Great research @11up. The acquisition announcement clearly didn't include anything around resource estimates, as they can only do so if this has been prepared in accordance with the current JORC code. Crunch some numbers using average price estimates on the estimated resource from the Sofala website and this really looks like a monster project. Certainly the grades from their licences are impressive, and there seems to be enormous upside to be uncovered with further drilling.
The great thing about mineral sands is that it is easily mined, the resource is available from surface (no costly overburden removal), used cheaper equipment to underground mining, relatively low capex and fast to cashflow. BSE's Kenyan project is a great reference point for a company that are now mining an African mineral sands project and making a healthy profit from doing so.
They have no doubt withheld the most juicy information on the acquisition and I think the market is most certainly sleeping on what a massive opportunity this is for MRQ. Once DD is completed I imagine they will be forthcoming with more detail and a plan for moving the project toward a JORC compliant resource and toward feasibility studies. The SP is certainly leveraged to the upside here imo
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Why MRQ's acuisition is so compelling., page-5
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