RE: pre-feasibility is around the corner...
Excerpts from yesterday's Sedar filing (MD & A)
To date, exploration has defined seven areas within a three kilometre radius of the proposed Prefeasibility Study mill that warranted ground follow up. Five of these areas were prepared for drill testing with coincident geophysics, soil geochemistry and rock sampling outlining zones for a drill program. Drilling commenced on the zones in late August with a reverse circulation drill. Target areas were designed to have a first pass prospecting drill test and then followed by a second pass drilling program once the first pass analytical results were received. The first pass prospect drilling is completed and a second round follow up campaign is underway.
The Prefeasibility Study is taking longer than expected to complete. Several areas under investigation
during the study have indicated that there are some considerable benefits to the project through
optimization of processes and scheduling. This requires some additional fine tuning test work, scheduling and modeling. The Company believes that it is better to complete a well thought out Prefeasibility Study at this point and appreciates the shareholders patience. The Prefeasibility Study is an important staircase step for the company as it initiates several downstream discussions for future project financing.
The company is currently undertaking Bankable Feasibility Study work at this time. A bulk sample has been sent for pilot plant work in Canada. The high level of the Bankable Feasibility Study has reduced the quantity of work required for Bankable Feasibility Study and the Company expects that the work completed in the Prefeasibility Study should accelerate the Bankable Feasibility Study process. The discovery of any new zones of potentially economic mineralization through our current drill campaign will have to be incorporated into our Bankable Feasibility Study planning.