Yes, proving economic viability to an industry standard reporting mechanism will take further and more detailed exploration...years. However, it doesn't take a feasibility study for geologic experts to assess a property's potential value as an exploration target that is proximal to a stable and low cost infrastructure. If they have a choice between a promising exploration JV target in the middle of the Atacama Desert and a promising exploration JV target 35km NW of Santiago, it doesn't take a pre-feasibility study to decide which one has greater promise of economic feasibility.
In the meantime, Medinah can stave off dilution by processing the low hanging fruit on their properties while the majors figure out what they're going to do.
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