Just a data point. Troy Resources (TRY.TO), a company that specializes in profitably opening and operating smallish gold mines, recently bought the Casposo project putting a solid project for its next mine into its project pipeline.
The project seems kind of small to me and seem to have good grades given that it is open mostly open pittable oz. The lack of any significant "inferred oz" means to me that there is no exploration upside. This is perfect for Troy Resources.
This is of interest to anyone investing in Jr Gold Explorers as it provides a data point for valuing exploration projects. The table below provides the key facts. I remember the data point simply as $50 / measured and indicated oz and $60 / proven and probable oz.