OTCPK:NOXOF - Post by User
Post by
mousermanon Jul 03, 2013 4:21pm
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Post# 21587599
New estimate not exciting
New estimate not excitingI dont know what some were expecting here, but this update is subpar. Last resource update from Aurizon last year had 21,670,000 tonnes @ 1.64 gpt AU in indicated ( 1,141,000 ozs) and 4.58 million tonnnes in inferred at 1.79 ( 263,000 ozs). Total was about 1.4 million ozs.
Todays release shows a lot more tonnage and total ozs , about 2.1 million BUT the average grades are now lower and the price used to estimate this resource was 1540$ US...
I think had NOX used an average grade of 1.7 gpt AU for the new estimate nothing much would have changed. They sent a lot of time drilling , and accomplished not a real lot. I dont Hecla will be excited with the result. BUT jmho