RE:43-101 Mr. Hunter,
Thanks for this explanation, it makes good sense at first glance and I expect that myself and others will try and validate the points you've made in the days ahead.
At the risk of over simplifying your message, it seems like you are suggesting that there is an industry standard of drilling distances that apply to the size of a property in order for a MRE to be viewed as a valid representation of the mineralization of a property.
For example, 20,000m of drilling for a 40 square km property will not produce enough assay result to create a reliable MRE for the property.
You've suggested that 70,000m of drilling is now required before LME produces a MRE that they can have a high degree of confidence in given the new size of the property.
So, I assume that the message at the AGM will focus on how LME plans to get an additional 20,000m of drilling done ASAP.
I certianly hope to hear thay they will engage more than one drill for the job as they did in 2023. The math on the time it will take to get the 20,000m they say they need, assuming they apply their 2023 drilling pace is far from acceptable.
I also infer from your comments that prospective buyers with access to the LME data room now, could conclude that the aggregate data that LME has in hand now is compelling enough to make a bid on the company before the balance of the 20,000m of drilling, and the MRE has been completed.
There would be some risk to anyone making a bid for LME now, in that they may overpay for geo's that they assume will come from any additional drilling only to find that they do not appear in the end.
Of course, there is the other side of that thinking where if someone waits until the MRE is released - assuming it's a fact based good result - they then have to compete with other bidders who waited for the MRE to be tabled, like what they see and come to the table.
I wonder which potential purchaser's team of geologists are willing to put their careers on the line, believing that their computers prediction of the Ishkoday GEO number is attractive enough to make a bid now, before a post MRE bidding mob shows up.
Reminds me of the British Special Air Services motto, "Who Dares Wins".
Until the I remain an LME long.
Time and Money