Balmoral Resources Ltd BALMF

Interesting AStudy But Mostly Applicable To Low Grade

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https://goldgeologist.com/mercenary_musings/musing-150601-The-Real-Value-of-Gold-in-the-Ground.pdf

You can run your own scenarios betyween $90 - $400 per ounce with your own estimate of the RE.

WIth 147M shares out and 80 cent USD exchange rate, low balling for worst case at $90 per ounce X maybe 1M ounces = .76 cents per share for Martiniere sale.

Best case of $400 per ounce on 3M ounces = $10.20 per share for Martiniere sale.

40 cent stock is a steal, anyway you look at it.  And you get a piece of Grasset for free.

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The BAR JANUARY presentation page 16. $175 abitibi premium. A valuation of $10.20*147million O/S=about 1.5Billion. That is an extremely rare best case scenario. If that comes to fruition then the "gold majors" made a costly mistake of not investing in BAR. 7Years for 1M ounces would be pretty bad. The range has been from 1-3million ounces@5-8g. With possibility of up to 10million

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Like I said in the post, you can run your own numbers.  I just put some end points on the analysis.  BTW, Martiniere is a bit unique in that there will be a couple of (small) shallow pits producing multi-ounce ore.  How much, I can't say, but not all of the resource will be mined by underground methods.