Open Pit part of PR, Amazing OK halfway through Press release. It came out during my Win 10 upgrade which takes hours (fortunately seems to work fine),
Baloo Stage 1 mining is now expected to extend to June 2020.
Baloo Stage 2 approvals are on track and expected to be received during Q1 2020, with Stage 2 mining expected to continue through to December 2020.
Infill drilling results at Baloo continue to confirm or improve upon modelled mineralization (drill intervals are estimated true thickness):
BLOR0009 returned 2.5g/t over 18.5m.
Fairplay North Open Pit Operations
Fairplay North is the next open pit in the HGO production pipeline, located less than 1km from the HGO treatment plant.
First mineralization has been mined and delivered to HGO Run-of-Mine ("ROM") stockpile for processing.
Fairplay North Stage 1 mining is planned through to July 2020, followed by Stage 2 through to January 2021.
High-grade results from recent drilling include (drill intervals are estimated true thickness):
FPNGC_1305-078 - 16.5 g/t over 16m from 24m (including 59.8g/t over 4m)
FPNGC_1305-083 - 5.8 g/t over 13m from 25m.
Am very pleased about this. They are going to get over twice the ore out of Baloo 1 than promised, not sure why but good news. Stage 2 for another year too, again more ore from Baloo than expectations.
Fairplay sounds juicy. Graeme talked about a series of easy pits near the mill they could do. Look at the pics. It doesn't get easier than this, it is almost like mining rich tailings. Super shallow pit mining is as easy as it gets and the grades are so good. They are obviously mill bound which is better than not having enough ore. Seems obvious to me they can now mine for at least 1 year probably multi years at a good profit without Beta at all. Hence the PR?? They have leverage on Maverix. This PR says they have way more of profitable ore near the mill than the mill can take without any Beta ore. And maybe it is lower AISC than Beta.
My guess is reporting this huge increase in rich and shallow open pit ore next to the mill is to pressure Maverix for better deal, just a guess.
BTW, Drillhole FPNGC_1305-078 - 16.5 g/t over 16m from 24m (including 59.8g/t over 4m) Are you kidding me! The AISC might be $150 on that section of ore.