., 0.141% MoS2 Eq., 2.53 lbs MoO3/t)
This mineralization starts at 24 meters.
There's 3 meter intersection of high grade at 125 meters assaying 1.09% MoS2. And another 3 meter intersection at 145 meters of 0.32% MoS2.
Hole 33 has rich moly veining, but company's website does not mention near surface grades. Further assays pending.
Hole 34 mentions 3 meter intersection of 0.28% MoS2 at 200+ meters. Likewise, overall assays pending.
Once we have block model, starter pit and it's implications to the economics can be better assessed.