GREY:COLUF - Post by User
Comment by
FoxTek1on May 29, 2013 8:32pm
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Post# 21458042
RE: Bulk Sample & 43-101 Timing
RE: Bulk Sample & 43-101 Timing
More on bulk sample...
"The bulk sample has been changed in scope as a result of the recognition of additional mineralization during the course of development. The Company encountered mineralization 30 to 40 metres ahead of the CMZ (as that zone is interpreted from surface drilling) and is currently planning to expand the bulk sample in order to incorporate the collection and geological interpretation of this additional mineralization. More details will be provided as this planning is finalized. Preliminary assays have been received indicating previously unmodelled mineralization. While still early stages, the preliminary results suggest a halo of lower-grade mineralization which has the potential to be incorporated into the Company's mine plan. The Company will release the full results of these assays once they are all available. As a result, management now expects to complete collection of the bulk sample prior to the end of the second quarter. The bulk sample excavation will be extended to become the first mining level and approximately 10,000 tonnes of material will be stockpiled during June and July, in advance of commissioning the process plant.
Results from the expanded bulk sample program will be incorporated into the initial NI 43-101 compliant resource report which will be completed after the processing of the bulk sample and the subsequent analysis of the results. Given the Company's ability to process material on site commencing in August, management, in conjunction with its consultants, has decided to treat the entire bulk sample through the process plant. Given the new information, and projected turnaround times for overseas shipping, processing and receiving results, management believes the grade of the bulk sample can be ascertained more quickly, and at lower cost, by keeping it on site rather than sending it to a test lab outside of Brazil. Management expects the results from the initial months of mining and processing, inclusive of the results from the on-site processing of the bulk sample, to enable the Company to better project grades and tonnage for production through to the end of December 2014."