GREY:WFEMF - Post by User
Comment by
74volframon Dec 19, 2014 2:47pm
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Post# 23250332
RE:RE:RE:UPDATE!
RE:RE:RE:UPDATE!The hangingwall drilling results confirm the inferred mineralization levels reported in the AMC assessment. The hangingwalli is the closest to surface of the tungsten-bearing formations at Sangdong and was never actively worked in the past, as it is the most difficult section to mine.
Woulfe has drilled one section of the hangingwall as part of the recommendations from the AMC study and found that the drilled section contains a "well-defined resource of 419,000 tons at a grade of 0.66%" with 2700 tons of tungsten that will be added to the currently proven resources of the mine (3.8M at 0.56% corresponding to 21000 tons of metal). It is a 13% increase.
My take:
The correlation between expected and actual results (ore and grade) is high, so there is a reasonable possibility that the hangingwall drilling program will continue to confirm inferred resources, which are reported in the AMC study as 7.9M tons at 0.68% corresponding to 53000 tons of tungsten. If fully confirmed, the hangingwall resources would more than triple the mine's tungsten. Woulfe will include these resources to the proven pile only as they are actually confirmed, which is the professionally correct way to do do it.