TSXV:MOA - Post Discussion
Post by
washerwoman on Mar 29, 2012 3:27pm
Resource Estimate
Happy to see the estimate above 700,000. The lack of real movement in the share price indicates the market was expecting this number. One thing I noted in the press release is that the model was based on 265 drill holes and 43,500 m drilling. The first drill hole in 2010 was 137 and the last one reported in 2012 was 397. Twelve of those holes were at J. Frank, so with the 2012 drill holes included, MOA and MOZ have 248 DH at LP. I looked at some of the historical drill maps and it appears that if they removed the data from 22 cores they would not have more than 20 DH to add to the resource estimate at LP, bring the total DH to about 265. I am pretty sure that they have included all the holes they reported in 2012 in today's resource estimate, but this needs to be confirmed.
It doesn't suprise me that the historical drill holes are not consistent with the new ones. For example Valentine East doesn't seem to correlate between the old and new. However, I have no doubt there is more high grade gold somewhere on the VL property. Hopefully they are using their imaging data and at least 2 of their 3 drills to expand and discover new gold. Once a new high grade source is confirmed the stock should start moving up.
The resource estimate at Glover Island's Lunch Pond Main zone may have the same problem with the historical data. I will be quite happy to see the historical estimate at lunch pond main zone confirmed. This would be about 180,000 oz for LPMZ. Remember they only drilled a small number of holes over 200 m.
WW
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