More Drilling = Possible Pit #3 to the West To DDD's last post yes, 5 or 6 makes sense to me...especially 6. Why would someone spend so much time writing posts here if they have no shares in the company?
The current new drilling to me says they have reviewed the area west of pit two and have determined
that a possible Pit 3 exists on the other side of the natural gas pipeline where they have drilled some nice intersections such as :
- 26.09 g/t gold over 8.9 metres (105.5 to 114.4 metres) in hole BR-23-393 including 79.18 g/t gold over 0.5 metres and 371.59 g/t gold over 0.5 metres;
- 11.79 g/t gold over 4.1 metres (49.9 to 54.0 metres) in hole BR-23-386 including 47.23 g/t gold over 1.0 metres;
- 10.85 g/t gold over 1.3 metres (209.6 to 210.9 metres) in hole BR-23-395;
- Further drilling success of the western extension of Goldboro could potentially result in additional open-pit Mineral Resources that could leverage planned mine and mill infrastructure.
Looking forward to seeing a new open-pit resource numbers for Goldboro. The numbers should be significanly higher for sure as the above intersections are not included as well as some excellent results in the east pit wall completed some time ago.
Here is a conservative estimate of just the 26.09 over 8.9 meters intersection noted above...if it only goes 400 meters to the natural gas line and is 20 meters high (conservative given the large width)
26.09 g/t x 8.9m wide x 400m long x 20m high x 2.8 (specific gravity of 1 cubic meter of rock) = 5,201,302 grams of gold
5,201,302 grams / 31.1 g/ounce of gold = 167,244.45 ounces of gold - just over 1.5 years of planned production
167,244.45 ounces x 3229.51 CDN$ = $540,177,624
That alone will pay for the mill. I am sure Signal has done an internal resource estimate and would be sharing that information with prospective partners who would in turn do their own DD on the signal database to confirm. This and probably some resampling of sections of core selected by the prospective partners would also be done as part of the DD. Such resampling and reviewing of the data/model/pit design/plant design etc will take some time to complete.
As I have said...this is not an open pit mine. This is an underground gold mine!!
The longitudinal section image Signal presented in a past PR tells the story. Over 3 kms of strike length and all zones plunge east to unknown depths. Their model shows excellent continuity of the ore except for one offsetting fault west of the ramp area which I have intersected in drilling in the past. The drilling 1km to the west of the West Pit shows the deposit thinning out by Dolliver Mountain...yes, it does not go on forever. At Dolliver they intersected narrow vein high-grade ECONOMICAL grades of gold which is fantastic and can be mined from shallow pits or simply extracted via underground (more likely).
The pits are just the top 250 meters of the overall structure...they have drilled to 550m veritcle and the zones continue. How deep do they go...nobody know as yet but maybe a partner might want to know and add hugh value by doing a pile of deep drilling whilst moving forward with the open-pit part of the operation as planned. Making the mill modular so it can handle higher tonnages of ore to handle the vast underground reserves may be something they jointly consider (of course pending new permit approvals down the road for mills over 4000t/day).
It would be very interesting to know how many groups are reviewing Goldboro at present. Hopefully it is more than one and we get mutiple competing offers so that we as shareholders get the best return for being so patient!
Goldboro is a BEAST and any knowledgeable prospective partnering team will see the vast potential when they sink their teeth into it. Just hope that Kevin/Rob and team can come up with a good deal for the shareholders and not sell the farm for pennies.
5000 more meters of drilling - GROW BEAST GROW!