RE:RE:RE:RE:RE:FPX up over 25%I should have added one big caveat: there is an excellent chance that the ultimate mine development at Decar will look nothing at all like the PEA. If the Vann target is bigger and higher grade that Baptiste you can bet it will be the first area developped. Then there is the question of all the iron ore/DRI/HBI, the required rail spur, and one other really big wildcard.
When Cliffs was the operator they wanted to drill a line of holes over the entire 6 km from Baptiste to Vann. Currently, there are 3 drill holes between Baptiste and Vann that are all good. That was before Cliffs faced bankruptcy and bailed. The implication of this is that someone proposed a geological hypotthesis that the extent of the serpentinized oliophite is an order of magnitude larger than what is currently mapped. We might have another clue to this in the CO2 sequestration study now underway.
A careful consideration of Dr Dipple's talk makes it clear that he believes it possible to map, province wide, the occurences of oliophites prospective for serpentinization yielding brucite for carbon sequestration, using inverted data from existing airborne surveys. This clearly opens up another avenue for awaruite exploration.
Another clue can be found in the new geological model used at Baptiste. The best mineralized areas are in "sheared peridotite". Shearing is deformation caused fracturing which enhances erosion which then forms waterways. My belief is that the water courses draining Mount Sydney-Decar are a surface indication of underlying mineralization. Look at the maps to see if you agree.
All things considered, I suspect FPX is looking at overlays of know geology, Dr. Dipple's maps and structural maps of shearing, in order to come up with a plan to slay this elephant. Or at least to get a picture of the elephant into a single frame.
If FPX decides not to pursue specific aspects of the Baptiste PFS, I will take it as a good sign. But metallury, environmental studies, and initial permitting is common to all development scenarios and should be pursued immediately.