Ann: Production to commence at historic Victorian gold mines, page-53

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HotRods65

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08/02/19

12:11

Post #: 37375328
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Originally posted by Kranky: ↑

HR

They seem pretty confident of the resource but as explained by KRUM they are limited in relation to what can be released via JORC 2012 code. I would suggest that if the likes of Tom and Peter have convinced the BoD that commencing mining and processing is opportune, then I would say they are confident in what they can deliver.

You can bang on about no feasibility this and that, but the nature of these narrow vein gold reefs is such that the cost of drilling to define a "measured" JORC against an "inferred" JORC is just not viable. On one hand they can spend millions on drilling and then have no $$$ to mine/process or spend enough to drill to have confidence in the resource and with historical mining data to then keep enough in the bank to mine/process that resource - which I believe is what they have done/are doing.

The naysayers have been bleating for ages that there is no gold left in the MS uppers and that it has all been picked clean by the old timers and yet AUL have found a new reef that contains what can be considered very good grades where MCO did not. AUL have also proven they can process gold through the MS processing plant where MCO could not. If the management/mining team of AUL could do that where MCO could not, then it also seems to me that they can make this a profitable mining operation, where MCO could not.

Additionally, I believe the updates that will be released by the Co will entail the information that you would consider "reasonable detail".

Which ever view you hold, we should know in the next few months whether this is a goer or not.

Cheers The K

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Agree, diamond drill isn't cheap. I suppose this is their best chance of near term success, best have a go at it then. Not a lot of other options.

Last edited by HotRods65: 08/02/19

AUL Price at posting: 0.5¢ Sentiment: None Disclosure: Not Held
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