A 300 m down-plunge step-out appears to show consistency of NE Bankan’s high-grade tongue at depth. One hole is not enough for us to adjust our assumed mining parameters but does provide further support for exploration upside factored into our NAV. The geometry, grade, and consistency of the NE Bankan deposit is textbook, as if designed by a mining engineer that doesn’t want a very challenging job. Key risks remain as previously discussed: no sitting civilian government, and it will likely be some time before a mining licence grant placates National Park proximity concerns. Our valuation remains unchanged at 36cps.
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