OTCPK:NOXOF - Post by User
Comment by
MrMonkon Jul 03, 2013 5:17pm
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Post# 21587718
RE:New estimate not exciting
RE:New estimate not excitingThe last update was by SGS (Aurizon's pick) and this one was done by MDA (Niogold's guys - they also did the first resource estimate in 2010). The number of ounces in Phase II didn't go up a great deal - perhaps a few hundred thousand - however because MDA revised the Phase I resource (different parameters and grade cut-offs), the numbers are different from what SGS reported. There should be much more confidence in the MDA model and this should benefit NOX and its shareholders longer-term.
The deposit at Marban (still a very good deposit) and the others (Norlartic, Kierens, etc.) can all be mined at a single mill centrally located. The property requires more drilling and whether Hecla/Aurizon continues or NOX goes it alone (or it secures a new partner), development drilling will continue.
By the way, Simon Ridgway is no slouch. He is a very successful mine developer who helped NOX to negotiate the original deal with ARZ. Simon brings even more credibility to NOX and can open doors with his significant mining contacts.
Slow and steady will win this race...
- MM