The revised MRE is imminent-here's the guesstimate The updated resource count for LP is now imminent.
Before that is released I thought I would give retail investors an Ag and Au Eq count.
Scott just stated their near term goal over the next years is to bring the copper resource up to five times what it is now:
"We know we have a tiger by the tail here.
This is a significant opportunity for the company.
Currently with 1.2 Billion pounds in resource we see the potential to get that to two,three,four,five in the next few years with drilling. Let's not forget that there is 17 million oz of silver in that resource.
We're about to embark on a resource update that will include platinum and palladium in that estimate."
Gold: $3985 oz USD
Silver: $47.85 oz USD
Copper: $4.80 lb USD
La Plata 43-101:
1.21 billion pounds of copper
17.6 million oz of silver
1.21 billion x $4.80 USD = $5.81 billion USD
$5.81 billion / $47.85 =
121.38 million oz of silver +
17.6 million oz of silver that La Plata shows now =
139 million oz of silver deposit -Allard only
In gold terms we'll divide the oz of silver by the gold/silver ratio of 83.57 at close yesterday:
139 million divided by 83.57 = 1.663 million oz of gold
The MRE about to be released includes the 4,530m DP where every hole was mineralized and the additions of Pt+Pd.
I have done the math before. I am guessing on the percentage increase of the resource but I ran the numbers before and I'll say this revised MRE plus the Pt/Pd credits increases the present resource by 25%.
Allard resource in terms of silver and gold equivelant with the revised resource:
139 million oz of silver x 25% = 173.75 million oz of silver.
1.663 million oz of gold x 25% = 2.08 million oz of gold
This resource has been delineated with only 25,000 m of drilling which demonstrates the wealth of mineralisation.
" There has only been 25,000m of drilling on the project-in it's entirety-since the 50's.
That's only on one target where we have the Allard resource area.
We have identified ten other pophyry centers that could be potential Allard deposits."
"Currently with 1.2 Billion pounds in resource we see the potential to get that to two,three,four,five in the next few years with drilling. Let's not forget that there is 17 million oz of silver in that resource." President Scott Petsel
174 million oz Ag Eq deposit at Allard.
Additional 18 million oz of silver at Keno.
192 million oz of silver Aq for 28 cents Canadian.
Once MMG begin their drill programs in earnest the resource will grow rapidly at both projects.
Should the US govt fund MMG for the rare earths and critical minerals at LP these levels will never be seen again.