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Ann: Initial Mace Resource Estimate, page-13

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nammuldi

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07/12/18

14:23

Post #: 36785505
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Originally posted by eshmun ↑

People shouldn’t jump to conclusions based on the headline result IMO. The low grade of the resource estimate belies the likelihood that this still remains a valuable and rich deposit.

The gold is nuggety and concentrated at high grades in a thin layer of the clay and the estimate only takes in 700m of the strike extent.

The diamond holes really tell the story of the deposit not this maiden resource estimate IMO. This is all money in the bank at the front end of the project with a very likely low mining cost.

“There were 25 diamond holes completed for a total of 427 metres (Table 3). There were 13 holes drilled to verify the RC drill assay results, 5 holes drilled to provide sample for metallurgy test work, 4 holes drilled for geotechnical studies and 3 holes drilled to collected geological data.
Better intersections included (Table 4):
 4m at 6.20 g/t Au from 11m in MPDD001;
 3m at 24.99 g/t Au from 12m in MPDD002, including 1m at 70.90 g/t Au from 13m;
 3m at 1.25 g/t Au from 11m in MPDD004
 3m at 19.33 g/t Au from 11m in MPDD005, including 1m at 54.60 g/t Au from 13m;
 2m at 3.36 g/t Au from 10m in MPDD006
 12m at 10.89 g/t Au from 4m in MPDD007, including 2m at 63.00 g/t Au from 10m;
 5m at 10.11 g/t Au from 5m in MPDD009, including 1m at 46.60 g/t Au from 9m;
 4m at 44.62 g/t Au from 6m in MPDD010, including 1m at 173.00 g/t Au from 8m;
 2m at 54.22 g/t Au from 9m in MPDD012, including 1m at 103.00 g/t Au from 9m and
 10m at 4.47 g/t Au from 0m in MPDD014, including 1m at 26.80 g/t Au from 4m.

The difficulty for the professional person was the inconsistent nature of the drill results due to the nugget effect and being able to get statistically valid grade continuity. There is more gold in this deposit than has been estimated IMO.Esh

“In the Competent Person's opinion, the sampling and sub-sampling were not always accurate (leading to lower-grade bias), and often imprecise. However, based primarily on the results of the diamond control drilling, the methods are considered marginally fit for the purpose of resource estimation. The likely under-reporting of Au content provides a potentially significant upside to the project but can only be proved with better-quality drilling or mining.”

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lucky this will not determine the overall BFS - a real problem if it did - cannot be cured without considerable further drilling - just shows there are times when the volume variance effect of the larger RC holes is negated by the loss of the clayey material where the gold resides, though that can also happen in core - i guess they triple tubed it. Still it is concern that the RC drilling with all the modern face sampling hammers, etc etc could not stop the gold loss - i would not be too happy - RC used for grade control in many a mine - so some wasted $$ here a bit.

EXU Price at posting: 7.9¢ Sentiment: None Disclosure: Not Held
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Ann: Initial Mace Resource Estimate, page-13

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