Probable Reserves ... ... if you look into the various technical terms ... it starts to get clearer as to what TetraTech came up with for tonnages in the mine plan.
The monster numbers to date have been resource numbers ... indicated and inferred ... but you can't use those in a PFS ... you gotta get it converted to estimates of 'reserves' ... doesn't mean the resource estimate is out to lunch ... it simply means the PFS has to constrain the numbers to a 'reserve' ... which is a tighter estimate for feasibility consideration.
They only used a portion of the Mesa zone ... north east ... and the 'probable reserve' is about 50% of the 'indicated and inferred resource' classification. It still isn't a 'proven reserve' but for the PFS it is the level of estimate required for confidence to move forward.
Further refinement can convert the probable reserve into proven reserve and could very well increase the estimate as greater confidence is gained moving into the proven category for BFS.
The amazing thing here is the life of mine on the 'probable reserve' indicated by TetraTech ... nothing but blue sky to build upon as far as converting resource to reserves goes.
I think from a reserve perspective ... the grade can be rerated as well with further work done in that area as we push into the BFS ... so those numbers by TetraTech definitely have room to better themselves in the ensuing months.
The PFS came out positive for economics even with the conservatism in 'reserve' estimate by TetraTech ... nothing but growth and betterment to come ... it'll be rerated ... you see it all the time ... numbers revised upwards from initial reserve numbers.
I think I have this reserve criteria figured out ... if I've missed something or overstated something ... would appreciate constructive dialogue on the reserve vs. resource angle.