Play Suppose - 2015 PEA with $1.2 billion after tax
~ 500 million shares out
= $2.40 / share ( valuation ) (
no iron credit -
no magnesium credit )
2017 rolls round Junior recognizes 2015 PEA
But suddenly makes an odd move and claims,
Since the Wellgreen has a majority ( peridotite ore )
we'll run with a reclassification of, peridotite.
One can't recognize 2015 PEA which is upper ( strata ) backed by
several professionals who identify 3 geologies with
only 10% peridotite of which XPS performed these 2014 / 2015 tests.
Upper strata is mined first.
Then.... 2015 PEA outlines - mine larger inferred 846 million t - pit # 5.
Creating an additional 31 yr mine life over and above the 25 yrs.
2017 Sudden change to reclassify all ores as, Peridotite
would have a hard time explaining - 2015 upper geo strata.
Hence - have to mow through 2015 upper to mine the lower pit #5.
2020 rolls around New Prez installed
Who is tasked with PFS
Three themes are outlined
Quill, Arch, Wellgreen
Quill....? what ever happened to that drill campaign ?
Was it performed ?
Arch.... most press releases placed this topic at forefront.
Wellgreen, 8 drill holes with
no assay results - drilling inferred zone
3 bore holes ( can't find the 2022 press on 3 boreholes )
What were their purpose ?
(3) 2022 holes
at the Wellgreen deposit. This information is being reviewed in the context of the
geological model to determine if high-grade targets are present below the
current contemplated pit. Interesting eh ?
Let's back track to, 2017 / 2018 2018 Tech report states
1100 kg sent to XPS. While this article states, Last year, we drilled across the deposit and in the fall shipped
8,500 lbs. of material to XPS’ labs in Sudbury, Ontario to begin the program https://www.metalsnews.com/Metals+News/MetalsNews/Dr.+Allen+Alper,+PhD+Economic+Geology+and+Petrology,+Columbia+University,+NYC,+US/FEATURED1217856/Dr+Diane+Garrett+President+and+CEO+Nickel+Creek+Platinum+Corp+(TSX+NCP+OTCQX+NCPCF)+Known+for+Extreme+Success+a.htm My first thought was... What could create 8,500 kg's of ore...
Could it be 3 bore holes that bore below the pit ?
Would this suggest.... below upper 2015 pit into 846 million t / domain ?
Where are the 8 hole drill results along with, 3 deep bore holes ?
Could the answer point to.... XPS phase 2 MET tests - with
pracrical entitlement ?
Dealing in silicate ores with horrible recoveries, larger mesh ?
lol
Remember my
practical entitlement calculation applied to
Lower inferred pit # 5 -
2015 press -
Lower 31 yr mine life....
846,000,000 t x ( 0.41% Ni Eq ) x (
24.85% PE ) x 2200 lbs
= 1,896,283,620 billion Ni lbs What if....
practical entitlement was used on 2015 330/million resource
what would the Ni results be ?
329,569,000 t x ( 0.261% Ni ) x ( 24.85% PE ) x 2200 lbs
= 470,257,700 million Ni ( lbs ) Combined = 2,366,541,320 billion lbs -----------------------------------------------------------------------
Let's now ask....
What was 2023 PFS Nickel pounds ? = 2,471,000,000 ( billion lbs ) Pretty close comparison.
Throw in another 104/ million inf tonnes using PE
and the numbers are very close to 2023 Ni size resource.
-------------------------------------------------------------------------
Could the reclassifying all ores as - Peridotite - been mistakenly applied
to all of, Wellgreen with a practical entitlement recovery ?
Aside of Arch, and Quill....
Most all
emphasis on Wellgreen 2017 forward relates to,
+ Reclassifying ores to peridotite
+ Phase 2 MET recoveries vs 2015
+ 8 drill holes - no assays
+ 3 bore holes no assays
+ 8,500 kg's set to XPS
= strongly supports = working on lower domain inferred zone POSED QUESTIONS ? Could our present PFS have only calculated 846 mil t resource
all peridotite ?
Could the present PFS have applied all peridotite - to
2015 - 330 million t PEA resource and.... 846 million t inferred ?
( review my calculations above )
As i mentioned at top of post,
If 2015 PEA is recognized, one can't simply override it with peridotite
using the stance - wellgreen has more peridotite.
It does have more peridotite = lower domain.
2015 PEA has only 10% peridotite.
Therefore.....
in my minds eye....2015 resource and PEA with $1.2 billion NVP
should stand.
Then bring forward,
all clues from ( 2017 forward ) that strongly point to
inferred peridotite was being worked on.
Potential Outcome ?
2015 PEA stands alone
2017 to 2023 = inferred zone = applied to 846 million tonne peridotites
Were the 3 bore hole ores = 8500 kgs ?
Who chose the 1100 kgs - was it all peridotite for phase 2 MET ?
Higher Mg values.
Larger Mesh in phase 1 MET vs Small mesh in phase 1 MET.
Phase 1 higher recoveries vs poor recoveries in phase 2
It's how i read this Wellgreen saga.
Could i be wrong ?
Perhaps.
But when one sifts each move, adds up each clue
along with critical turning points...
= I arrive at the total sum ( answers ) in this post.
Haven't seen anyone else question the massive indifference
from 2015 PEA vs 2023 PFS.
If there's that much of an indifference, surely, somewhere along the
timeline there must be an error.
Even the fact XPS worked on ( CNC ) mineral assessment
using a different eng firm = allowed an iron credit.
Why doesn't Wellgreen have an iron credit ?
Industry Bias ?
Wellgreen's Plats are far higher grade than - Timmins
Wellgreen has Exotic plats
We have more cobalt than other nickel peers
No iron credit but....we should have ( fair peer play )
We got the copper that Timmins doesn't have
We have 700m intercepts at Far East zone
We have Arch zone never included in studies
17.5 km strike
NCP is far too silent.
Given the huge indifference from 2015 PEA to 2023 PFS
PFS - should NOT have been released.
Own opinion.
This post is not investment advice.
perform your own DD.
Thanks.