Good Morning Claude,
As you suggest, some disagreement is healthy. It allows these threads to be more than meaningless cheer-leading sessions.
The root of our disagreement probably lies in the amount of drilling required and resultant cost. I don't think millions are required. I very much doubt any major would commit to spending millions. Not at this point. No way.
IMO, the objective is to learn if bedrock mineralization is the source of surface mineralization. That's the real question. This could be established by 25 holes or so drilled along 3 gridlines. If that produced zip, I'd fold camp and move on. Others may differ.
Let's consider a tentative program. Bedrock is guesstimated at 60 meters. Wells in the area make that a pretty good guess. Ideally, each hole should penetrate bedrock 30-40 meters. Therefore, 25 holes of 100 meters (total 2500 meters) should tell the tale. At $75 a meter, figure $187,500 and round to $200,000.
Let's assume there was some success after 5-6 holes drilled. At some point borehole geophysics might be advised. A couple DD holes might also be advised to test structure. Even allowing for these possibilities, cost would be under $500,000 and we would have a pretty good idea what's there.
Needless to say, such success would drive up share prices. Warrants would be exercised rather than expire. That puts well over a million dollars into PLY's treasury.
Yes it's a gamble but then it always was. I like the odds of buying in now but others may not. Some prefer to wait and pay more if successful. That's what makes markets.
Regards,
Bob |
