Couloir
The new report is titled, 'Resource Update Yields Higher Grades, Metallurgical Testwork Provides Proof of Concept '
Report excerpt: 'The updated resource estimate coming off the improved resource grading follows CKG having earlier announced in 2022 that drilling results from a 23-drill-hole campaign (covering approximately 7,485 meters) had returned assay grades that averaged significantly above internal block model inputs used in previous resource estimation for Metates. As covered in our previous update, the 2022 assays averaged 23% higher than CKG's block model, which was built on 2021 drilling where assay grades averaged over 18% higher than suggested block model grades. Given the turnaround on cycling assay results into an updated resource, we believe the company has built its credibility to communicate and forecast potential resource upgrades to the market, which can be important in telegraphing catalysts.
The update to Metates' resource estimate is significant given the change in the mineral asset base represented by estimated gold-equivalent ounces in the ground. As covered in our valuation section, the EV/ net resource metric is a significant contributor to our estimation of CKG's intrinsic valuation, and has been throughout
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Couloir
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