RE: RE: More NewsHey guys thanks. I did a lot of digging into all the numbers last night and a very compelling picture has developed for a significant open pit mine. Newfoundland was recently rated the 5th best jurisdiction in the world for resource development and that was "before" a few new changes just announced to make things even more favorable. It is well recognized that Mining plus Oil are bringing huge benefits to Newfoundland.
As for the Vlake Property(26km strike length with lots of known gold intercepts in many other areas) and the identified 443,000 OZ Leprechaun deposit(situated just at km 3 I think it is) currently this drilling program has changed everything I believe. The 443,000 OZ 43-101 report was compiled in 2005 as an underground deposit. MAR appears to have correctly understood this in fact held a huge open pit potential and this to me has now been verified. Formally it will take a revised 43-101 to say this, but I personally do not need to see any more.
Here is the thing; The old 43-101 used a 5gpt cut off for its calculation and Ithink it was a 3 metre minimum width for mining. Today, an open pit would use just 0.5(some companies going to 0.3) for the calculation with much narrower widths. This alone using the old numbers, would up the tonnage 10 times or more and correspondingly add more OZ's. Add to that this new 33 hole program(7 left to report) which has already been the very best by far of any previous program ever. A sure sign of the internal company excitement is the announcement of a New drilling program to start up immediately in May...just weeks away.
Exactly how many OZ are going to show up in just the Leprechaun Pond deposit is still unknown, but the minimum number seems to be a reasonable guess of 1MM...the property remains open at depth and in 2 directions. There are lots of opportunities to add significantly to the numbers for sure. For example the numbers from hole 160 are astounding. They are coming up having tonnage with over 3OZ numbers in 2 different closely spaced zones which are likely still within the open pit area. What lays below this is still anybody's guess as I believe only one deep hole has even been drilled on the property. I could go on on here here with many more positive opportunities at Leprechaun Pond and other high probability area on the whole property, but surely this is enough to digest for the moment...everything at VLake had changed with this program and much more seems to be on the horizon....so yes, time to get excited, C.Gert