RE:Updated Estimates of Ounces DrilledIn 2023 , I estimated the number of ounces uncovered from for three zones of QWN assuming that the average grade would be the same as that of MOZ V Lake three Reserve pits . The calibratiion index was the number of ounces per square m of pit area estimated as the number of ounces contained in each pit by the square area of that pit , as obtained from V Lake Feasability Study . The original post assumed that the grades of the three QWN pits were the same ( 1.9 gms /ton ) as v Lake . Those results indicated close to 5 million ounces in the QWN three pits . In the updated analyses , grades have been provided for 2023 drilling results to greater depths than the open pit which is about 400 vertical meters in the Mett NR of today . I use the approximate average of about 10 grams for Iceberg . It should be noted that the area of these three QWN pits has increased since 2023. As is evident from the Table below , the proxy calibration using updated grades for the QWN pits has increased the number of ounces below these three pits to 400 m to 28 m ounces from 4.8 m ounces . The statistical slip way from which these estimates are launched is probably quite wide . In such cases , I divide by 2 which results in about 14 million ounces beneath these three pits . Mind you. While having greater conviction than illustrative , computed outcomes do convery the indication that QWN in its final totality both area wise ans depth wise, will have many more ounces than 15 m or so. AIMHO | | | | | | |
| MOZ | Dimensions | Area in Sq m | Average pit Grade ( gms/ton ) | Contained gold ( Million Oz ) | Ounces Beneath Sq M of Pit |
| | | | | | |
| Marathon | 1500 x 125 | 188,000 sq m | 1.76 | 1.70 | |
| Leprachon | 900 x 75 | 68000 sq m | 2.15 | 1.08 | |
| Berry | 1500 X 40 | 60000 sq m | 1.97 | 1.09 | |
| | | | | | |
| MOX Total | | 316,000 sq m | 1.90 | 3.9 | 12.2 / sq m |
| | | | | | |
| NFG | | | | | |
| | | | | | |
| K2 | 410 x 395 | 162000 sq m | 15.4 | 16.1 | 99 oz / sq m |
| Iceberg | 665 x 200 | 133000 sq m | (10 ) | (8.5) | 64 oz/ sq m |
| Keats W | 305 x 315 | 96000 sq m | 5.7 | 3.5 | 37 oz / sq m |
| | | | | | |
| NFG Total ( 1) | | 391,000 sq m | (1.90) | (4.8) | (12.3 oz / sq m ) |
| NFG Total ( 2 ) | | 391,000 sq m | 10 | 28 | 64 oz / sq m |
So, let's take the bottom line statistics for NFG which is mineralization defined for 391,000 sq m at an average grade of 10 grams per ton from the recent Mett data.
Adding mineralized depth defined todate of 300 m and a SG of 2.8 tons / cu m , we end up with gross contained ounces of about 100 million, assuming no mining dilution ( waste ore ) which there obviously will be with vein and stockworks mineralization .
The critical question is what would the mining dilution be ?
If its 90%, we would have about 10 million mineable ounces within the defined dimensions and grades stated in the above table.
Clearly, imo, mineralized ore of economic grades will be found below a mineable depth of 300 m.
So, as calculated, the 10 m ounce estimate is an under estimate , within the stated statistics .
90% is a rough guess.
Perhaps someone with better insights can refine this estimate.
GLTA