RE: GXS has over 10 kms NW to goRicky, you forgot to adjust for the specific gravity/mass of coal. 1 cubic m. of water weighs 1,000 kgs. I cu. m. of coal weighs 1,300 kgs. ( assuming bituminous/sub-bit ) . Now you're starting to push a half a billion tonnes of coal . This may be enough coal to get most people excited but not some of the bashers, shorters and Danny Deadhead. I'm excited by it .
I think to use the half way point between the low and high for this stage ( $0.50- $1 ) of exploration for the inground value would be acceptable considering the location of rail, line , infrastructure etc. So 500 million tonnes X $0.75 = $375 million / 20 = $18.75 /tonne. Geez, there's that number again. I figure we'll be back up there after the next 2 holes . The coal quality is not likely to change a lot from hole to hole or at least the 6 or so intercepts of coal are not likely to mean a great adjustment to the thermal properties when extrapolated to 1/2 billion tonnes .
Crocky