I would say VERY conservative at $4.5. Basically it's based on what has been found so far (with no final numbes on the size of the find) when he estimates tonnage.

Also, within the full writing are two things that strike me as very interesting, first is the commentary from Dr. Mungall (consultant from U of T) copied below. The second is a chart farther down in the article that indicates that the Ni tenors and Ni/Cu ratios for De are larger than Sudbury, Voiseys, Norilsk Russia and Duluth.

All of this is good news to me.

GLTA

“The large amounts of sulfide and of ultramafic cumulate make it absolutely clear that the Eagle One deposit has formed in a magmatic conduit. No magma could have carried the observed amount of sulfide in solution, therefore the sulfides have been left behind by a through-going volume of magma much greater than what presently remains in the intrusion”…and “If the intrusion is accepted to be a conduit, then it must be continuous over considerable distances likely measured in kilometres. Since diamond drilling has shown that it is surrounded on all sides by older felsic intrusive rocks at surface, logic dictates that it must continue at depth. Although the rapid deepening of the conduit is somewhat discouraging, the presence of a weak magnetic feature to the south may indicate that the plunge shallows at depth.”