RE:Private Equity Smitty
It seems that your PE contact has not read the LME history section of the LME web page. Here is the quote from their web page today.
In early 2018, LAURION designed a long term 3-stage exploration program over a 3 to 5 year period with the prime objective of rapidly defining a significant near-surface bulk metal polymetallic system in the order of 10 million gold equivalent ounces that could potentially be mined in one or more open pits (the “Potential”). It was believed at the time there was sufficient evidence from the historical and LAURION’s work for this potential to exist in a 3km by 1km are containing all of the known precious and base metals mineralization known to date (the “Target Area”).
The reference to 10m geos is and has always been aspirational.
The LME data room is where the geo evidence is.
It is my view that LME leadership is following the Great Bear Resources strategy of using multiple computer modeling software systems with predictive analytics as evidence of the geos in the ore body as well as determining the potential for additional geos that remain open at depth.
This modern approach to establishing the geological facts is being applied to the LME property rather than completing a full traditional 43-101 document.
There are plenty of case study examples of how tools like Seequent's Leapfrog and Mira Geoscience's Gocad are being used in support of establishing an ore bodies fact set and it's potential.
It is up to the geologists employed by any acquirors to come to an agreement on the LME data. Using multiple sofware tools to double check the fact set just makes good business sense on their part.
Note that the recent release of drilling results provided by Kinross supports the computer models that Kinross relied on in in the past in order to build the business case to acquire Great Bear.
Some simple fact checking on your part would have been useful before posting your note and I suggest that everyone does their homework before passing along information.
Prevents "tempests in tea pots".
I remain an LME long.