RE: Globe & Mail Article: Pot of GoldSmall $100,000,000 error in the
G@M Report;
..."the Leprechaun deposit has an inferred mineral resource of about 1,314,780 tonnes, grading 10.50 grams per tonne of gold. Based on that, the total estimated resource is 359,000 ounces of gold"
The actual numbers calculates(OZ x's Tonnes) to 443,000 OZ gold. If you take the 84,000 OZ difference and multiply that by yesterdays gold price of $1,160 you would increase the value in the ground for the gold by....$97,400,000!!!! that's not a bad days pay.(The 443,000OZ is in fact the original 43-101 calculated number.)
This is all well and fine, but the real story here is that the Leprechaun Deposit is about to be considered an Open Pit resource. This make a world of difference well in excess for the G&M's $100,000,000 error. The current resource was calculated using a 5gpt cut off number(any gold in grades less that 5gpt were excluded in the 443,000 OZ calculation!!!). Today open put mines are using 0.5gpt cut off(some as low as 0.3). The impact of this fully needs to be recognized. So here we have not only the new drilling adding a significant additional resource size(5 of the last 6 hole were outside the original resource calculation area), but also have the exiting tonnage going up maybe 10 times in size(or more?) and the number of OZ Gold going to the Moon.(Leprechaun pond is very rich resource. Imagine that to date no numbers below 5gpt have ever been considered and still they have 443,000OZ!!)
The big reported hole #160 has at the bottom of the open pit drilling area two zones of over 3OZ per ton!!! Who the hell knows what may come from around here with more drilling. Who know what lays down below the open pit for future shaft extraction?These new numbers are certainly not a fluke. You just do not punch down a 150m hole a few inches wide and by chance hit upon stuff like this. It must be there in quantity!!!....and as stated the resource is not only open at this depth, but in 2 other direction.....getting bigger and bigger an bigger....
So here we have today a very large and growing open pit resource that is getting richer with widening High Grade Intercepts(25 metres of 6.79gtp gold) and new zones now showing up to 3OZ pt. You tell me how big this is going to get 'cause when I start working with the potential numbers my calculator is running out of 0's.....this is getting to be quite something.
...oh yes, and for an encore...7 more unreported holes due soon(next week?); and then an immediate new program was also just announced as starting in May...Mgmt. is now fast tracking this I would say....C.Gert
PS: just to keep the potential in further view...Leprechaun Pond is only one area along a 26km strike zone and the probabilities of future finds should be considered as a reasonable assumption)...C.G.