DML's Wheeler RiverFrom the 43-101
Wheeler River is the DML flagship property
So over about 30 years its had 576 diamond drill holes and 61 RC holes, for a total of 377,187 meters, 200 miles of drilling, and the Pheonix deposit has had 70 miles of drilling.
Any speculation that Ross team is suddenly going to discover something earthshaking new is nonsense, no matter how good his team is.
THere is from the RPA report 70 million lbs of uranium grading 19% and another 1.1 million inferred.
THe deposit is the worst of 2 things, very hi grade so like McArthur River will require remote mining for sure. It is also on top of the basement rocks in the sandstones, so may require freezing to keep water out and the roof from falling in as it is mined. So this is a very expensive mining operation.
Together with that, Cameco owns 30%, and DML only 60%. Cameco with their CIGAR Lake and McArthgur River experience are unlikely to be interested in developing this into a mine any time soon, as it requires very high initial capital costs to set the mine up so the sandstone doesn't fall in, and so it can be mined remotely for radiation safety. For a very large mine like CIGAR Lake and McArthur River, the high initial capital cost is offset by the deposit being very large, so the capiatal costs can be written off over the much longer mine life.
Although there are likely to be ongoing drilling programs, Cameco isn't likley to want to ramp up anything big.
THerefore Wheeler River is not a deposit that is going into production any day soon no matter what. Its close to the high grade mill, but so what if its too expensive to mine.
Perhaps 10-15 years form now as CIGAR Lake and McArthur River get mined out, and the price of uranium is much higher, it becomes economic of necessity.
So comparing flagship Wheeler RIver of DML with flagship PLS of FCU is the important consideration. THe PEA for FCU says minimum mining costs, and for economics requires the $65/lb U price.
All quite a different kettle of fish for your detailed analysis to decide how to vote.