It has 20,300 ounces in its Reseeves.
Perhaps about 10-15 definition holes may be needed to allow the Geo technical model to more accurately spatially define the lodes of economic ore needed for low dilution mining.
The remainder for the Gabbro pit with 26,000 ounces of Reserves plus extensional drilling will be conducted to expand the strike.
As previously stated, I think it is highly likely that new drilling in 2024 has an excellent chance of boosting Stoger Reserves to over 50,000 ounces.
In late 2021, the estimated AISC was $1750 cad.
With gold recovery incressing from 87% to 97% , that number should decline signifucantly ...more gold recovered per unit of mining effort.
The Pine Cove mill has a capacity of 430,000 tons per year which at 2.5 grams per ton equates to about 35,000 ounces per year.
That is, fully developed Stoger would need about 1.5 years to exhaust its Reserves.
But accepting $1750, and current POG at $3250 cad, those 50,000 ounces of Stoger should free cash flow about $75 million cad ( $1500 x 50,000 ounces ).
Taxes will take about $18 million of this less $5 million of non capital tax pools which means about $60 million being cash to the balance sheet .
Add another $ 7 million in free cash generated by stockpile and tailings ounces ( 5000+ ) and Maritime will add over $65 million to the balance sheet which is about 7.5 cents per fully diluted share.
Of course, those free cash funds can fund a lot of funding needs including full development of HD mine to production , planed development drilling of nearby gold deposits to boost HD reserves etc.
This is how I see the next 18 months unfolding , with HD entering production by late 2025.
AIMHO
Glta