Following in Large footsteps here and trying to related ZEN to gold to make it easier for everyone to understand what we have.

Assumptions: Finished graphite value $10 000 per tonne
1 ounce of gold value of $1 670

So, based on these assumptions, we can derive the following:

if 1 tonne = $10k, then 1 lb = $4.55
if 1 ounce of gold = $1 670, then 1 gram = $54

Hole #3 was 132m@3.8% which yields 132m@83.6lbs/t
This yields 132m@$380 (83.6x$4.55)or
132m@7g/t gold ($380/54)(This is $380/t ore)

Using same logic, hole # 5 is 170m@12g/t (This is $661/t ore)and hole #9 is 208.2m@8.5g/t. (This is $460/t ore)

The average of these 3 numbers is 9.8g/t. Now, these are the highlight holes so I would expect this to come down a little but so far, it is looking like our deposit could average 5 to 6 grams per tonne in gold equivalence. Now we just need more drilling to find out how many tons of this high grade stuff we have.

Of course, if we use the $20k value per tonne, then this would double the gold grade equivalent. Needless to say, this is a very rich ore body on a $ per ton value.

Now if you look at drill hole locations, you will notice we have a 200m step out here...this is a big anomaly and at 5g/t on the low end, our current MC of 70M dollars has some big room to move up. Consider GQC that had similar values per ton in the best holes but only had a 25m step out hit $250M in MC and that should convince anyone that even though we seem overbought, we have a long way to go to get to a fair value.

Glorieux