RE: Canada7, how about the rest of the property ?
Scuderia:
If you invest in OX, you must have visited Orex website. In the entry site, the old website placed two (or one?) similar deposits in terms of size and geology as Goldboro, and each has about 30M oz of gold!
Of course, this is too large to believe. Thus I asked people whether this has any possibility to be true. The answer I got is that it is possible, that is some geologiests believe Goldboro will have similar potential. Open pit and shallow. They cannot put those number in 43-101 as drill has not confirmed, but this is what they think several years ago.
Thus I understand OX is indeed an investment due to its enormous potential.
However, OX is limited due to its finance, and other reasons (failure to drill). Thus, OX needs to raise money to drill, and then raise money to drill again. They did not drill to 500 meters as they did not have money. But now the problem is over with OSK investment.
I have repeatedly stated that OSK came in not looking for 1 to 2 M of gold, they came in for 5 M, 10 M, or even 15 M oz of gold in my earlier posts. They have so many juniors to buy, why buy OX? They must be joking if they want to invest $13M for 1 to 2 M oz of gold and only get 60% of it. They must have consulted geologists who are familiar with Goldboro before signing up with OX.
How accurate that Goldboro will have 30 M oz of gold? This is a speculation and a wild one too, and I will hold this will be true, but just an indication of potential size of the deposit. We may need to wait for 10 years to learn if this will be true.
And geologists can be excited on certain projects, but the drill results proved them wrong again and again in the history. But this is unlikely for Goldboro as it has historial drilling before, while not 43-101 compliant, but gold will be there.
My estimation is about 5 to 10M oz of gold, 40% goes to OX, or about 2M to 4M oz, or about $2B to $4B US in the ground after OSK drilling 3 years later. 2M of gold can be achieved within few months. OX shareholders will be happy if the speculation is proven wrong, as they can settle for $.60 to $1 for OX for 2M oz.