underground ounces aren't included in their reserve statement, Tooli.
However, they have 'indicated' and 'inferred' resources for their underground deposits, included in their resource statement...
we just don't know whether these resources are economic or not to mine yet according to JORC standards... with more information they may move to reserve status later on:
"Once an underground production history has been demonstrated for the respective undergrounds, Integra intends to incorporate underground Ore Reserves into the Randalls Gold Project total Ore Reserves."
it would help if Integra differentiated their open pit resources from underground resources even if using an arbitrary depth, say 100m. It is a bit confusing.
BTW, it appears the reduced grade for CEB has occurred because they've lowered their cut-off resulting in 1.7 mt defined compared with 0.6mt in January...
this may have been done for practical reasons related to the mining method... and that 3.2 grade is close to what the head grade grade will be after accounting for ore dilution.... in other words more UG ore through the plant than they thought in Jan... coinciding with their comments about 1.7 mtpa upgrade since then too.
IGR Price at posting:
33.5¢ Sentiment: Hold Disclosure: Not Held