Once we have a resource estimate then Kodiak is in play. The gold price will have at least 2 effects. One is the valuation of the share price and, secondly, the cut-off grade . I took another look at a table of valuations on junior mining companies I have with measured, indicated and inferred resource estimates dated in 2008. Then I looked at the current price of gold and checked to see how much it has risen in a year :

The price has risen by about 50% !