One of the frustrating things about investing in gold/silver explorers is how long it sometimes takes to turn “moose pasture” into a “reserve” with verified ounces in the ground and a sense of how much mining those ounces will cost.
An all-too-typical pattern goes like this: A few promising drill holes are used to raise money for some extra rigs, which produce more promising results, which are used to raise more money, and so on as the years drift by and early investors wander off to more exciting stories. When the property finally becomes a working mine or attracts a takeover bid from a larger miner, its initial fans are long gone.
So it’s a pleasure to see an explorer find lots of metal right away and produce a mineral resource estimate (MRE) detailing a viable deposit in only a couple of years.