Probably time for a quick summary of where we are at...
Mount Chanape is in what is known as "elephant country" - an area where porphory deposits are in the billions of tons, and it is those billions of tons that make them very economical to mine even at very low grades. Typical metals found in these deposits are a mix of copper, gold, silver, molybdenum, and a few others.
Often when porphory deposits are located they are buried underneath a very deep cover of overburden which makes them uneconomic to develop. In the case of Mount Chanape there is a lot of mineralisation above the main porphory body that extends almost all the way to the surface. The recently announced results from holes 18 and 19 indicate that there is a strong gold vein running from a depth of several hundred metres almost up to the surface, this gold vein has the potential to totally cover the cost of removing really low grade rock down to the start of the main porphory body.
Hole 20 has also found over 200 metres of low grade gold starting from just below the surface. The fact that all of the drill holes are finding mineralisation from just below the surface to depth is a very good pointer that we have a very heavily mineralised porphory body below - and we are just about to start drilling into it to find out what the grades are!
Just 50km up the road is Toromocho - another one of these massive porphory deposits with 1.5 billion tons of ore containing copper, silver and molybdenum (but no gold). Chinalco paid just over A$1 billion for the deposit - if Inca receive the same for Chanape then that is about $1 per share - which is a pretty good return on buying them currently at about 1c each!
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