Copper is presently at $3.85/lb. The fact that there is visible copper in 4 separate drill cores over substantially large widths means money in the bank! Here's the actual quote from today's press release:
"- At anomaly AT3, a steep north-dipping stringer sulphide zone with some visible copper mineralization are being discovered and now intersected in 4 drill holes over substantial core widths."
We've hit high grade copper before, but for those who have not considered the economic potential, here's a brief explanation. Say that these copper grades are 3% (and we've hit higher grades than that already on Eagle One). 3% of a Metric Tonne (2,250 lbs.) is 67.5 lbs of copper. Multiply 67 1/2 lbs times $3.85/lb copper price and you get $259.88 per tonne of rock. When you figure that rock of this type weighs around 2.5 to 3 tonnes per cubic meter, we are talking about an ore body that, for every average meter down you dig is worth $650 to $780 per cubic meter. So, figure that this "substantial core width" they mentioned is 20 meters, or maybe it is 60 meters, but even 20 meters would be substantial, and multiply that by the "per cubic meter" price and that gives you some idea of the value of that ore body based solely on the copper content, without even adding in values for PGM's and whatever else they find contained therein. Very valuable rock!!!! And very encouraging news!!!!