Definition drilling is infill drilling designed to convert gold resources into the Measured and Indicated categories from which the Reserves are drawn.
These definition drilling results at Orion provides strong conviction that Orion will add at least 250,000 ounces to Reserves, bringing our HD project Reserves for the Updated FS to 600,000 ounces, with over 300,000 ounces remaining in Inferred for subsequent infill definition drilling.
Stoger infill definition will start in sufficient time to add to Reserves update for Updated FS ...I estimate at least 50,000 ounces of Reserves.
In summary, we will have sufficient Reserves in the updated FS for a 10 year mine life at about 60,000 ounces per year, with plenty of future growth additions from the remaining 300,000 ounces in the inferred Category which can be converted to Reserves with infill drilling from LOM production cash flows.
Area 22 , Golden Anchor and Orion North offer substantial and additional growth upside to say nothing
of Whisker Valley, VMS, Pine Cove and Deer Cove discoveries which will be drilled with HD production cash flows.
To place the 10 year HD project into a financial perspective at $2500 POG= $3500 CAD, it will generate $2.15 billion cad in revenues and over $1 billion cad in cash flows.
Almost all of our future production assets, including mills and deep water port, and gold resources is already paid for, so our future earnings are not encumbered by debt and intensive exploration outlays .
I see no reason why we should not achieve the current market cap of Firefly.. $650 million..and will be well ahead of its copper production profile .
GLTA
https://wp-maritimeresourcescorp-2024.s3.ca-central-1.amazonaws.com/media/2024/02/08212846/orion_a22_results_02-06-23_final.pdf