GREY:VMSTF - Post by User
Comment by
mbgldon Nov 21, 2010 11:33am
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Post# 17735873
RE: question Reed- Production vs exploration
RE: question Reed- Production vs explorationExactly axegirl1, that's what has this company so excited. Again, a typical resource in the area grows by 2 1/2 times it's initial size once mining begins. As it stands VMS is a small copper deposit at an estimated guess of 2-3 million tonnes according to HBM. So, yes, more drilling is needed. There are 2 things in play right now:
1. The defining of the Reed lake deposit and production of a 43-101.
2. 4 options agreement in which HBM is also the operator and needs to spend 2.6 million to earn 70% in the Northwest , super,Tower, and Northeast Zone option.
Actually in order to address all those properties mention in #2 above, 2 years seems like a fairly short timetable.