"A resource estimate has been received for the Watershed deposit. The global resource figure, at a cut-off grade of 0.15% WO3 , is 15.2 million tonnes at an overall average grade of 0.29% WO3 for a contained WO3 content of 44,100 tonnes. The mineralisation at Watershed is open at depth and along strike in both directions"
from Jan 2009 resource update:
"At a cutoff grade of 0.15% WO3, the estimate is 11.6MT at an average grade of 0.54% WO3, for a contained 63,100t WO3."
where'd the boost in grade come from? extra 20000t WO3 from 3.6MT less resource? must have missed an announcement..
Todays ann:
..no mention of grade or tonnes to be moved, only "stage 1 6.1 yr mine life" and an estimate of 19500t WO3 for this first stage (i.e. close to 1/3 the total metal resource estimate - or is it half? which one is correct i wonder?). doesn't sound like 0.53% to me..
very cryptic stuff, IMO.
0.54% should be a goer even at USD $135/mtu and 0.8 XR the suggested npv for stage 1 doesn't make sense to me. perhaps some complexities not immediately apparent
guess they're in no rush, and shouldn't be i spose.. aside from the obvious capital raising difficulties of late.
looks like i was way wrong with a tie-up involving vml between the "interested parties with tungsten projects in NQ", at least not this month.
totally intrigued now re - III and Mt C.
III Price at posting:
10.6¢ Sentiment: LT Buy Disclosure: Held
