GREY:NATUF - Post by User
Comment by
lurkeroneon Feb 25, 2009 12:55pm
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Post# 15802587
RE: RE: RE: RE: RE: RE: $2/share Net Present Value
RE: RE: RE: RE: RE: RE: $2/share Net Present ValueHi 5Carat.
"the grade is estimated at 0.2 per cent to 0.3 per cent WO3 "
"The potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource."
Yes PRR has potential but there is very little drill data (pudding) to date and thats where the proof is... Trench sampling drastically over estimates average grades IMO as they are taking selective samples for assay ie: along a vein. Compare the trench sample grades to the drill assays. Big difference. Drill data is what is important and when you look at PRR's drill results they are nowhere near average grades of .25% Wo3 over a 360x300x100m area.
CORRECTED TABLE OF ASSAYS
Hole ACME reported W assays
Drill length multiplied by 1.261 to
hole (m) produce assays as %WO3
K-08-08 68 0.151
K-08-09 141.3 0.211
K-08-10 95 0.074
K-08-11 191.2 0.088
You may be looking at average grades of .15% with potentially a higher grade starter pit but a massive amount of drilling is needed to prove up a large tonnage deposit......
The copper ridge drilling showed grades in that .2 to .3% wo3 but the intervals were short for a decent sized open pit (10 to 20m) They may define a starter pit at those grades but it doens't look to me like there is a large tonnage deposit at those levels
It may be worth a speculative investment but I wouldn't put any significant dollars in until there is some sort of resource estimate in place. But definitely has potential for a spec play. Granted the stock is very cheap.
All my own opinion.