Ok, as usual, this is mainly for my own investment decision making, but I like to share to allow people to pass a critical eye over it and I am happy for people to provide corrections, comments and criticism to help keep me honest.
Unfortunately I don't have the time to go crazy deep on this as I am trying to finish a software platform I have been building for the last 3.5 years (talk about management delays!).
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First - we need to clear something up:
Infill drilling designed to prove-up Inferred resource to Indicated and extend strike length of resource for the upcoming MRE update later this year
Hopefully people can be respectful and stop raising concerns about the "inferred" status of the Korbel prospect. You can now rest assured that the company is working towards Korbel being of an indicated status moving forward.
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Other first - we need to re-iterate what we have at the moment
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Now, what we are working towards, which is upgrading Korbel to be more representative of what we ACTUALLY have and produce a compelling scoping study.
The problem with the presentation is there are lines everywhere with the legend showing 5 different drill holes (Pre 2021, Completed 2021, Resulted 2021, Pending 2021, and Planned 2021), many of the drill holes do not have numbers, and a number of pads that a not numbered
What we currently have:
8th June 2021
KBDH-066 (+33% increase in grade) - returned an overall average grade of 0.4 g/t Au over 314m from 15m within the Korbel mineralized intrusive containing multiple high-grade zones
KDBH-068 (0% increase in grade, but come high grade zones)
19th July 2021
KBDH-072 (+133% increase in grade) - returned an overall average grade of 0.7 g/t Au over 308m from surface within the Korbel mineralized intrusive containing multiple high-grade zones)
KBDH-080 (+33% increase in grade) - returned an overall average grade of 0.4 g/t Au over 323m from 5m within the Korbel mineralized intrusive containing multiple high-grade zones
1st September 2021 (today)
KBDH-075 (+66% increase in grade) - returned an overall average grade of 0.5 g/t Au over 216m from 36m within the Korbel mineralized intrusive containing multiple high-grade zones)
KBDH-077 (+33% increase in grade) - returned an overall average grade of 0.4 g/t Au over 219m from 6m within the Korbel mineralized intrusive containing multiple high-grade zones)
What we have done, but don't have:
31 holes "Pending" (which means these have already been drilled and sent off for processing)
KBDH-072 (+133% increase in grade)
KBDH-073 - I have high expectations of at lease 66% increase in grade)
KBDH-074 - I have high expectations of at lease 66% increase in grade)
KBDH-075 (+66% increase in grade)
KBDH-076 - I have high expectations of at lease 50% increase in grade)
KBDH-077 (+33% increase in grade)
KBDH-078- I have high expectations of at lease 33% increase in grade)
KBDH-079 - I have high expectations of at lease 33% increase in grade)
KBDH-080 (+33% increase in grade)
KBDH-081 to KBDH-106- I have hopeful of a 33% increase in grade for the 25 holes from 81 to 106)
What we haven't done, and don't have:
I have counted 51 Blue dashed lines, which represent planned drill holes.
Based on past performance from ALS (the processors), I would dare say we should set our expectation for early 2022 for these results - even with the benefits of the on site processing lab.
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Resource Upgrade Forecast Summary
I think an increase in grade to 0.4g/t is a given - which is a 33% increase, and translates to 6.5m oz resource
I am hopeful for an increase in grade to 0.5g/t - which is a 66% increase, and translates to 7.8m oz resource
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Now, another interesting part
Table 2. 2021 Program Drilling to Date List of Results (Intercepts >0.4g/t Au) – Korbel
To clarify, 1 part per million = 1 gram per tonne.
There are some excellent intercepts with quite high grades, these may have the potential to please when we actually start to dig (there could be really rich zones)
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A note about depth: The Fort Knox mine is about half a mile deep. That is approx 800m.
Our drill results are to an approximate depth of ~300m - 350m based on KBDH-066 and KBDH-068
There are a number of holes that are open at that 300m depth, and there may be the potential for the gold to go significantly deeper
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I have to go now, life beckons.
Please review, let me know your thoughts, and thanks very much if you have read my ramblings.
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Ann: Infill Drilling Paves Way for Korbel Indicated MRE Update, page-62
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