Post by
nozzpack on Nov 23, 2023 8:37am
Estimated 2.5 million ounces Drill Defined Todate
Firstly , I have never seen such grades defined in so many intercepts at such long distances as those reported here.
As such and having drill sampled these wide intervals throughout the drilled area, average grades should be very close to what we can expect when the Resource level is updated.
The 2021 resource estimate was 460,000 ounces at an average grade of 1.30 grams per ton.
I have averaged the grades of these long intercepts for nearly a year , starting in late November of 2022.
Excluding an extraordinary intercept of 363 grams per ton , the average grade is 5.4 grams per ton.
That is 4 times the grade of 1.30 grams on which the 2021 Resource is based.
I shall use a factor of 3 to be conservative which gets us to about 1.3 m ounces.
The next and somewhat more difficult is how much the volume of intercepted ore has increased .
More diffucult as the increase is both surface area and depth .
The surface area , grossly estimated by the limits of 2021 and 2023 drillings is at least twice larger than
that on which the 2021 was based .
This gets us to at least 2.5 million ounces drill defined todate.
At least, as the resource has considerably expanded at depth.
This will be my next task.
So, in rather gross analytical terms, we have defined at least 2.5 m ounces todate excluding expansion at depth .
Adjusting for that and if these extended intercepts keeps being reported especially in extensional areas ,4 million ounces is not out of reach when the next Resource level is updated .
Comment by
goldstd69 on Nov 23, 2023 12:38pm
Not sure but I believe this is mostly near surface oxide ore??
Comment by
goldstd69 on Nov 27, 2023 1:50pm
I agree...this is way undervalued...and the company has about $19 million in cash so there should not be any dilution for a good while. jmho