Some recent equity researchI found some recent equity research from an analyst named Daniel Earle.
He found Exeter is expanded water drilling program at its Caspiche project in Chile aimed at proving up the aquifer discovery made earlier this year. Validating the potential water source for various mining scenarios at Caspiche would be a major step in de-risking the project. Daniel Earle calculates Exeter had a market cap of $53mm, no debt and cash and equivalents of approximately $33mm.
The expanded 2014 water exploration program includes completing two additional large diameter water bore holes and a series of smaller diameter water monitoring holes. Down hole pump testing and water level measurements are expected to quantify for permitting purposes flow rates and aquifer recharge rates.
Daniel Earle expects that preliminary testing earlier this year suggested potential rates of over 200 L/s would eventually be possible, which would provide sufficient water for any of the options outlined in the May 2014 PEA for Caspiche – the standalone oxide/heap leach option, the immediate focus of the company, would require less than 50 L/s.
You can expect more water drilling campaign results in Q4/14E.
The Optimized oxide gold project study should come out in Q4/14E.
That's all for now, good luck to all.