In short: The asset assessed on its own: "Dolly's silver deposit, the old Dolly Varden mine, is a high quality but small silver deposit. Dolly did a good job expanding that deposit and they added a gold deposit called Homestake Ridge which sits topographically higher in the same structure. The challenge has been to tie those two deposits together" — which "could give you a strong tier 2 deposit or even a tier one deposit," but has been ranked below near-term direct-shipping cash flow by the combined company. He credits Shawn Khunkhun with "a great job shepherding Dolly over six or seven years" and with reading correctly that the next stage was construction, not exploration.
Dolly Varden, now merged into Contango ORE, owns a high-grade but small historic silver deposit in British Columbia, plus a gold deposit called Homestake Ridge sitting higher up in the same geological structure. Rick credits management with expanding the silver deposit well over six or seven years.
The prize was always joining the two together into one much larger mineralised system — the step that "could give you a strong tier 2 deposit or even a tier one deposit." That is precisely the work the merged company has deprioritised in favour of nearer-term cash flow.
Worth noting on the silver question specifically: he does not think this is a tier-one silver asset, and is sceptical that many exist. It is high quality and small, which is a different thing.
28:34So curious your thoughts on that. — Dolly's silver deposit, the old Dolly Varden mine is a high quality but small silver deposit. Dolly did a good job expanding that deposit and they added a gold deposit called Homestake Ridge which sits topographically higher in the same structure. The challenge has been to tie those two deposits together.
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