AZMI was waorking with some numbers from the company's last press release (January 14, 2020). Can someone look over these numbers and let me know where I have made a mistake or if I have made a mistake. I am being extremely conservative. The last drill results were based on an area that was 200 metres * 50 metres * 100 metres (deep). The area is open but I am going with these limits. So, if we multiply 200 * 50 * 100 we get 1,000,000 cubic metres. Next, we multiply 1,000,000 cubic metres by 2.8 tons per cubic metre to get 2,800,000 tonnes of soil. To be very conservative I am taking an average grade of 1.15 g/tonne. Multiply 1.15 g/tonne + 2,800,000 tonnes and we get 3,220,000 or approx 3.2 million ounces of gold.
Let us say that they fetch $200/ounce of gold in the ground. That is approx $600 million and with (let us say) for rounding purposes 64 million shares (fully diluted) we get a price of $10 for the shares. Anything wrong with my analysis?